IDC forecasts what's coming in smart water investment
By: SGN Staff
While relatively new, the smart water market is growing as a "similar and parallel market" to the smart grid segment of the electric utility industry â€“ and significant investments in smart water solutions are expected over the next five years. A new report from IDC Energy Insights predicts worldwide utility industry spending on smart water solutions will be $3.3 billion by 2016, reflecting a growth rate of 18.7%.
Those smart water solutions are technology-based approaches to help water utilities cut water losses, improve water conservation, deal with aging infrastructure, automate water quality monitoring and more â€“ all very much like the smart grid solutions for the electric utility industry. The investments addressed in the report include IT, smart meters and sensors, communications, data management, analytics and associated services and software.
"Water utilities and technology vendors alike must understand the dynamics of the smart water market to be successful in achieving their goals," stated Rick Nicholson, group vice president, IDC Energy Insights.
A few key findings from the IDC smart water spending forecast:
Â· Water scarcity and shortages (like droughts) are primary market drivers
Â· Spending growth will be highest on non-traditional hardware and services as a result of smart water meter deployment and related factors
Â· Higher adoption rates are forecast for smart water network solutions than fort smart water metering solutions
The report also provides recommendations for both utilities and vendors to consider as a way to ensure effective, efficient, cost-effective strategies in smart water.
Click the link below for report details and to order.