SANTA CLARA, Calif., Jan. 28, 2021 /PRNewswire/ -- Frost & Sullivan's recent analysis, Data Analytics and AI Boost Accuracy to Drive Global Smart Water and Wastewater Leak Detection Solutions Market, finds that the wastewater leak detection market has witnessed a significant rate of innovation and digital transformation. Internet of Things (IoT) sensors, machine learning (ML), artificial intelligence (AI), and cloud- or edge-based data analytics platforms are boosting the market. By 2026, the market is estimated to garner a revenue of $1.99 billion from $1.23 billion in 2020, up at a compound annual growth rate (CAGR) of 8.4%.
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"The high rate of urbanization in most developing countries has increased the pressure on existing water and wastewater infrastructure, which has pushed the demand for leak detection solutions, partly to improve asset efficiency and partly to meet water conservation goals," said Paul Hudson, Energy & Environment Research Analyst at Frost & Sullivan. "To tap into this growth prospect, leak detection solution providers should integrate their technologies and customize services to meet customers' demands and exploit investments made for the development of Smart Cities and resilient infrastructure."
Hudson added: "The increasing adoption of cloud-based data analytics, ML and AI is transforming the industry's business model from product-based solutions to leak detection services. Further, utilities' emphasis on a 'one-stop solution provider' for leak detection in both their water and wastewater networks is encouraging solution providers to embrace new business models such as technology-as-a-service (TaaS) and leak (or non-revenue water (NRW)) management-as-a-service (LMaaS). TaaS enables service providers to fully control and strategically expand and enhance their technology offerings, whereas LMaaS could help focus on the growth and market penetration of smart solutions such as continual leak monitoring and proactive prevention."
The move toward a circular economy and holistic sustainability will present immense growth opportunities for market participants, varying considerably depending on the region:
Data Analytics and AI Boost Accuracy to Drive Global Smart Water and Wastewater Leak Detection Solutions Market is part of Frost & Sullivan's Global Energy and Environment Growth Partnership Service program.
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Data Analytics and AI Boost Accuracy to Drive Global Smart Water and Wastewater Leak Detection Solutions Market
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