The global water market will generate up to $695.9 billion in 2018 according to a recent study by Frost & Sullivan.
The municipal segment is set to grow at a rate of 6.4%, while the industrial segment should grow at 7.6% this year.
Increases in the use of smart IoT enabled and digitalised sustainable solutions to manage water resources and address water scarcity are driving the market.
Municipal utilities are leading in terms of dominating adopting new communication technologies such as LPWAN.
Such communication technology supports the exploration and use of IoT, AI and robotic solutions for processing and management. Increases in the penetration of IoT solutions is resulting in water companies shifting to more sustainable business models.
There is a growing demand for decentralised/mobile treatment systems in the industrial water market. Smart sensors with self-calibration/cleaning ability and artificial intelligence (AI) for operation and maintenance of treatment systems are being explored.
Membrane-based treatment technologies are set to dominate due to their improved efficiency and easy availability.