As the urbanization Mega Trend gains momentum, water infrastructure and resources are experiencing extreme stress across the globe. An expanded population density within cities has driven the need to develop policies and regulatory frameworks aimed at curbing water loss and improving water conservation.
New York, Dec. 15, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Data Analytics and AI Boost Accuracy to Drive Global Smart Water and Wastewater Leak Detection Solutions Market" - https://www.reportlinker.com/p05996828/?utm_source=GNW
The monetary loss caused by water leaks greatly hampers utilities’ sustainability and resilience, yet aging pipelines are the most common cause for leaks in both water and wastewater environments.Moreover, the 2020 COVID-19 pandemic has revitalized adoption of leak detection solutions; customers are reminded that optimizing water availability is a sure way to meet the growing demand for private and public sanitation.
In the last 4 years, the leak detection market has witnessed a significant rate of innovation and digital transformation with the advancement of Internet of Things (IoT) sensors, machine learning (ML), and artificial intelligence (AI) alongside cloud- or edge-based data analytics platforms. Cellular LPWAN technologies such as NB IoT and LTE-M are expected to enhance the growth and penetration of leak detection solutions, especially amongst advanced utilities in Europe, Asia-Pacific (APAC), and North America (NA).Globally, leak management as a service (LMAAS)/ technology as a service (TAAS) will become the most adopted business model, even as customers shift from procuring leak detection products to procuring leak detection services. Price sensitivity amongst customers in APAC, the Middle East and Africa (MEA), and Latin America (LATAM) will play a key role in technology adoption. The analyst estimates that revenue from the global smart water and wastewater leak detection solutions market will grow from $1.23 billion in 2020 to $1.99 billion by 2026. Stand-alone CCTV-based technology will gradually lose market share to multi-sensor smart probes during the forecast period. Satellite and drone-based leak detection solutions will witness high growth rates due to the ease in project implementation.
Read the full report: https://www.reportlinker.com/p05996828/?utm_source=GNW
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