Digital water in the U.S. & Canada is forecasted to grow 6.5% annually, far outpacing the growth of the broader municipal water & wastewater sector over the next decade. During this same period, annual capital expenditures for digital water solutions will rise from US$5.4 billion (S$7.4 billion) in 2019 to US$10.8 billion (S$14.7 billion) in 2030, setting the stage for more advanced monitoring and management of critical infrastructure.
According to Bluefield Research’s new report, Water Industry 4.0: U.S. & Canada Digital Water Market Forecast, 2019-2030, utility spending on connected hardware, software solutions, and digitally enabled professional services will reach a combined US$92.6 billion (S$126.1 billion) over twelve years. This investment has been catalysed by a wave of newly available technology solutions, increasing customer expectations, and utility leaders’ reliance on data to tackle mounting financial and environmental pressures.
“Digital water is becoming the most dynamic slice of municipal water. This is evidenced by growth rates exceeding the historical 2% for water,” said Eric Bindler, Research Director for Digital Water.
“By leveraging smart technologies, shifts in communication platforms like 5G, automation, and predictive analytics, cities and utilities should be better prepared to address costly water and wastewater infrastructure issues.”