Furthermore, increasing water demand is because of economic development and population growth.Therefore, immediate action should be taken through adopting several solutions to control water and climate in an organized manner. Further, according to the President of International Fund for Agricultural Development (IFAD), the limiting global temperature is a seriously emerging concern that increases to below 2☌ and is achieving the Sustainable Development Goals by the year 2030.As per the latest UN World Water Development Report, climate change affects the availability, quality, and quantity of water needed for basic human requirements, thus, damaging sanitation and safe drinking water for billions of people. The growing population and continuous change in climate worldwide are the major factors leading to water scarcity.Key Market Trends Scarcity of Water and Aging Water Infrastructure is Creating a Demand for Smart Leak Detection Solutions LMaaS helps concentrate on the growth and market penetration of the smart solutions like continuous leak monitoring and proactive prevention, whereas, TaaS facilitates service providers to control and strategically expand and improve their technology offerings. Further, utilities' focus on a 'one-stop solution provider' for leak detection in both their wastewater and water networks is boosting solution providers to adopt new business models such as leak (or non-revenue water (NRW)) management-as-a-service (LMaaS) and technology-as-a-service (TaaS).This, in turn, facilitates the water companies to foresee potential overspill events and helps them prioritize decisions about network investment.
Also, the UK water companies have been dedicated to going further, seeking to provide a 50% reduction in leakage by 2050. The UK regulator, Ofwat, is leading the way worldwide through setting water companies a target to lower leakage by nearly 16% by 2025. Throughout this extensive network, Water UK briefs that 2,954 million liters of water, approximately 20-30% of UK water production, are lost every day due to the leakage. According to Water UK, a membership organisation that represents all key statutory water and wastewater service providers, there are over 345,000km of mains water pipes in the UK alone. The reduction of network leakage is identified as a crucial factor in attaining water sustainability.The high rate of urbanization in most emerging countries has augmented the pressure on current water and wastewater infrastructure, which, in turn, has propelled the demand for smart leak detection solutions, partly to enhance asset efficiency and partially to meet water conservation goals.This decision intelligence encourages users to make high capital and better operation decision in the water transfers and distribution management.
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Further, artificial intelligence (AI) based software utilize real-time date to provide the information that user requires to identify the exact locations of failed pipes, detect risks, and minimize the real water losses, without disrupting operation of the network. Smart leak detection solution involves pressure sensors, smart water meters, and network management software that provide users a crucial information about the health of their clean water distribution network.The smart leak detection solutions market is expected to register a CAGR of 8.86% during the forecast period (2022 - 2027).
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