Smart water leak detectors are electronic sensors designed to detect water leakage and minimize the risk of water damage. Water leakage is one of the most common causes of property damage. Smart water leak detectors are small, soap-sized white boxes that are placed on a floor near a water-bearing fixture, usually running on long-lasting batteries, similar to a smoke or CO2 detector.The smart water leak detector market is expected to expand at a high growth rate during the forecast period owing to the increasing demand for smart sensors to reduce water leakage and control water consumption. Rising demand for smartphones and computers is expected to spur the demand for smart water leak detectors in the upcoming years.
These sensors are internet-enabled devices, typically coupled with GPS chips and GIS (Geographic Information System) to detect and report to end-users in case of any water leakage and damage. Smart water leak detectors are designed to send notifications directly to the user’s phone when the sensor detects water or any changes in temperature. This technology was developed based on the Advanced Metering Infrastructure (AMI) technology, which acts as the backbone of the smart water meter concept. The smart water meter technology helps operators detect leakages in pipelines, thereby reducing water loss and in turn controlling water consumption.
Rise in Demand for Smart Water Leak Detectors in Mechanical and Electronics Industry
Increasing proliferation of Internet of Things (IoT) and its integration in smart homes is expected to create ample opportunity for manufacturers during the forecast period. Additionally, efforts are being taken by many companies to upgrade their research and development activities to analyze further applications, which is expected to generate profitable growth opportunities for the market during the forecast period. Further, importance of water conservation and increasing awareness related to water scarcity, leakages, illegal water tapping, and other forms of water wastage have triggered the adoption of sustainable water management systems and it is expected to play a major role in driving the global smart water leak detector market during the forecast period.
Asia Pacific to Lead the Global Smart Water Leak Detector Market
In terms of region, the global smart water leak detector market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific which comprises China, India, South Korea, Australia, and other rising economies captured significant market share followed by North America and Europe.
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Asia Pacific is projected to show the fastest growth rate in the market during the forecast period due to emerging economies. China represents huge potential for the product with the low cost of raw materials and large production facilities in the country. The U.S is expected to exhibit high market growth over the forecast period owing to its early technological advancement and high capital expenditure.
Key Players in the Global Smart Water Leak Detector Market
- Honeywell International
- Vivint, Inc.
- Samsung Electronics
- Glentronics, Inc.
- LeakSmart Inc.
- Fibar Group
- D-Link Corporation
- Insteon, Inc.
- SDI Technologies Inc. (iHome)
- Wally Labs LLC
- Aeon Labs
- Roost Home Telematics
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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