Transparency Market Research delivers key insights on the global real-time flood monitoring & warning system market. In terms of revenue, the global real-time flood monitoring & warning system market is estimated to expand at a CAGR of ~6% during the forecast period of 2020–2030, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global real-time flood monitoring & warning system market.
The real-time flood monitoring & warning system market has high potential to grow, especially in developing countries across the globe, which have multiple infrastructural issues. It is nearly impractical for a country to re-structure its infrastructure and resolve the problem of flooding. Hence, real-time flood monitoring & warning systems are being adopted and installed to minimize the magnitude of impact/events. Governing bodies or communities are installing real-time flood monitoring & warning systems to communicate to the people over the area to take necessary precautions prior to a flood. The report analyzes the global real-time flood monitoring & warning system market and provides estimates in terms of revenue (US$ Mn) from 2018 to 2030.
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Real-Time Flood Monitoring & Warning System Market: Market Dynamics
Rise in Number of Natural Disasters: Over the years, the number of incidents of natural disasters have increased. Imbalance in the environment and rise in global warming have increased water related natural disasters. Floods are one of the most common and major disasters, which result in huge economic as well as life loss. It also hampers agricultural productivity as well as affects the people in the area where the flood has occurred. Flooding is the most common natural disaster on the planet, affecting hundreds of millions of people and causing between 6,000 and 18,000 fatalities every year. It accounts for 44% of total natural disasters.
It can also be interpreted that water-related disasters have both direct impact (damage to buildings, crops and infrastructure, and loss of life and property) and indirect impact (loss of productivity and livelihood, increased investment risk, indebtedness, and human health impact). According to Global Catastrophe Recap 2019, damage from flooding in March 2019 was estimated at US$ 8 Bn.
Between the years 2000 to 2018, water related disasters have resulted in 326,000 fatalities and economic losses of more than US$ 1.7 Trn globally. Approximately, 54% of total water related disasters were due to floods; this means that more than US$ 500 Bn and over 150,000 fatalities were only due to floods across the globe. Real-time flood monitoring & warning systems could help in mitigating the risk and reducing the overall loss across the globe by alerting the people and emergency teams before the occurrence of the event. Real-time flood monitoring and warning systems help a country to reduce the ratio of disaster losses to Gross Domestic Product (GDP).
Such a high volume of loss has led to rise in demand and need for real-time flood monitoring and warning systems, which have the ability to sense the threat of floods, and could reduce direct as well as indirect losses.
Increased focus on integration of technology to reduce disaster impact: In the current market scenario, awareness with regard to environment and sustainable development has increased. The primary reason for floods is overflow of rivers, basins, or sea near residential areas. Global warming is a major reason for the overflow of rivers or lakes. Rising temperature and increasing pollution are directly contributing to global warming, thereby increasing river and sea levels. The focus on environment monitoring at the country level as well as at the community level has also increased to minimize the risk of disasters. Thus, community deployment of real-time flood monitoring & warning systems is growing at a healthy rate.
Real-Time Flood Monitoring & Warning System Market: Prominent Regions
In terms of region, the global real-time flood monitoring & warning system market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America held a significant share of the real-time flood monitoring & warning system market in 2019, and this trend is expected to continue during the forecast period. Within North America, the U.S and Mexico are anticipated to drive the market. This is due to large investments at the community level in the region, and high focus on operational cost optimization. All regions have the most competitive and rapidly changing market scenarios in the world to improve the strategy of real-time flood monitoring & warning systems and its adoption in organizations.
The real-time flood monitoring & warning system market in Asia Pacific is expected to expand at the highest rate, due to increased government focus on disaster management, as the region accounts for maximum number of flood disasters across the globe. The real-time flood monitoring & warning system market in Asia Pacific is estimated to reach US$ 75.1 Mn by the end of year 2030 from US$ 39.9 Mn in year 2020 at a CAGR of 6.5%. Within the region, China is projected to generate the highest revenue opportunity and reach US$ 26.6 Mn by the end of the forecast period.
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In the current scenario as well as during the forecast period, Asia is likely to be the hardest-hit continent with 41% of all flood disaster events, followed by Africa (23%), the Americas (21%), Europe (13%), and Oceania (3%). Asia Pacific was the most vulnerable with 71% of the total fatalities and 63% of the overall economic damage recorded since 2001. In 2018 alone, 50 flood disasters were reported in Asia, causing nearly 2,000 casualties and loss worth of US$ 16 Bn.
Human lives (~26%), property (~23%), and agriculture (~22%) are the primary reasons for the deployment of flood warning systems within the Asia Pacific region.
The report provides in-depth segment analysis of the global real-time flood monitoring & warning system market, thereby providing valuable insights at macro as well as micro levels. The analysis of major countries, which hold growth opportunities or account for a significant share, has also been included as part of the geographic analysis of the real-time flood monitoring & warning system market.
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