Real-time Flood Monitoring and Warning System Market – Government Initiatives to Underpin Deployments
In recent times, the most effective flood monitoring and warning systems extend beyond qualified staff to include telemetry equipment and gauges meant to receive the earliest sign of a flood. Numerous government organizations are coming forward to integrate flood warning systems near water bodies to predetermine the severity of floods and prevent the loss of life and property. The U.S. Geological Survey entered into a partnership with the National Oceanic and Atmospheric Administration to install flood warning systems across the country. Analyzing the steady flow of deployments, analysts of Transparency Market Research (TMR) estimate that, by 2027, the real-time flood monitoring and warning system market will arrive at a value of ~US$ 277 Mn.
Since ‘efficiency’ is of utmost importance in such systems, market players need to go by the quality standard book to deliver accurate outcomes. Hands-on experience on neoteric wireless technologies, including RF, GSM, and GPRS, in order to serve the best interest of end-users, will lead market players towards consolidation.
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Two Deployment Dilemmas that Await Technological Advancements
Amidst the above-average growth of the real-time flood monitoring and warning system landscape, market players need to be on their guard to map a seamless odyssey towards a consolidated position. One of the challenges being the failure of sensors when dust covers their surfaces. Since flood monitoring sensors are being installed inside as well outside the ground and water levels, there are high chances of dust layering on monitoring sensors, which could lead to inaccurate results.
Another key challenge to the deployment of these systems is the incompetency of monitoring sensors in operating during instances of sudden shocks. A sudden shock may result in a high reading or can even cause damage to these sensors, which could break down the structure of real-time flood monitoring and warning systems. Currently, the impact of these challenges is moderate; however, in the future, the development of advanced sensors will be integral in offering accurate outcomes.
Technological Leaps to Catapult Growth of the Landscape
The increase in emergency management technologies is instigating the horizontal industry – electronics and semiconductors industry – to enhance the functionality and effectiveness of hardware components. Hefty investments are made by governments towards the deployment of advanced monitoring systems to prevent losses of epochal scale. With R&D initiatives, manufacturers are coming up with advanced components to incorporate in real-time flood monitoring and warning systems, and achieve precise readings. For instance, highly-efficient ultrasonic sensors are fast replacing normal sensors on account of the inherent competency of ultrasonic sound to propagate through any media.
Recent trends show that, self-owned systems offer better economic value and feasibility, while leased or rented ones rank lower in terms of both. Since these real-time flood monitoring and warning systems observe significant deployment for public safety, governments are the crucial end user of the industry, and any efforts made by taking a ‘government-centric’ approach will lead to a higher market share. In 2019, the government segment will account for ~42% of overall sales, following which, the agriculture and inland fisheries segment witnesses a staggering rise in the demand for real-time flood monitoring and warning systems, owing to business needs.
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Real-time Flood Monitoring and Warning System Market in Brief
- The real-time flood monitoring and warning system market is expected to register a CAGR of ~6% between 2019 and 2027. The real-time flood monitoring and warning system market is projected to be driven by the increasing need to monitor floods on a real-time basis to reduce economic losses.
- The global real-time flood monitoring and warning system market is expected to reach ~US$ 277 Mn by 2027 from ~US$ 176 Mn in 2019. Increasing number of natural disasters due to unstable environmental conditions are boosting the real-time flood monitoring and warning system market.
- The real-time flood monitoring and warning system market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period, followed by North America.
- North America remains the dominant leader in the global real-time flood monitoring and warning system market, with revenues in 2019 estimated at ~US$ 66 Mn. Huge economic losses as well as loss of life due to flooding in the coastal regions of North America are expected to exponentially drive the real-time flood monitoring and warning system market.
- Asia Pacific is projected to see significant growth in the global real-time flood monitoring and warning system market during the forecast period. The demand for real-time flood monitoring and warning systems is high due to the large number of flood-prone areas as well as improper infrastructure in the region.
Real-time Flood Monitoring and Warning System Market Definition
- The real-time flood monitoring and warning system market report provides analysis of the market for the period 2017–2027, wherein, 2018 is the base year and 2019 to 2027 is the forecast period. Data for 2017 has been included as historical information.
- Governments are deploying real-time flood monitoring & warning systems as they face huge economic as well as human loss during flooding. The cost benefit ratio of a real-time flood monitoring & warning system is high as compared to other environmental monitoring systems.