Middle East Smart Meter Market To Grow At An Impressive CAGR Due To The Rise In Smart Energy Meters Segment
Middle East Smart Meter Market is expected to grow owing to upgradation
to smart grids & favourable government policies and is expected to grow
throughout the forecast period.
According to TechSci Research report, “Middle East Smart Meter Market - By Region,
Competition Forecast & Opportunities, 2018-2028”, the Middle East Smart Meter Market is expected to register
robust growth during the forecast period, 2023-2028. Over the course of
projection period, it is anticipated that government initiatives and energy and
water providers would boost the installation of smart metres, increasing market
demand. Reducing transmission and distribution losses for electric metres is the
main goal of the installation.
Smart
metres provide two-way communication between customers and suppliers, making it
clear what is needed in terms of supply and demand in a specific area. Smart
water metres have a big development potential because of water scarcity and
rising water conservation awareness. Countries are introducing smart water
metres in hospitals, schools, universities, and commercial buildings to
conserve water and reduce water bills because of resource constraint.
Smart
meters use wireless networks, like cellular networks, to transmit data about
gas and electricity consumption directly to utility companies. It monitors and
promotes good energy habits and has already shown energy savings of 5-20% in
some homes. In comparison of traditional meters that record the current total
of energy consumed, smart gas and electricity meters record price and
consumption data every 30 minutes and automatically send meter readings to
energy suppliers.
Saudi
Arabia and the United Arab Emirates are expected to lead the regional market
owing to improving economies and increasing involvement in technology.
Additionally, the UAE government plans to provide USD163 billion in funding by
2050 to meet rising energy needs and ensure sustainable economic growth in the
country. Increasing deployment of smart grids and promising government
initiatives and policies related to smart meters. The growing number of
commercial, residential, and industrial projects in the region, such as the Red
Sea Project, Qiddiya Entertainment City, Smart City and Jean Nouvel's Sharan
Resort in Al Ur, require energy efficient and accurate metering solutions. In
July 2022, NEOM (The Smart City) was built from scratch in the Arabian Desert.
NEOM is an urban project that builds a whole new city based on the latest urban
innovations. Additionally, in October 2022, Honeywell and King Abdullah
Financial District (KAFD) signed a memorandum of understanding to support the
creation of sustainable smart city experiences in Saudi Arabia's top business
and lifestyle destinations.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on the "Middle East Smart Meter Market."
The Middle East Smart Meter Market is segmented into product
type, application, technology,
and country. Based on product
type, the market is bifurcated into smart
energy meters, smart water meters and smart gas meters. During the forecast
period, smart energy meters is
expected to dominate the Middle East Smart Meter Market. Smart
electricity meters play an important role in the industrial, residential,
manufacturing, and commercial sectors as they measure consumer energy
consumption. The power industry continues its transition to clean energy by
modernizing the energy grid with smart meters. This allows utilities to improve
energy grid resilience and operations, gain better insight into system
operations, and avoid outages. Rising energy prices and environmental concerns
surrounding power generation and distribution are driving industries around the
world to find new time-efficient and cost-effective ways to manage power
generation and distribution.
Growing consumer interest in Internet of Things
(IoT)-based surveillance networks and increasing power demand in developing
countries is expected to drive the expansion of the industry. Growing awareness
of energy efficiency, rapid expansion and modernization of grid infrastructure
will drive the market for smart electricity meters.
Key market players in the Middle East Smart Meter Market: -
- Kamstrup AS
- Honeywell International Limited (Smart
Energy)
- Zenner International GmbH & Co. KG
- Schneider Electric SE
- Siemens AG
- Badger Meter Middle East
- Xylem Inc. (Sensus)
- Secure Meters (Middle East) FZE
- Wacker Chemicals Middle East
- EDMI Continental DMCC
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"Middle East Smart
Meter Market is expected to grow at an impressive CAGR during the forecast
period as the region is upgrading its power grid infrastructure and at the same
time also looking for energy efficient solutions. Moreover, various governments
launched projects which includes National Smart Meter Program by Oman and other
projects by UAE and Qatari Government are driving the market growth.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“Middle
East Smart Meter Market Segmented By Product Type (Smart Energy Meters, Smart
Water Meters, Smart Gas Meters), By Application (Industrial, Commercial,
Residential), By Technology (Automatic Meter Reading, Advanced Metering
Infrastructure), By Country, Competition Forecast & Opportunities, 2028.” has evaluated the
future growth potential of Middle East Smart Meter Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities Middle East Smart Meter Market.
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