Middle East Smart Meter Market is anticipated
to grow at a robust CAGR during the forecast period. This is a result of growing technological
use and improving economies. The demand for smart meters is being driven by the
rising per-person electricity usage. The region's smart meter industry is
expanding as a result of expanding smart grid deployment and promising
government efforts and legislation related to the smart meter. Energy-efficient
and precise metering solutions are required by the growing number of regional
commercial, residential, and industrial projects, including the Red Sea
Project, Qiddiya entertainment city, Smart city, and Jean Nouvel's Sharaan
resort in Al-Ul.
Energy providers have long used meters to measure the electricity
consumption of each home. These devices record the amount of energy used in
each home, allowing utilities to bill their customers. Utilities were compelled
by their growing client base to implement systems that guarantee efficient
handling of energy usage data. As smart meters fulfil many of the needs of
utilities and customers, this is one of the key trends that shall positively
influence the market for them. For instance, data storage for specific
consumers, automatic payment on a monthly basis, leak detection, financial
advantages, and preventing any unneeded losses. Following this pattern, the
industry is anticipated to experience strong expansion in the years to come.
Smart Meters are somewhat similar to
traditional meters in the home, traditional meter measure and record energy
usage data. However, a smart meter is different as it is a digital device that
can communicate remotely with the utility company. It sends usage information
to the utility company every 15 minutes to an hour, so one does not need a
meter reader.
In addition to reporting energy consumption,
smart meters can immediately notify the power company if there is a power
outage in that area. Crew members can be dispatched quickly to resolve the
situation and restore power as quickly as possible. When everything returns to
normal, the smart meter would notify the utility of the solution.
One of the biggest benefits of smart meters for consumers is the ability
to track energy usage. Most smart meters come with a digital dial that gives
up-to-date information about energy usage.
Normally, meters used to measure energy consumption basically have the
ability to measure and store integrated values. A grid shift to a smart grid
involves replacing traditional meters with smart meters. This makes it easier
for customers to take advantage of improved features and new services. Smart
meters include circuit breakers that limit power, eliminating the need to
install on own panel, making them more responsive and practical. It also has a
communication interface for long-distance communication between the central
system and the meter, allowing remote reading and operations such as sending
new tariffs, changing contract-related parameters, configuring the meter itself
and operating internal switches.
Increasing Investment in different countries is thriving the market
The Oman Public Services Regulatory Authority has launched a national
smart meter program aimed at installing an estimated 1.2 million smart meters
for all electricity consumers by 2025. This initiative is part of the
Government of Oman's Digital Transformation Initiative. The advantage of smart
meter programs is that they eliminate the need for physical meter readings. In
addition, remote reading reduces invoice mistakes and improves the efficiency
of the collection system. By the end of 2021, approximately 145,000 smart
meters have been installed in Oman. New customers have been included so far.
For existing customers, there is replacement old meters over three years until
2025. The companies responsible for installing smart meters in their respective
licensed areas lies with the country's five distribution and utility companies:
Muscat Electricity Distribution Company (MEDC), Mazoon Electricity Company,
Majan Electricity Company, Rural Areas Electricity Company (Tanweer), and
Dhofar Integrated is in the hands of Services Company (DISC). They are all
subsidiaries of Nama Group. The smart meters installed so far have helped
measure half of all electricity consumption in 2021, according to NAMA Group.
Regulators have also installed 126,000 prepaid meters. Both smart and prepaid
meters are helping to improve efficiency. The program increased its reliance on
technology for billing and payment activities in 2021, making it easier for
customers to receive and pay invoices electronically. In 2021, over 88% of all
invoices were sent to customers via email or SMS, an increase of over 18%
compared to 2020. In addition, improvements in pickup channels and electronic
communication with customers, coupled with general travel restrictions, have
led customers to increase their use of electronic payment channels. As a result,
more than 63% of all payments from customers to distributors were made through
electronic channels such as websites, mobile phones, payment machines and
banks. The National Smart Meter Program includes a three-year contract worth
USD 24.2 million to install over 400,000 smart meters in all three MEDC
zones.
As of January 2023, Qatar General Electricity and Water Corporation
(Kahramaa) has installed 280,000 smart electricity and water meters with
Internet of Things (IoT). One of Kahramaa's most prominent digital
transformation projects, the smart metering infrastructure project shall
install 600,000 advanced digital meters to read energy consumption more
accurately and effectively and transmit the required information safely and
quickly. Till, 21,000 smart water meters were installed and put into operation.
Up to 17,500 old meters have been replaced with smart meters, and about 35,000
traditional water meters have been replaced with smart meters. The project shall
also provide an IoT platform and suite of applications that would help Kahramaa
integrate devices, network infrastructure and marketplace operations through a
single, unique architecture.
By the end of 2021, Dubai Electricity and Water Authority (DEWA) installed
over 2 million electricity and water meters in Dubai. It includes various
programs such as advanced metering infrastructure for electricity, advanced
metering infrastructure for water, asset management and big data which would be
completed in the short, medium and long term until 2035 for about USD1.91
billion. Through this initiative, the government detected 503,161 water leaks,
16,103 defects and 7,974 load case increase over the past three years. This
saved the customer a total of USD88.22 million. As of January 2023, more than
2.1 million Dubai residents are now using the service of smart electricity and
water meters. Additionally, in 2022, the Sharjah Electricity, Water and Gas
Authority (SEWA) has completed the installation of 23,000 new smart meters,
replacing mechanical meters with smart meters in various districts of Sharjah.
Recent developments driving the Middle East
Smart Meter Market growth
- In 2022, Israel
Electric Corporation announced that it shall begin deploying 1 million smart
meters over the next five years. The project involves installing 200,000
annually. The suppliers are Israeli technology companies Afcon and Tadal. The
rollout would begin in the cities of Rishon Lezion near Tel Aviv, Herzliya,
Petah Tikva, Hadera, and Ashdod. The new meters are expected to pave the way
for more and more private operators to compete in this sector with new services
and fluctuating daily and seasonal rates. The measuring device is expected to
be equipped with a 4G/LTE modem. Small cell phone repeaters are also installed
in buildings where cell phones can be received purely.
- In 2021, ZIV Automation and its parent
company Alfanar delivered 550,000 smart meters for Saudi Electricity Company's
(SEC) smart grid implementation. The smart meters were manufactured locally by
Alfanar Construction, the group's EPC firm. In addition to smart meters, ZIV
Automation provided dual communication technology, PLC-PRIME 1.4 FCC and NB-IoT
system.
- In December 2019, the SEC launched the
“Digital Transformation of the Electricity Grid” project under the Smart
Metering Project (SMP) in Saudi Arabia. About 4 million smart meters were
manufactured on site, accounting for up to 40% of the total number of smart
meters in the project. In addition, all gauges were compared, and appropriate
models were selected by SASO according to the National System of Metrology and
Calibration (Taqyees) procedure. The smart meter project was completed in less
than 13 months in record time.
Market Segmentation
Middle East Smart Meter Market is segmented based
on 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. Based on application, the
market is further bifurcated into industrial, commercial, and residential. Based
on technology, the market is further bifurcated into automatic meter reading
and advanced metering infrastructure. Based on country, the market is bifurcated into Saudi Arabia, United Arab
Emirates, Qatar, Kuwait, Bahrain and the rest of Middle East.
Market player
Major market players in the Middle East Smart Meter Market are 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, and EDMI Continental DMCC.
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Attribute
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Details
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Base Year
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2022
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Historic Data
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2018–
2022
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Estimated Year
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2023
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Forecast Period
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2024
– 2028
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Quantitative Units
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Revenue in USD Million and CAGR for 2018-2022 and 2023-2028
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Report coverage
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Revenue
forecast, company share, growth factors, and trends
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Segments covered
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Product Type
Application
Technology
Country
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|
Regional scope
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Saudi Arabia, United Arab Emirates, Qatar, Kuwait, Bahrain,
Oman, Israel, Iran, Rest of Middle East
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|
Key companies profiled
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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 and EDMI Continental DMCC.
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Customization scope
|
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing and purchase options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
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Delivery Format
|
PDF
and Excel through Email (We can also provide the editable version of the
report in PPT/Word format on special request)
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Report Scope:
In this report, Middle East Smart Meter Market
has
been segmented into the following categories, in addition to the industry
trends which have also been detailed below:
·
Middle
East Smart Meter Market, By Product
Type:
o
Smart
Energy Meters
o
Smart
Water Meters
o
Smart
Gas Meters
·
Middle
East Smart Meter Market, By Application:
o
Industrial
o
Commercial
o
Residential
·
Middle
East Smart Meter Market, By Technology:
o
Automatic
Meter Reading
o
Advanced
Metering Infrastructure
·
Middle
East Smart Meter Market, By Country:
o
Saudi
Arabia
o
United
Arab Emirates
o
Qatar,
Kuwait
o
Bahrain
o
Oman
o
Israel
o
Iran
o
Rest
of Middle East
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in the Middle East Smart Meter Market.
Available Customizations:
Middle East Smart Meter Market report with the given market
data, Tech Sci Research offers customizations according to a company's specific
needs. The following customization options are available for the report:
Company Information
·
Detailed
analysis and profiling of additional market players.
The Middle East Smart
Meter Market is an upcoming report to be released
soon. If you wish an early delivery of this report or want to confirm the date
of release, please contact us at [email protected]