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.

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