The major factors that are driving the growth of the Saudi Arabia Smart Meters market are increasing demand for energy conservation, growing deployment of smart grid and favourable government initiatives and policies associated with smart meter. The increasing number of residential, commercial and industrial projects in Saudi Arabia such as Smart city NEOM, the Red Sea Project, The Qiddiya entertainment city, Jean Nouvel’s Sharaan resort in Al-Ul, among other require energy-efficient and accurate meter solutions. The Saudi Arabia Vision 2030 and growing government initiatives and investment to deploy smart meter in the country are also propelling the growth of the market. For instance, the country aims to install 12 million smart meter in the country by 2025 in order to record energy consumption. Some of the major advantages offered by smart meters over the other meters are improved energy management and consumption, increased meter reading accuracy, reporting of theft, and tampering along with the accurate consumption data to consumers. However, high initial installation cost may hinder the growth of the market.
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A smart meter is the next generation meter for both gas and electricity. It is an electronic device that monitors and tracks electric energy consumption and communicates the information to the electricity supplier for monitoring and billing. Smart meters are designed for providing utility customers with real-time information about the energy consumed by consumer. Smart meters help to reduce energy consumption, save cost and time. Smart meters are widely use for residential, commercial, and industrial application.
Read Full Report Description: Saudi Arabia Smart Meters Market By Type (Smart Water Meters, Smart Electric Meters and Smart Gas Meters), By Application (Commercial Smart Meter, Residential Smart Meter and Industrial Smart Meter), By Technology (Advanced Metering Infrastructure (AMI) and Automatic Meter Reading (AMR)) – Opportunities and Forecast, 2019-2026 https://www.gmiresearch.com/report/saudi-arabia-smart-meters-market/
Based on the meter type, the smart electric meter segment is expected to capture significant share during the forecast period owing to the increased government investments to deploy smart electric meter and growing construction activities in the country. For instance, Saudi Electricity Co. got a project to install 10 million smart meters across Saudi Arabia as part of a wider plan to enhance power distribution in the country. The ongoing and upcoming construction project such as Jeddah Tower, King Abdullah Bin Abdulaziz Medical Complexes, King Fahd Medical City Expansion, Saudi Aramco’s Berri and Marjan, Al Widyan, Jabal Omar among other leads to an increase the growth of smart meter installation. The increasing concern to reduce greenhouse gas emission along with rising contribution towards a greener environment is further fuel the market growth as it helps to government to achieve the energy independence goal and reduce the environmental footprint of a country.
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Based on the technology, the Advanced Metering Infrastructure (AMI) segment is expected to grow at a higher CAGR during the forecast period. The major factor that drive the growth of the segment is increasing adoption of AMI technology by various industries such as energy & power, water utilities among others and it reduce labor cost. AMI technology allows two-way communication between meter and user/utility which helps to track and manage energy consumption which also fuel the growth of the market during the forecast period.
Based on application, commercial application is projected to grow at the significant CAGR in the market during the forecast period. The growing development of smart city under the Vision 2030 and other commercial construction project such as Sharaan resort at Al-Ula, the red sea project, King Abdulaziz Center for World Culture, Urban Heritage Administration Centre, Makkah Grand Mosque- third Expansion, Jeddah tower among other are leading to rise in growth of smart meter market to reduce energy consumption.
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Various notable players operating in the Saudi Arabia Smart Meters market include Elster Solutions, Iskraemeco, d.d., Giza Systems, Abunayyan Holding, Kamstrup A/S, Xylem, Inc., Itron, Inc., Saudi Smart Electronic Company, Advanced Electronics Company, Enel S.p.A, Spire Metering Technology LLC, Alfanar Group, among others.
Key Market Developments:
The Saudi Arabia Smart Meters market has been segmented based on type, application, and technology. Based on Type, the market is segmented into Smart Water Meters, Smart Electric Meters and Smart Gas Meters. Based on application, the market is segmented into Commercial Smart Meter, Residential Smart Meter and Industrial Smart Meter. Based on technology, the market is segmented into Advanced Metering Infrastructure (AMI) and Automatic Meter Reading (AMR).
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