The major factors contributing towards the growth of the Saudi Arabia Smart Water Meter market during the forecast period include the rising demand for smart water meters to monitor and optimize water consumption, the increasing requirement for accurate billing and growing adoption of smart water meters by water utility industries to reduce non-revenue water in Saudi Arabia. Various ongoing and upcoming projects such as the development of smart city such as Neom, Red Sea project, Amaala, Jean Nouvel’s Sharaan resort in Al-Ula and Qiddiya entertainment city, will drastically increase the demand for water, thereby boosting the growth of the Saudi Arabia Smart Water Meter market over the coming years.
The Saudi Arabian government is heavily investing in the economic diversification program under vision Saudi Arabia Vision 2030 is encouraging water conservation across the country, which will further accelerate the demand for the Smart Water meter market in this region. Moreover, the replacement of aging infrastructure and the growing digitalization of the industrial water operations will drive the consumers to opt for smart water meter in Saudi Arabia. On the other hand, the high initial investment cost and lack of awareness about the usage of the smart water meter among the end-user will hamper the growth of the Saudi Arabia Smart Water Meter market during the forecast period.
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Smart water meter is an electronic device that measures the water flow by using wireless communication to connect to local or wide area networks. It allows remote location monitoring and provides infrastructure maintenance through leak detection. A smart water metering system enables automatic billing and customer management, along with detection and protection against tampering attempts. It uses micro electro technology, sensor technology, and smart IC card technology to collect water consumption data by consumers. The continuous monitoring of water usability by smart water meter provides real-time water consumption, which encourages the end-users to have proper management of water utilization.
Read Full Report Description: Saudi Arabia Smart Water Meter Market By Meter Type (Electromagnetic Meter, Ultrasonic Meter, and Mechanical Meter), By Technology (Automatic Meter Reader (AMR), and Advanced Metering Infrastructure (AMI)), By Component (Meters & Accessories, IT Solutions, and Communications), By Application (Water Utilities, and Industries) – Opportunities and Forecast, 2019-2026. https://www.gmiresearch.com/report/saudi-arabia-smart-water-meter-market/
Based on the meter type, the ultrasonic meter segment is expected to grow at a higher CAGR during the forecast period due to the increasing preference towards accurate data outputs produced by smart meters in Saudi Arabia. Various ongoing and upcoming projects such as the Red Sea Project and Neom, will further drive the demand for smart water meter with accurate data output over the coming years. The ultrasonic meter consists of sensors which measure the velocity of water with ultrasound to calculate volume flow. Moreover, the ultrasonic meter delivers real-time data through the communication networks and has a longer lifespan, which will attract a large number of customers towards the adoption of ultrasonic meters in Saudi Arabia.
Based on the technology, the Advanced Metering Infrastructure (AMI) segment is projected to grow at a higher CAGR during the forecast period due to the increasing adoption of AMI technology by the water utility industry across Saudi Arabia. The Advanced Metering Infrastructure (AMI) offers two-way communication between the meter and user/utility, making it more accessible to the consumer to monitor water consumption. In addition, the increasing implementation of AMI technology for easy detection of water leakage to minimize the wastage of non-revenue water will further surge the demand for the Smart Water Meter market in the region. AMI technology enhances customer service while promoting water conservation.
Based on application, water utility application is expected to grow at a higher CAGR during the forecast period owing to the increasing development of smart city along with other mega construction projects such as the development of Jaddah tower, Amaala, Sharaan resort at Al-Ula, Jabal Omar and Al Widyan in Saudi Arabia. The growing environmental awareness is encouraging the consumers to opt for smart water meters to optimize water consumption.
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Moreover, the Saudi Arabian government is launching numerous initiatives to reduce the wastage of water across Saudi Arabia. For instance, in March 2017, the government launched a water conservation program “Qatrah”, aiming to reduce daily per capita water consumption from 263 liters to 200 liters by 2020 and to 150 litres by 2030.
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The Saudi Arabia Smart Water Meter market has been segmented based on Meter Type, Technology, Component and Application. Based on Meter Type, the market is segmented into Electromagnetic Meter, Ultrasonic Meter, and Mechanical Meter. Based on technology, the market is segmented into Automatic Meter Reader (AMR), and Advanced Metering Infrastructure (AMI). Based on component, the market is segmented into Meters & Accessories, IT Solutions, and Communications. Based on application, the market is segmented into Water Utilities, and Industries.
Various notable players operating in the Saudi Arabia Smart Water Meter market include Giza Systems, Saudi Technical Limited, Abunayyan Holding, Diehl Stiftung & Co. KG, Iskraemeco, d.d., smesaudi, Itron, Inc., Elster Solutions, Kamstrup A/S, Xylem, Inc. (Sensus), among others.
Saudi Arabia Smart Water Meter Market by Meter Type
Saudi Arabia Smart Water Meter Market by Technology
Saudi Arabia Smart Water Meter Market by Component
Saudi Arabia Smart Water Meter Leading Market Players (Option : Free 25% Customization – Profiles of 5 Additional Companies of your Choice)
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