Saudi Arabia Smart Meter Market is Anticipated to Witness a Promising Growth during the forecast period 2020-2027 | Research Report

Saudi Arabia Smart Meter Market

The Saudi Arabia Smart Meter Market is expected to grow at a faster CAGR over the forecast period (2020-2027).

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The factors driving growth of the Saudi Arabia Smart Meter Market includes growing consumption of electricity, Government to support the installation of smart meters, rising focus on digitalizing electrical systems, developments in communication networks and improvements in the living standards. For instance, the consumption of electricity across Saudi Arabia has increased from 288.71 terawatts per hour in 2019 to 289.33 terawatts per hour in 2020, which is expected to push the demand for smart electricity meters across Saudi Arabia in the approaching years. Moreover, smart meters enhance energy management and consumption, improves meter reading accuracy and reports theft, are some of the features pushing the market growth. In addition, technological advancements in smart meters, rise I the launch of innovative products and rapid urbanization, are some of the additional factors supplementing the Saudi Arabia Smart Meter Market size. In addition, the increasing investments by leading players on research and development, rising disposable incomes and growing population growth rates, are further contributing towards the market growth.

However, growth of the Smart Meter Market in Saudi Arabia is hindered attributed to its high installation cost.

The major players operating in the market are Advanced Electronics Company Limited, Enel S.p.A, Landis + Gyr AG, Iskraemeco d.d., Kamstrup, Itron Inc., Spire Metering Technology LLC, Xylem Inc., and Abunayyan Holding, among others.

Based on Type, the Smart Water Meter segment is projected to expand at a remarkable CAGR during the forecast period

Emerging need to monitor water consumption, rapid urbanization, rising per capita incomes and development of smart city projects such as Neom, Red Sea project and Amaala, are pushing growth of the segment.

Based on End-User, the Commercial segment is anticipated to capture the largest market share over the forecast period

Rapid growth in the construction industry, increasing electricity consumption at commercial spaces, developments in Jaddah tower, Amaala and Sharaan resort at Al-Ula, projects, and growing population growth rates, are some of the important factors augmenting the segment's growth.

Key Development

In 2019, Kamstrup launched new automated metering infrastructure system that achieves a high reading performance with minimal hardware investment.

Market Segmentation

Segmentation by Type

Smart Water Meter
Smart Electric Meter
Smart Gas Meter

Segmentation by Communication Type

RF
PLC
Cellular

Segmentation by Component Type

Hardware
Software

Segmentation by End-User

Commercial
Residential
Industrial

Segmentation by Technology

Advanced Metering Infrastructure (AMI)
Automatic Meter Reading (AMR)

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