GCC Smart Meters Market (Type - Smart Electricity Meter, Smart Gas Meter, and Smart Water Meter; Technology - Automatic Meter Reading (AMR), and Advanced Metering Infrastructure (AMI); Application - Residential, Commercial, and Industrial): Industry Analysis, Trends, Size, Share and Forecasts to 2027

GCC Smart Meters Market (Type - Smart Electricity Meter, Smart Gas Meter, and Smart Water Meter; Technology - Automatic Meter Reading (AMR), and Advanced Metering Infrastructure (AMI); Application - Residential, Commercial, and Industrial): Industry Analysis, Trends, Size, Share and Forecasts to 2027

Report Code: GCC018 Region: GCC Published: November, 2021

A recent report published by Infinium Global Research on the smart meters market provides in-depth analysis of segments and sub-segments in the GCC as well as regional smart meters market. The study also highlights the impact of drivers, restraints, and macro indicators on the GCC and regional smart meters market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of GCC smart meter. According to the report, the GCC smart meter is projected to grow at a CAGR of 6% over the forecast period of 2021-2027.

Market Insight

As technology has developed over the past few years, the power and utility industry has witnessed several changes. The development of smart meters market, in particular, has augmented the growth of the power and utility industry. Smart meters market are engineered to precisely measure the utilities such as electricity, gas, and water and send usage data through power line communication, radiofrequency electromagnetic radiation (RF), and cellular communication, helping the utility companies to effectively manage energy usage. Smart meters market offer a wide variety of advantages including reduction of meter reading cost, preventing disconnection, removing inefficiencies in billing, and lowering the re-connection costs to corporations and consumers.

The spread of the coronavirus pandemic led to a fairly negative impact on the GCC smart meters market. COVID-19 pandemic affected the GCC smart meters market by impeding the production and demand, disrupting the supply chain, and affecting the players and the utility companies. On the other hand, the profit of many market players decreased due to the lower sales during the coronavirus outbreaks. Furthermore, the demand for the smart meter also decreased from the end-users. However, over the long term, the market growth is anticipated to stay constant, as the authorities gave permission to reopen the manufacturing plants and have eased down travel restrictions. As the pandemic conditions got under control, the economic state in the GCC countries return to their normal state. This is expected to encourage consumers to spend more on utility solutions such as smart meters market.

The rising demand for energy-efficient houses, and buildings provides an increasing adoption rate of smart meters market. The growing concern over the higher consumption of utilities such as electricity, and gas, and the hunt for energy-efficient solutions is majorly driving the growth of the smart meters market in GCC. Smart meters market are built to efficiently monitor utility consumption by connecting them with smart grids to guarantee the use of electricity during off-peak hours when energy prices are cheaper. Additionally, the improved government support to encourage the adoption of smart homes and smart meters market is further driving the growth of the GCC smart meters market. Government agencies across GCC are promoting the development and adoption of smart meters market used with smart grids. However, the high installation cost of smart meters market acts as a major restrictive factor that is expected to hamper their adoption and the growth of the market. Due to this high initial cost, it becomes difficult for manufacturers to convince consumers to upgrade their legacy meters with smart meters market. Moreover, swift advancements in technology are offering significant growth opportunities to the market.

In terms of country, Saudi Arabia accounted for the largest share in the GCC smart meters market. Moreover, Saudi Arabia is expected to grow at the fastest rate over the forecast period. The Saudi Arabia market is majorly driven by the growing adoption of advanced technologies and rising internet penetration. Furthermore, the growing popularity of smart homes along with rapid urbanization and a significant rise in household spending supports the growth of the smart meters market in Saudi Arabia. On the other hand, UAE holds the second-largest market share in the GCC smart meters market. The major smart meters market manufacturers are present in UAE. This, in turn, is expected to boost the market growth for the smart meters market in UAE.

Segment Covered

The report on GCC smart meter covers segments such as type, technology, and application. On the basis of type, the sub-markets include smart electricity meter, smart gas meter, and smart water meter. On the basis of technology, the sub-markets include automatic meter reading (AMR), and advanced metering infrastructure (AMI). On the basis of application, the sub-markets include residential, commercial, and industrial.

Companies Profiled:

The report provides profiles of the companies in the market such as alfanar Group, Landis+Gyr AG, Abdul Aziz Al-Nasser Co. (Enerizons), Iskraemeco Group, Kamstrup A/S, Schneider Electric SE, Honeywell International Inc., and TÜV Nord Group.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of smart meter. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.


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