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Saudi Arabia Smart Meter Market was Valued at USD 1,186.1 Million in 2022 and is Expected to Reach USD 2,208.8 Million by 2030 and Grow at a CAGR Of 8.21% Over the Forecast Period.

Infograph - Saudi Arabia Smart Meter Market was Valued at USD 1,186.1 Million in 2022 and

By Infinium Global Research Feb, 2024

The Saudi Arabia smart meter market was valued at USD 1,186.1 million in 2022 and is expected to reach USD 2,208.8 million by 2030 and grow at a CAGR of 8.21% over the forecast period. The growing consumption of electricity, gas, and water is driving the growth of the smart meter market. This demand is driven by various factors, including the country's economy heavily relies on oil and fossil fuel sources. The consumption of electricity and gas in Saudi Arabia has shown an upward trend. The continuously increasing population is uplifting the growth of the market during the forecast period of 2023-2030. The population of Saudi Arabia, as reported by the World Bank in 2021, was 35,950,396, and a substantial portion of this population consists of expatriates, reaching 13.49 million. Further, the rising focus on the development of smart buildings in Saudi Arabia boosts the demand for smart meters. The Kingdom of Saudi Arabia has made significant investments in infrastructure and the development of smart cities, with plans dating back to 2020 and aligned with the Vision 2030 initiative. These endeavors have included the construction of smart buildings and cities, which have contributed significantly to the growth of the smart meter market in the country.  However, cost factors, security concerns, and the requirement for experienced specialists for smart meter deployment could hinder industry expansion. The cost factor presents a significant obstacle, as smart meters are generally more expensive than traditional meters. The deployment of smart meters on a large scale can entail substantial expenses. Furthermore, maintaining and upgrading the infrastructure to support smart meters can also be costly. Security and data integrity are crucial concerns in the context of smart meters. Moreover, the technological advancement in smart meters coupled with the upgradation of existing smart meters creates significant growth opportunities for the market. Smart meter manufacturers and utility companies are increasingly exploring the integration of Artificial Intelligence (AI) and Machine Learning (ML) software into smart meter operations. This integration offers significant potential for utilities to monitor and analyze smart meter data in real time, leading to more informed business decisions.

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