Future of GCC Smart Meters Market Along with Key Drivers, Major Manufactures, Business Insights, Trends and Forecast 2030

 The report on GCC Smart Meters Market by 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 trends analysis and forecasts up to 2030 studies the market sizes, key trends and opportunities in the main geographies such as GCC. According to the report the GCC smart meters market is projected to grow at a CAGR in terms of value over the period of 2023-2030.

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"We are Now Including the Impact Analysis of COVID-19 on this Premium Report and the Forecast Period of this Report shall be Revised to 2023-2030." 

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Smart meters are used across residential, commercial, and industrial buildings to measure the consumption of utilities more precisely and send the usage data to utility companies. Communication with utility companies allows the management of utility consumption. Smart meters also share consumption data with the smart grid and give reminders and alerts to use utilities during off-peak periods. The increasing need for energy-efficient buildings is majorly driving the growth of the GCC smart meters market.

The smart meters are built to use utilities more efficiently by connecting to the smart grids, and automatically scheduling the work cycles using time-based electricity programs to manage the consumption around off-peak hours when energy prices are cheaper. Moreover, government support to promote the adoption of smart meters is expected to boost the market further. Several governments are encouraging utility companies, as well as consumers, to install smart meters to boost the efficiency of cities and towns.

The outbreak of the novel coronavirus had a significant impact on the GCC smart meters market. The GCC smart meter market is heavily dependent on suppliers from countries such as China, Taiwan, and Vietnam. Lockdowns in these countries created large demand-supply gaps in the market. The gap in demand and supply hampered the growth of the GCC smart meter market. Moreover, the impact of COVID-19 on small and middle-sized players was more serious due to delays in production caused by transport restrictions and strict lockdowns.

Furthermore, many residential end-users stopped working or lost their jobs and businesses during the pandemic. While several commercial end-users closed their businesses during the pandemic. This further lowered the demand for smart meters among the commercial end-users. However, over the long term, growth is likely to stay constant, as many GCC countries allowed to reopen manufacturing plants and eased travel restrictions. Additionally, the government strategies to boost the economic conditions by offering several monetary and non-monetary packages are further expected to augment the market growth over the forecast period.

Growing Disposable Income of Consumers is Augmenting the Adoption of Smart Meters in the Residential Sector

In terms of application, the GCC smart meter market is segmented into commercial, residential, and industrial. The residential segment accounted for the largest share of the GCC smart meters market in 2020. Residential consumers are installing smart meters, while the newly constructed residential buildings come with preinstalled smart meters. Moreover, the growing spending power and the rise in popularity of smart homes are further driving the growth of the smart meters market in GCC.

Additionally, the government initiatives to promote smart homes and smart meters act as a driving factor for consumers to adopt domestic meters that are compatible with smart grids. This, in turn, boosts the adoption of smart grids in residential areas and provides customers with an easy interface to monitor their electricity use. Smart meters are accountable for significantly controlling residential electricity consumption, while on the other hand offering promising opportunities for demand shifting.

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The Smart Meters Market is Anticipated to Witness Several Product Launches Over the Forecast Period

The GCC smart meter market is highly competitive and fragmented in nature. The market is characterized by the presence of several multinational and local players competing for market share. alfanar Group, Landis+Gyr, Abdul Aziz Al-Nasser Co. (Enerizons), Iskraemeco, Kamstrup, Schneider Electric, Honeywell, and TÜV are the major players in the GCC smart meter market. The key market players are collaborating with local and national authorities to boost their position in the market. For instance, in October 2021 Alfanar delivered nearly 550,000 smart meters to the Saudi Electricity Company (SEC)’s smart grid deployment program. SEC completed the installation of about 10 million smart electricity meters. By providing the smart meters to SEC, Alfanar is anticipated to boost its presence across Saudi Arabia.

On the other hand, market players are developing innovative products to offer better features to customers. For instance, Kamstrup launched its new OMNIA smart electricity meter in September 2021. The new smart meter is anticipated to expand Kamstrup’s portfolio in the advanced metering market. Infinium Global Research’s recent report on the GCC smart meters market is an encompassment of such recent developments in the global marketplace. The report delivers insights into the leading players that have contributed greatly to the growth of the market and also estimates the impact of product innovations, similar to that of the aforementioned product on the global market.

Saudi Arabia Region to Generate the Largest Revenue in the Smart Meters Market

In terms of region, Saudi Arabia accounted for the largest share of the GCC smart meters market. 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 rise in the internet penetration in the country. Furthermore, the growing adoption of the smart grid and rapid urbanization with a significant rise in consumer spending power propel the revenues in the smart meters market in the Asia-Pacific region. On the other hand, UAE holds the second-largest market share for the GCC smart meters market. The major smart meters manufacturers present in the UAE region are expected to boost the market growth for the smart meters market in Europe.

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Reasons to Buy this Report:

=> Comprehensive analysis of regional markets of the GCC smart meters.

=> Complete coverage of all the product types and application segments to analyze the trends, developments, and market size forecast up to 2030.

=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company. 

 => Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.