Middle East and Africa Smart Meters Market Size

Middle East and Africa Smart Meters Market Analysis

The Middle East and Africa Smart Meters Market size is expected to grow from USD 1.19 billion in 2023 to USD 1.68 billion by 2028, at a CAGR of 7.20% during the forecast period (2023-2028).

With rapid economic and population growth resulting in higher energy demand, the need for energy management is substantial in the Middle East and African region, driving market growth.

• Smart meters are becoming more popular due to the pressing need to address rising energy consumption. These meters allow two-way communication between the meter and the utility's central system. As a result, several ongoing projects rely on smart meters to improve the management and utilization of gas, water, and electricity resources. 
• The Middle East and Africa, Saudi Arabia, and the UAE are anticipated to lead the regional market, owing to the improving economies and increasing incorporation of technology. The increasing per capita electricity consumption is pushing the need for smart meters. However, the absence of clear governmental policy is dissuading investments in this sector. Furthermore, the UAE government aims to finance AED 600 billion (~USD 163 billion) by 2050 to meet the increasing energy demand and ensure the country's sustainable economic growth.
• Growing smart grid deployment and promising government initiatives and policies connected with the smart meter. The rising number of regional commercial, residential, and industrial projects, such as the Red Sea Project, Qiddiya entertainment city, Smart city, and Jean Nouvel's Sharaan resort in Al-Ul, need energy-efficient and accurate meter solutions. For instance, in July 2022, NEOM, The Smart City, was Built From Scratch in The Arabian Desert. The NEOM is a new urban project to build an all-new city based on the most recent urban innovations. Furthermore, in October 2022, Honeywell and King Abdullah Financial District (KAFD) signed a Memorandum of Understanding to aid in constructing a sustainable smart city experience at the prime business and lifestyle destination in Saudi Arabia. It will further drive market growth over the coming years.
• With the metering points constantly rising, especially in the residential sector, the government of Saudi Arabia aims to install around 12 million smart meters across the Kingdom by 2030. Furthermore, the SEC announced the launch of the Smart Metering Project Wave public tender, which concerns the deployment of over 2 million smart meters, testing equipment, telecommunications infrastructure, and head-end technique.
• Furthermore, in September 2022, The Dubai Electricity and Water Authority announced a tender to build a 900 MW solar installation about 50km south of Dubai. The project is intended to have 5 GW of solar and concentrating solar power (CSP) capacity upon completion in 2030.