UAE Smart Utility Meters Market is estimated to grow at a CAGR of over 4.3% During 2023-2028
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According to MarkNtel Advisors study, The UAE Smart Utility Meters market is projected to grow at a CAGR of around 4.5% during the forecast period, i.e., 2023-28.
The lofty upfront cost associated with the installation & maintenance of smart utility meters is the most prominent aspect to act as a barrier to the market. The requirement for specialized tools & knowledgeable labor during the installation procedure is one of the major causes of the high cost of these systems. Unlike conventional meters, these meters require a more involved installation procedure that includes the setup of networking & wiring devices as well as software & hardware parts.
Hence, this necessitates the knowledge of highly qualified staff, who frequently demand higher compensation, raising the installation’s overall cost. Large amounts of data produced by smart meters require the deployment of complex hardware & software components to analyze the patterns & trends. Therefore, customers may choose to continue using their conventional meters, which might impede market growth.
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Market Growth Driver: The rapid development of infrastructure in the UAE is a significant driver of the Smart Utility Meter market. To satisfy the rising demand for electricity & boost the effectiveness of its energy use, the UAE has made significant investments in the upgradation of its infrastructure, particularly its power grid. The implementation of intelligent metering utilities has become a crucial part of the smart grid infrastructure as these meters give customers real-time information on their energy usage, which helps lower their energy costs. Furthermore, the UAE’s progress in developing smart infrastructure has fostered a suitable atmosphere for market growth.
UAE Smart Utility Meters Market Key Players:
Landis+Gyr, Honeywell International, Inc., Elster, Siemens, Iskraemeco, Kamstrup, Itron, Schneider Electric, Aclara Technologies LLC, Sensus, Others
Market Segmentation Overview:
By Type
-Electric Meter
-Water Meter
-Gas Meter
By Technology
-Advanced Metering Infrastructure
-Automatic Meter Reading
By Communication
-Radio Frequency
-Power Line Communication
-Cellular Network
By End User
-Residential
-Commercial
-Industrial
-Government and Transportation
The Residential sector captured a significant market share in the past years & is predicted to be the most prominent sector during the forthcoming period as well. The UAE government has been aggressively encouraging the installation of smart meters in residential buildings as a part of its bigger smart city plan to raise energy efficiency, lower carbon emissions, and optimize resource. The country’s large expatriate population is another element supporting the sector’s dominance in the industry.
The country has numerous expatriates residing in flats & other multiunit structures that frequently include central air conditioning & other energy-intensive appliances supported by these meters. Henceforth, with more residential consumers choosing to install smart meters in their homes, it is anticipated that the residential sector would continue to rise as the most advantageous sector to contribute to the revenue growth of the market in the following years.
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By Region
- Dubai
- Abu Dhabi & Al Ain
- Sharjah & Northern Emirates
The UAE Smart Utility Meters Market Regional Growth
Of all the regions across the country, Abu Dhabi & Al Ain have been the leading regions in the UAE Smart Utility Meters market owing to government initiatives to promote energy efficiency. The huge populace of UAE citizens lives in Abu Dhabi & Al Ain, which has brought about a sturdy call for electricity & supported market growth.
The government’s emphasis on sustainability has been a major factor in the country’s adoption of these meters, followed by the implementation of various programs to encourage energy conservation & reduce carbon emissions in the country. In 2022, Abu Dhabi National Energy Company and Etisalat Digital partnered to drive digital transformation in the country & enhance utility metering in the Emirates of Abu Dhabi for a better customer experience, hence supporting the market’s revenue growth in the following years.
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