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Middle East and Africa Smart Meters Market Size (2024 - 2029)

The Middle East and Africa Smart Meters Market is experiencing significant growth driven by increasing energy demand due to rapid economic and population expansion in the region. The adoption of smart meters is rising as they facilitate two-way communication between utilities and consumers, enhancing energy management. Key markets such as Saudi Arabia and the UAE are leading this growth, supported by technological advancements and government initiatives, despite some challenges related to policy clarity. The expansion of smart grids and the development of large-scale projects further contribute to the market's expansion, as the region seeks to meet its growing energy needs sustainably.

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Market Size of Middle East and Africa Smart Meters Industry

Middle East and Africa Smart Meters Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 7.20 %
Market Concentration Medium

Major Players

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*Disclaimer: Major Players sorted in no particular order

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.

Middle East and Africa Smart Meters Industry Segmentation

A smart meter is an electronic gadget that records electric energy consumption and communicates the data to the electricity supplier for monitoring and billing. Intelligent meters generally register energy hourly or more often and report at least daily. The Middle East and Africa smart meters market is segmented by end-user (residential, commercial, industrial) and type (smart electricity meters, smart gas meters, and smart water meters in different regions).

The impact of COVID-19 on the market and impacted segments are also covered under the scope of the study. Furthermore, the disruption of the factors affecting the market's expansion in the near future has been covered in the study regarding drivers and restraints.

The market sizes and forecasts are provided in terms of value (USD) for all the above segments.

By End User
Residential
Commercial
Industrial
By Type
Smart Electricity Meters - By Region
Middle East
Africa
Smart Gas Meters - By Region
Middle East
Africa
Smart Water Meters - By Region
Middle East
Africa
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Middle East and Africa Smart Meters Market Size Summary

The Middle East and Africa smart meters market is poised for significant expansion, driven by rapid economic and population growth that has heightened energy demand. This surge in demand underscores the critical need for efficient energy management solutions, such as smart meters, which facilitate two-way communication between consumers and utility providers. The market is expected to see substantial growth, particularly in countries like Saudi Arabia and the UAE, where economic advancements and technological integration are on the rise. Despite the promising outlook, challenges such as the lack of clear governmental policies may hinder investment in the sector. However, initiatives like the UAE's substantial financial commitment to meet future energy demands and the deployment of smart meters in various projects, including NEOM and the King Abdullah Financial District, are expected to drive market growth.

The commercial sector's development, alongside infrastructure expansion, is anticipated to further propel the demand for smart meters across the region. Projects such as the Red Sea Project and Qiddiya entertainment city highlight the need for energy-efficient solutions. In South Africa, the adoption of smart water meters in schools addresses water scarcity issues, demonstrating the technology's broader applicability. Government initiatives and strategic partnerships with global companies are crucial in advancing smart meter deployment. The competitive landscape is dominated by international players, with domestic companies collaborating to enhance their technical capabilities and market presence. These developments, coupled with ambitious renewable energy goals, position the Middle East and Africa as a burgeoning market for smart meters, with significant growth potential in the coming years.

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Middle East and Africa Smart Meters Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Need For Improvement in Energy Efficiency and Smart City Investments

      2. 1.2.2 Supportive Government Initiatives and Regulations

    3. 1.3 Market Restraints

      1. 1.3.1 High Costs and Integration Difficulties with Smart Meters

      2. 1.3.2 Lack of Capital Investment for Infrastructure Installation

    4. 1.4 Value Chain Analysis

    5. 1.5 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.5.1 Threat of New Entrants

      2. 1.5.2 Bargaining Power of Buyers

      3. 1.5.3 Bargaining Power of Suppliers

      4. 1.5.4 Threat of Substitute Products

      5. 1.5.5 Intensity of Competitive Rivalry

    6. 1.6 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By End User

      1. 2.1.1 Residential

      2. 2.1.2 Commercial

      3. 2.1.3 Industrial

    2. 2.2 By Type

      1. 2.2.1 Smart Electricity Meters - By Region

        1. 2.2.1.1 Middle East

        2. 2.2.1.2 Africa

      2. 2.2.2 Smart Gas Meters - By Region

        1. 2.2.2.1 Middle East

        2. 2.2.2.2 Africa

      3. 2.2.3 Smart Water Meters - By Region

        1. 2.2.3.1 Middle East

        2. 2.2.3.2 Africa

Middle East and Africa Smart Meters Market Size FAQs

The Middle East and Africa Smart Meters Market is projected to register a CAGR of 7.20% during the forecast period (2024-2029)

Landis+Gyr Group AG, Kamstrup A/S, Itron Inc., Iskraemeco d.d. and Elektromed (Termikel Group) are the major companies operating in the Middle East and Africa Smart Meters Market.

Middle East and Africa Smart Meters Market Report Snapshots

Middle East & Africa Smart Meters Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)