The UAE Smart Utility Meters market is projected to grow at a CAGR of around 4.5% during the forecast period of 2023-28, cites MarkNtel Advisors in the recent research report. The market growth is attributed to various factors, including the need for energy efficiency & concerns about high electricity bills. The government of the UAE is focusing on promoting energy efficiency & investing in smart grid enterprises. The nation has already made substantial investments in digitized power infrastructure, which has resulted in noteworthy advancements throughout various sectors, encompassing both current & forthcoming residential buildings.
The UAE is deeply committed to sustainable practices, as evidenced by its concerted efforts to decrease carbon emissions by leveraging renewable energy sources & revamping its power grid infrastructure. This ambitious plan involves introducing smart & intuitive measures for households & businesses, allowing for greater energy efficiency & cost savings for the population. Hence, the implementation of such measures would have wide-ranging positive effects, benefiting all individuals through significant reductions in harmful carbon emissions.
Additionally, the country is steadfast in its commitment to nurturing & cultivating a sustainable economy, continuously exploring novel ways to enhance societal well-being. Despite facing daily obstacles, the UAE remains resolutely optimistic about the future, eagerly embracing pioneering & innovative ideas, further states the research report, “The UAE Smart Utility Meters Market Analysis, 2023.”
Electric Meter Set to Dominate the Market Due to Precise Energy Measurement & Detection of Wastage
Based on the type, the market is bifurcated into Electric meters, Water meters, and Gas meters. Among them, Electric meters dominated the UAE Smart Utility Meters market in the historical years & are presumed to dominate in the forecast period as well, due to their precise measurement & monitoring of energy consumption. Smart meters can detect anomalies & inefficiencies in energy consumption patterns, enabling end-users to take remedial action before the problem exacerbates. The UAE government is aggressively promoting the adoption of these meters in the country. In fact, as per the Dubai Electricity and Water Authority (DEWA), around 2.1 million smart water & power meters benefit Dubai's inhabitants as of 2022.
Smart meters provide users with the convenience & flexibility to monitor & regulate their energy consumption at their discretion. Through mobile applications & web-based interfaces, users can remotely access their energy usage data & make necessary adjustments to their settings, thereby streamlining the process of energy consumption management.
Abu Dhabi & Al Ain at the Forefront of Energy Efficiency with Government Support
Geographically, Abu Dhabi & Al Ain have been the leading regions in the UAE Smart Utility Meters market owing to government initiatives to promote energy efficiency & sustainability. Abu Dhabi & Al Ain have established themselves as the preeminent region in the market within the UAE, as a substantial portion of the population dwells within these two areas, resulting in escalating energy demand. As the population grows, energy consumption is predicted to supplement, necessitating precise & dependable energy management systems.
Furthermore, the implementation of smart meters has enabled the monitoring of energy consumption patterns, energy management, and optimization of energy distribution. Therefore, the government's focus on sustainability has been instrumental in promoting the adoption of smart meters in the region.
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players including Landis+Gyr, Honeywell International, Inc., Elster, Siemens, Iskraemeco, Kamstrup, Itron, Schneider Electric, Aclara Technologies LLC, Sensus, and others are looking forward to strengthening their market position.
Key Questions Answered in the Research Report