Growing Commercial and Industrial Sectors Driving Saudi Arabia Electric Smart Meters Market, Says TechSci Research
Burnaby, Canada, April 03, 2014 --(PR.com
)-- The installation of smart meters in Saudi Arabia was initiated by the country’s largest electricity producer and distributor, Saudi Electric Company, in 2010. The objective for implementing smart meter policy is to minimize transmission and distribution losses. Smart meters offer two way communication between consumers and suppliers, resulting in providing a clearer picture for mapping demand and supply requirements of electricity in a region.
Smart meters enable effective load management, while allowing suppliers to identify real-time energy consumption pattern of users, thereby, facilitating the power generating companies in identifying demand and supply gap. Another major benefit offered by smart meters is that they allow users in feeding the excess energy generated from renewable energy sources such as wind energy and roof top solar panels back to the grid, consequently, improving the efficiency of the overall grid system. By implementing smart meters, it is possible to record meter reading from a distance or from remote areas by using wireless technologies such as GPRS/3G, Wi-Fi, RF, etc. Usage of these wireless technologies significantly reduces the operational cost by eliminating the requirement of visiting the consumer premises for recording the meter reading.
According to a recently published report by TechSci Research, “Saudi Arabia Electric Smart Meters Market Forecast & Opportunities, 2019,” Saudi Arabia’s market for electric smart meters is projected to grow at a CAGR of around 10.12% in value terms during 2014-19. The volume sales of smart meters in Saudi Arabia are anticipated to increase by over two folds by the end of 2019. “Strong implementation plan by the Saudi Arabian government is substantially driving the market for electric smart meters in the country. In 2013, Saudi Arabia had around 6.7 million electricity subscribers, which are expected to increase over the next five years due to growing industrialization and urbanization. The installation of smart meters is expected to be completed in four phases, wherein, commercial and industrial segments are expected to be covered in the first two phases. Smart meter installation is planned in residential segment from 2015, and is expected to be completed by 2021,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Electric Smart Meters Market Forecast & Opportunities, 2019” has analyzed the potential of the electric smart meters market in Saudi Arabia and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers and key challenges faced by the industry.