(MENAFN) A new study titled Middle East & North Africa Smart Grid: Market Forecast (2012-2022)") estimated the GCC to save USD300 million to USD1 billion each year as a result of using smart grid, Saudi Gazette reported.
The study released by Northeast Group, LLC said that smart grid is an opportunity for MENA countries to use their huge solar and renewable potential to meet growing energy demand and reducing carbon emissions and cutting down on electricity system losses.
The study estimated the smart metering market to stand at 16.1 million units by 2022, with total capital expenditure of USD3.9 billion.
The study also said that by 2022, 86 percent of homes and businesses in the GCC, where Saudi Arabia and the UAE are currently leading the way, will have smart meters.
Other Arab countries would also benefit from smart grid schemes, as they represent larger market sizes, although the development will go at slower pace, mainly because of the political risk.
The study concluded that the actual savings could be much higher, which would make oil rich Gulf focus on increasing oil exports.