The Saudi Arabia smart grid market size was valued at USD XX Billion in 2022 and is anticipated to reach USD XX Billion by 2031, expanding at a CAGR of 17.3% during the forecast period between 2023 and 2031. Growth of the market is attributed to rising environmental concerns and increased use of smart grid technology to enhance energy conservation and consumption efficiency.
A smart grid is an energy network that allows two-way flow of electricity and data, as well as the detection, and reaction. Smart grids are self-healing and allow power users to have an active role in the system. A smart grid is an electrical system that can track power flow from the point of generation to the point of use. It comprises communication, automation, and information technology (IT) systems. Features of smart grid include transmission of power more efficiently, after a power outage, restores power immediately, utilities save money on operations and management, resulting in low power bills for consumers, peak demand can be reduced, resulting in low electricity prices, large-scale renewable energy systems will be more integrated.
The Covid-19 pandemic affected the demand and supply of Saudi Arabia smart grid market. Lockdown across the globe, supply chain disorders, and oscillating supply of raw materials forced manufacturers to shut down production leading to unfortunate decline in market growth. Launch of vaccines to combat the Covid-19 pandemic is expected to contribute to the market growth over the forecast period.
Saudi Arabia Smart Grid Market Trends, Drivers, Restraints, and Opportunities
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Rising environmental concerns and increased use of smart grid technology to enhance energy conservation and consumption efficiency are anticipated to fuel the market during the forecast period.
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Favorable government policies and regulations for the usage of smart meters, as well as an increase in expenditures in digital electrical infrastructure are the key factors propelling the market in the coming years.
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Increase in privacy and security concerns are expected to hinder the market expansion.
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Lack of standardization act as major challenge that can restrict the market growth during the forecast period.
Scope of Saudi Arabia Smart Grid Market Report
The report on the Saudi Arabia grid market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Saudi Arabia Smart Grid Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Technology Application Area (Transmission, Demand Response, Advanced Metering Infrastructure (AMI), and Other Technology Application Areas)
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Geographical Scope
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Saudi Arabia
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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CG Power and Industrial Solutions Ltd, Honeywell International Inc, ABB Ltd, General Electric Company, and Saudi Electricity Company SJSC.
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Saudi Arabia Smart Grid Market Segment Insights
The advanced metering infrastructure segment is projected to hold a large market share
On the basis of technology application area, the Saudi Arabia smart grid market is segregated into transmission, demand response, advanced metering infrastructure (AMI), and other technology application areas. The advanced metering infrastructure segment is expected to hold a key share of the market during the forecast period. Advanced metering infrastructure (AMI) can offer the data needed to enhance energy efficiency and give other operational benefits that will help utilities manage costs and deliver better service to their customers. It gives more information to help customers manage their consumption, costs, and other service and usage decisions. AMI also ensures more dependability, accurate invoicing, and superior water delivery quality while keeping utility prices (water and energy) low. In 2019, Saudi Electricity Co was granted a project to install 10 million smart meters across Saudi Arabia as part of a large strategy to enhance electricity delivery.
According to a research published in 2018, the Middle East and North Africa region would invest USD 17.6 billion in smart grid infrastructure by 2027, propelling the smart meters industry forward.
In 2018, Saudi Arabia's power output increased significantly, and this trend is likely to continue in the future. Electricity output has raised the need for smart grid and smart meters, from 333 TWh in 2014 to 383 TWh in 2018. New power plants and grid networks have boosted the demand for smart grid and smart meters. Saudi Arabia is investing in advanced metering infrastructure to upgrade the energy system and decrease transmission and distribution losses. As a result, the AMI market is anticipated to boost during the forecast period.
Segments
The Saudi Arabia smart grid market has been segmented on the basis of
Technology Application Area
- Transmission
- Demand Response
- Advanced Metering Infrastructure (AMI)
- Other Technology Application Areas
Key Players
Competitive Landscape
Key players competing in the Saudi Arabia smart grid market include CG Power and Industrial Solutions Ltd, Honeywell International Inc, ABB Ltd, General Electric Company, and Saudi Electricity Company SJSC.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
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