United Arab Emirates Smart Grid Market Outlook
The United Arab Emirates smart grid market size was valued at USD XX Billion in 2022 and is likely reach to USD XX Billion by 2031, expanding at a CAGR of 2.5% during the forecast period, 2023-2031. The growth of the market is attributed to rise in concerns pertaining to environment protection.
Smart grid is an electricity network for automation, communication, and IT systems, which are mainly used to improve the connectivity of the various components of the power network.
The smart grid has six components, namely advanced metering infrastructure, demand response, electric vehicles, wide-area situational awareness, distributed energy resources and storage, and distribution grid management.
During the COVID-19 pandemic, the demand for smart systems increased to reduce the human intervention. However, the supply chain disruption due to the restriction in manufacturing facilities impeded the market growth.
On the other hand, the recovery of the market due to opening of manufacturing industries, positively stimulated the market growth.
Market Trends, Drivers, Restraints and Opportunities
- Increasing investment in grid modernization is projected to drive the market growth during the forecast period.
- Rising growth in adoption of smart grid technology to improve efficiency in energy conservation and consumption is expected to boost the market growth in the coming years.
- Growing supportive government policies to use smart meters is expected to spur the market growth during the forecast period.
- Increasing government’s regulations to reduce the energy consumption and carbon footprint in the industrial sector is anticipated to drive the market growth during the forecast period.
- Rising dependence on the electronic devices and constant requirement for electricity in households as well as commercial sector is projected to drive the market growth during the forecast period.
- Increasing investments in digital electricity infrastructure is anticipated to drive the market growth during the forecast period.
- Growing awareness among end-users about the benefits of smart grids such as low power consumptions, cost savings, and reducing carbon footprints is expected to spur the market growth during the forecast period.
- High installation cost of smart grids can restrain the growth of the market.
- Lack of standardization is estimated to restrict the market growth in the coming years.
- Rise in privacy & security concerns can restrain the growth of the market.
- Proper storage and management of complex data generated by smart grid infrastructure is the challenge of the market.
- Increasing number of electric vehicles on the road and upcoming smart cities projects in developing regions can create lucrative opportunities during the forecast period.
Scope of United Arab Emirates Smart Grid Market Report
The report on the United Arab Emirates smart 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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Smart Grid Market - United Arab Emirates 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 Areas (Transmission, Communication Technology, Advanced Metering Infrastructure (AMI), and Others)
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Country
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The UAE
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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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General Electric Company; Honeywell International Inc.; Schneider Electric SE; Dubai Electricity and Water Authority; and Korea Electric Power Corporation
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United Arab Emirates Smart Grid Market Segment Insights
Advanced metering infrastructure (AMI) segment to hold a significant market share
On the basis of technology application areas, the market is segregated into transmission, communication technology, advanced metering infrastructure (AMI), and others.
The transmission segment is anticipated to hold a key share of the market in the coming years due to flexibility of grid operators to deal with anticipated and unanticipated losses, while still meeting electricity demand.
On the other hand, the advanced metering infrastructure segment is anticipated to expand at a rapid pace during the forecast period owing to requirement for solutions to reduce traditional utility operating costs including meter reading, customer services, field services, collections, and theft management.
Segments
Technology Application Areas
- Transmission
- Communication Technology
- Advanced Metering Infrastructure (AMI)
- Others
Country
Key Players
Competitive Landscape
Key players competing in United Arab Emirates smart grid market includes General Electric Company; Honeywell International Inc.; Schneider Electric SE; Dubai Electricity and Water Authority; and Korea Electric Power Corporation.
Some of these players are engaging in business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market share.
In September 2020, Siemens Energy launched Unified Power Flow Controller and enlarged the options for grid stabilization, which helps the systems for operators stabilize the grid by energetically and controlling the load flow in alternating-current grids.
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