Smart Grid is a technology that can track the power supply from generation to consumption point. It contains IT systems, communication systems, and automation systems. The renewable integration, system operations, consumer integration, and productive transmission & distribution system are implemented for the accomplishment of smart grids. It provides monitoring and computing of power supply, which assists managers and technicians in taking appropriate actions to control the load in real-time, if any problem occurs which may create a loss.

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The major factor surging the growth of the GCC smart grid market is growing environmental concerns regarding carbon emission. The government is preferring the use of renewable energy as the source of power generation to decrease carbon emission and develop better and productive energy infrastructure. These factors contribute to the increasing demand for smart grids. Rapid industrialization and the growing rate of population are certain other factors that are accelerating the energy demand in the GCC region. The smart grid technology helps to control and monitor the power flow, which detects any theft of electricity, hence increases the revenue collection through the usage of power. These factors have shifted the focus of the government to invest in energy infrastructure, thus increasing the growth of the smart grid market.

The FIFA world cup 2022, which is planned to be organized in Qatar and World Expo 2020, which is scheduled in Dubai, has increased the overall infrastructure development in the GCC region. Due to the rising number of events, the government’s interest has inclined towards the deployment of smart grids to enhance the power supply in the GCC region. Other prominent initiative by the government is Saudi Arabia Vision 2030, which aims to increase the power generation capacity to 3.45 GW by the implementation of smart grids, will further energize the market growth.

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Based on the component, the market is segmented into hardware, software, and services. The software segment is anticipated to witness a faster CAGR over the forecast period attributed to the growing demand for reliable, productive, and uninterrupted supply of electricity. It includes supervisory control & data acquisition (SCADA), which allows monitoring power flow at any point. The smart grid distribution management helps to manage and optimize energy distribution in real-time. These factors contribute to the growth of this segment in the GCC smart grid market.

Based on end-user, the market is segmented into residential, commercial, and industrial. The commercial segment is expected to grow at a higher CAGR over the forecast period. There is an increase in the use of electricity in commercial building, which has surged the requirement to constantly track the power flow in order to prevent these buildings from any fatal accident. The growing demand for uninterrupted power supply, reliable power flow, and efficient electricity generation are playing a significant role in propelling the growth of commercial segment in the GCC smart grid market.

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Based on the countries, the GCC smart grid market is segmented into Saudi Arabia, Oman, Kuwait, and the rest of GCC. Saudi Arabia is expected to dominate the market over the forecast period. This is due to the technological advancements that are being done by the government to promote the use of the renewable sources for power generation. The government is also investing in the enhancement of grid networks, such as the deployment of 40 GW solar power capacity and 20 GW of wind and other sources. The South Saudi Arabian National Energy Development Institute (SANEDI) updated the smart grid initiative to develop and streamline its grid network infrastructure to meet the increasing energy demand. These steps taken to renovate the old grid networks are playing a significant role in the growth of the smart grid market in Saudi Arabia.

 Key Developments: 

• • In 2020, Hitachi acquired ABB power grids to confront the boundaries against power generation from renewable sources and to control the distributed energy frontiers in the power industry.
  • In 2019, Schneider Electric launched a new product, “EcoStruxure DERMS”. The distribution energy resource management system (DERMS) helps in managing and controlling grid systems.
  • In 2018, Smart Grid Bed Test is a project initiated by General Electric to reduce carbon emission from the grids for clean energy future. It also aims to integrate smart grid technology on a capacity, which is never attempted in the past.

The GCC smart grid market has been segmented on the basis of component, end-user, and countries. Based on component, the market is segmented into hardware, software, and services. Based on end-user, the market is segmented into residential, commercial, and industrial. Based on countries, the market is segmented into Saudi Arabia, Oman, Kuwait, and the rest of GCC.

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Key questions answered in this research report:

• • At what pace is GCC smart grid market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in GCC smart grid market? What will be the impact of drivers and restraints in the future?
  • Which service generated maximum revenues in 2019 and identify the most promising service during the forecast period?
  • What are the software areas of GCC smart grid market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

 

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues Currency	USD Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Component, By End-User, By Countries
Regional Coverage	GCC
Companies Profiled	Profiles of Top 10 Major Companies Operating in “GCC Smart Grid Market”
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation:

GCC Smart Grid Market by Component

• • Software
    • Advanced Metering Infrastructure
    • Smart Grid Distribution Management
    • Smart Grid Network Management
    • Grid Asset Management
    • Substation Automation
    • Smart Grid Security
    • Billing and Customer Information System
  • Hardware
  • Service
    • Consulting
    • Deployment and Integration
    • Support and Maintenance

GCC Smart Grid Market by End-User

• • Residential
  • Commercial
  • Industrial

GCC Smart Grid Market by Countries

• • Saudi Arabia Smart Grid Market All-Up (Option 1: Free 25% Customization)
  • Oman Smart Grid Market All-Up (Option 2: Free 25% Customization)
  • Kuwait Smart Grid Market All-Up (Option 3: Free 25% Customization)
  • UAE Smart Grid Market All-Up (Option 4: Free 25% Customization)
  • Rest of GCC Smart Grid Market All-Up (Option 5: Free 25% Customization)