Smart Grid is an electrical system that can measure the flow of power from the point of generation to the point of consumption. It includes communication, automation, and IT systems. Smart grids can be attained by the installation of system operations, consumer integration, renewable integration, and productive transmission & distribution system. It helps managers and technicians to measure and monitor power flows in real-time and take suitable actions to steer or retrench the load, in case of any losses.

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The key factors propelling the growth of the Saudi Arabia smart grid market is rapid modernization and rising environmental concerns. The government is inclining towards renewable energy sources to reduce carbon emission and provide more efficient energy infrastructure, which is driving the growth of the smart grid market in the country. Due to rapid industrialization, there is an increase in the need to enhance the existing grid network to meet the growing demand. The smart grid provides the technology to monitor and track power usage, which can contribute to the improvement of revenue collection from electricity as it becomes easy to address electricity theft. With these solutions to enhance power stations and overall energy infrastructure, the growth of the smart grid market is also increasing. The Saudi Arabia vision 2030 focuses on implementation of smart grids, with the contribution of US$ 100 billion by NEOM to increase the power generation capacity to 3.45 GW.

There are various initiatives that are being taken by the government to deploy renewable resources and initiate substantial investments for the improvement of grid networks. By 2030, Saudi Arabia has planned to develop 40 GW solar power capacity and 20 GW of wind power plant and other projects. South Saudi Arabian smart grid initiative was launched by the South Saudi Arabian National Energy Development Institute (SANEDI) for building and modernizing its grid network infrastructure to meet the growing energy demand. These initiatives to enhance aging grid networks play a significant role in growing demand of the Saudi Arabia smart grid market.

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Based on the component, the market is segmented into software, hardware, and service. The smart grid distribution management segment, a sub-segment of software, 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 to monitor power flow at any point. The smart grid distribution management helps to manage and optimize energy distribution in real-time. These factors are contributing to the growth of the software segment in the Saudi Arabia smart grid market.

Based on end-user, the market is segmented into residential, commercial, and industrial. The commercial segment is projected to grow at a higher CAGR during the forecast period in Saudi Arabia smart grid market. In commercial sector, electricity is used in a large amount, thus making it important to constantly monitor and track the power usage and power flow to avoid fatal accidents. The increasing demand for 100% electrification, productive power generation, and reliable power supply is surging the growth of the smart grid market in Saudi Arabia.

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Key Developments: 

• • In 2020, ABB Power Grids was acquired by Hitachi to tackle distributed and renewable energy frontiers in the power industry. This done to mainly focus on electric transportation, digital solutions, and industrial automation.
  • In 2019, Schneider Electric announced their new product EcoStruxure DERMS, which introduces its distribution energy resource management system (DERMS) for grid power management. It will help to monitor and control grid systems.
  • In 2018, General Electric announced their plans for Smart Grid Bed Test to merge smart grid technology on a scale that is never attempted before. This project focuses on decarbonizing the grid by partnering with customer for a clean energy future.

The Saudi Arabia smart grid market has been segmented on the basis of component and end-user. Based on component, the market is segmented into hardware, software, and services. The software segment is further segmented into advanced metering infrastructure, smart grid distribution management, smart grid network management, grid asset management, substation automation, smart grid security, and billing & customer information system. The hardware segment is further segmented into smart meter. The service segment is further segmented into consulting, deployment & integration, and support & maintenance.

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Key questions answered in this research report:

• • At what pace is Saudi Arabia smart grid market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Saudi Arabia 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 Saudi Arabia 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
Regional Coverage	Saudi Arabia
Companies Profiled	Profiles of Top 10 Major Companies Operating in “Saudi Arabia 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:

Saudi Arabia 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

Saudi Arabia Smart Grid Market by End-User

• • Residential
  • Commercial
  • Industrial