Saudi Arabia Smart Grid market – The upgrade of existing grid networks and growing awareness of renewable energy are key factors driving the growth of the Market in the future.
According to TechSci Research report, “Saudi Arabia Smart Grid Market – By Region, Competition Forecast & Opportunities, 2018-2028”, the Saudi Arabia Smart Grid Market is expected to register robust growth during the forecast period, 2024-2028. A smart grid is a digitally enabled power grid that collects, distributes, and processes information about the behaviour of all suppliers and consumers to improve the efficiency, reliability and sustainability of electricity supply.
Grid computer software programs help determine power efficiency and monitor producer and consumer electrical functions. Sensors that monitor and report network conditions enable switches and other controls to react instantly. Real-time information enables system operators to predict, diagnose, and mitigate problems that cause outages or severe outages.
Smart grid technology gives end users more control over their energy consumption and costs.Smart grids allow consumers to better manage their energy consumption. For example, consumers can avoid peak usage times for using or charging their device. As a result, using more renewable energy such as solar and wind will significantly reduce electricity bills.
Unlike traditional energy grids, which deal with one-way distribution from producers to consumers, smart grids use IoT technology to create a new model based on monitoring and intelligence which requires two dimensions-energy and data. Real-time data exchange by smart meters makes it possible to know when and how electricity is consumed. IoT devices and technologies, in turn, enable power grids to communicate with each other to balance supply and demand and avoid network congestion.
Power supply will be safer. Smart grids are a powerful new management tool. Thanks to embedded technologies such as smart appliances, network administrators can easily detect and identify faults such as surges, blackouts and technical energy losses and can perform maintenance, rescue and long-distance operation to ensure the proper functioning of the power system. Advanced metering infrastructure helps the energy industry improve existing services and run them efficiently.
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The Saudi Arabia Smart Grid Market is segmented into Solution and Services. On the basis of Solution, the market is divided into Advanced Metering Infrastructure, Smart Grid Distribution Management, Smart Grid Communication, Grid Asset Management, Geographic Information System, Billing and Customer Information System. During the projected period, the Advanced Metering Infrastructure segment in the Solution type is expected to dominate the market in the forecast period of 2024-2028.
Advanced Metering Infrastructure (AMI) or Smart Metering, an integrated system of intelligent meters, communication networks, and data management systems, is the cornerstone of smart grids and is expected to grow significantly. In 2019, Saudi Electricity Co. won his USD2.5 billion project to install 10 million smart meters across Saudi Arabia as part of a broader plan to improve electricity distribution.
Saudi Arabia witnessed a significant increase in electricity generation in 2018 and is expected to increase during the forecast period. From 333 TWh in 2014 to 383 TWh in 2018, the demand for smart grids and smart meters is also increasing, driven by new power plants and new grids. Saudi Arabia is investing in pre-metering infrastructure as efforts intensify to modernize the power grid and reduce transmission and distribution losses. This is expected to drive the Saudi Arabia Smart Grid Market during the forecast period.
On the basis of Services, the market is segmented into Deployment & Integration, Consulting, Support & Maintenance. During the projected period, the Deployment & Integration segment in the Services type is expected to dominate the market in the forecast period 2024-2028. This is mainly due to an increase in requirement of energy in the country and upgradation of the energy infrastructure, leading to the growth of the smart grid market.
Key market players in the Saudi Arabia Smart Grid Market are: –
- CG Power and Industrial Solutions Ltd
- General Electric Company
- ABB Ltd
- Schneider Electric SE
- Honeywell International Inc
- Saudi Electric Company
- Alfanar Electrical Systems LLC
- State Grid Corporation of China
- Advanced Electronics Company
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“Growing awareness for renewable energy, upgradation of existing grid infrastructure and adopting technology have forced Saudi Arabian government to look for smart grid infrastructure. This has also made the energy sector more affluent, giving many projects worth million and billions along with investments from other countries.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Saudi Arabia Smart Grid Market By Solution (Advanced Metering Infrastructure, Smart Grid Distribution Management, Smart Grid Communication, Grid Asset Management, Geographic Information System, Billing and Customer Information System), By Services (Deployment & Integration, Consulting, Support & Maintenance), By Region, Competition Forecast & Opportunities, 2018-2028” has evaluated the future growth potential of Saudi Arabia Smart Grid Marketand provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Saudi Arabia Smart Grid Market.
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