Saudi Arabia Smart Grid Network Market Report and Forecast 2024-2032

Saudi Arabia Smart Grid Network Market Report and Forecast 2024-2032

Market Outlook

According to the report, the Saudi Arabia smart grid network market reached a value of USD 0.72 billion in 2023. Aided by the Kingdom's committed shift towards sustainable and efficient energy management systems, the market is projected to further grow at a CAGR of 14.7% between 2024 and 2032 to reach a value of USD 2.51 billion by 2032.

A smart grid is an electricity network that leverages digital technology to monitor and manage the transport of electricity from all generation sources to meet the varying electricity demands of end-users. The integration of smart grids in Saudi Arabia encompasses advanced metering infrastructure (AMI), distribution automation, smart grid communications, and software applications, facilitating real-time control and data management for enhanced efficiency, reliability, and sustainability of electricity services.

Saudi Arabia smart grid network market outlook is being influenced by the adoption of renewable energy solutions and enhancing energy efficiency as part of its Vision 2030 reform plan. This strategic pivot not only aims to diversify the energy mix but also to manage the growing demand for electricity in the region efficiently. The deployment of smart grid technologies is critical in integrating renewable energy sources, such as solar and wind, with the existing grid, thus ensuring a stable and reliable power supply.

According to the Saudi Arabia smart grid network market analysis, the government's initiatives towards digital transformation in the energy sector, including the deployment of smart meters and grid automation, are pivotal drivers for the smart grid network market. These efforts are complemented by substantial investments in research and development, fostering innovation in smart grid solutions tailored to the region's unique energy landscape.

The application of smart grid technologies in Saudi Arabia extends beyond conventional energy management which further boosts the Saudi Arabia smart grid network market demand. It encompasses innovative solutions for demand response, which allows for the adjustment of electricity use in response to supply conditions, thereby optimising energy consumption during peak hours. Additionally, smart grids facilitate the integration of electric vehicles (EVs) into the energy system, supporting the Kingdom's environmental goals and reducing dependency on fossil fuels.

Saudi Arabia's smart grid network development is part of a broader trend across the Middle East, where countries are increasingly focusing on sustainable energy solutions. The Kingdom's leadership in this area is expected to serve as a model for regional neighbours, encouraging similar investments and collaborations in smart grid technologies across the Gulf Cooperation Council (GCC) countries.

Market Segmentation

The market can be divided based on component, communication technology, and application.

Market Breakup by Component

• Hardware
• Software
• Services

Market Breakup by Communication Technology

• Wireline
• Wireless

Market Breakup by Application

• Generation
• Transmission
• Distribution
• Consumption

Competitive Landscape

The report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Saudi Arabia smart grid network market. Some of the major players explored in the report are as follows:

• Schneider Electric SE
• General Electric Company
• Alstom SA
• CG Power and Industrial Solutions Ltd.
• Advanced United Systems Co. Ltd
• Alfanar Group
• Others

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