Saudi Arabia Smart Grid Market – Opportunities & Forecast, 2020-2027
The market report studies the impact of COVID-19 on the market while covering many aspects of the industry such as market size, market status, emerging trends, and forecast. The report also offers a brief information of the competitors and the specific growth opportunities, along with key market drivers.
Key Drivers of Saudi Arabia Smart Grid Market:
Some of the factors surging the
growth of the Saudi
Arabia smart grid market
is rapid modernization and growing environmental concerns. The government is
inclining towards renewable energy sources to decrease carbon emission and
offer more efficient energy infrastructure, which propels the growth of the
smart grid market in the country. Due to rapid industrialization, there
is an upsurge in need to improve the existing grid network to meet the rising
demand. The smart grid offers the technology to monitor and track power usage,
which can enhance revenue collection from electricity as it becomes easy to
address electricity theft. With these solutions to improve power stations and
overall energy infrastructure, the growth of the smart grid market is also
boosting. The Saudi Arabia vision 2030 emphasizes on implementation of smart
grids, with the contribution of US$ 100 billion by NEOM to surge the power
generation capacity to 3.45 GW.
Several initiatives are being taken by the government to
deploy renewable resources and initiate substantial investments to enhance grid
networks. By 2030, Saudi Arabia has planned to grow 40 GW solar power capacity
and 20 GW of the wind power plant and other projects. The south Saudi Arabian
smart grid initiative was introduced by the South Saudi Arabian National Energy
Development Institute (SANEDI) to build and modernize its grid network
infrastructure to meet the increasing energy demand. These initiatives to
improve aging grid networks play a substantial role in the rising demand of the
Saudi Arabia smart grid market.
For
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Saudi Arabia Smart Grid Market Segmentation:
The Saudi Arabia smart grid market has been segmented into
the following categories:
Saudi Arabia Smart Grid Market by Component:
·
Software
o
Advanced Metering Infrastructure
o
Smart Grid Distribution Management
o
Smart Grid Network Management
o
Grid Asset Management
o
Substation Automation
o
Smart Grid Security
o
Billing and Customer Information System
·
Hardware
·
Service
o
Consulting
o
Deployment and Integration
o
Support and Maintenance
Saudi Arabia Smart Grid Market by End-User:
·
Residential
·
Commercial
·
Industrial
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