Middle East Smart Grid Market to be Dominated by Software Segment During the Forecast Period
Increasing
investments in smart meters installation and renewable energy deployment are
the factors propelling the Middle East Smart Grid Market growth in the forecast
period.
According
to TechSci Research report, “Middle East Smart Grid Market - By Country,
Competition, Forecast and Opportunities, 2028”. The Middle East smart grid
market is expected to register a high CAGR in the forecast period. Adoption of
renewable energy sources are the main factor due to which people are moving
towards solar energy, and smart grids are majorly used in solar energy
generation system. Owing to which Middle East smart grid market is expected to
grow in the future. For instances, countries like Saudi Arabia are moving
towards less carbon emission program. According to Vision 2030, Saudi Arabia
aims to reduce its reliance on oil exports, diversify its energy sources, and
harness its vast potential for renewable energy. The Mutajadeda Program
promotes the growth of the private renewable energy industry with an emphasis
on distributed solar electricity generating projects, and the production of
renewable energy components.
Browse
over XX market data Figures spread through XX Pages and an in-depth TOC on "Middle East Smart Grid Market.”
The
Middle East Smart Grid Market is segmented based on components, application,
end user and country. Based on country, the market is segmented into Saudi
Arabia, UAE, Qatar, Kuwait, Bahrain, and rest of Middle East.
Based
on component, the
market is segmented into software and hardware. In the upcoming years, the
Middle East smart grid market is anticipated to be dominated by the software
segment. Software represented approximately 60 % of the market share. Software
for smart grids uses digital technologies to make it easier for energy and data
to be sent to suppliers and consumers. The power grid can be digitalized to
help decrease carbon emissions, operational and management expenses, outage
downtime, and increase security and integrations with both conventional and
renewable energy sources. The Internet of Things (IoT) SIM platform from
companies like Vodafone, is used to deploy smart meters, providing
KAHRAMAA (company)real-time data. Based on Hardware, the market is
sub-segmented by sensors, communication equipment, and others.
Based
on application, the
market is segmented into power generation and transmission networks,
distribution and advanced metering infrastructure (AMI), and other technology
application areas. The region's power generation and transmission networks have
experienced rapid expansion in recent years, and this trend is anticipated to
continue over the projection period. Due to rising investments and growing use
of renewable energy in the region's power-generating, applications for smart
grids have seen substantial growth. A significant portion of the region's power
transmission network is owned by Saudi Arabia. In 2021, Saudi Arabia installed
40 new transmission substations and around 2371.68 circular km of overhead and
subterranean lines. Additionally, the Dubai Electricity and Water Authority
(DEWA) launched the second phase of its USD 1.9 billion smart grid strategy in
April 2022, including the years 2021 to 2035. The first phase of the program,
from 2014 to 2035, has achieved its short-term objectives. Between 2015 and
2017, DEWA fully automated its transmission network connected to the 400 kV and
132 kV substations.
Based
on end user, the market
is segmented into industrial, commercial, residential, and utility. The utility
segment is expected to dominate the market with the largest market share. Since
grid technologies are increasingly being deployed regionally, the utility
industry is anticipated to experience a significant rise. Furthermore, these
technologies have been recognized by the governments of developing and rising
nations as critical investments in infrastructure will aid in meeting carbon
reduction objectives. The government is forced to develop regulatory norms for
carbon emission as a result of the expanding population, industrialization, and
growing environmental concerns caused by fossil fuel power plants.
Key market players in the Middle East smart grid market
include:
- Water Authority (DEWA)
- Abu Dhabi National Energy Company
PJSC (Taqa)
- Alfanar Group
- Qatar General Water &
Electricity Corporation (Kahramaa)
- General Electric Company
- Hitachi Energy Ltd
- Siemens AG
- Landis+Gyr Group AG
- EDMI Limited
- Honeywell International Inc.
Download Free Sample Report
Customers can also request for 10% free customization on
this report.
“To
encourage the development of the nation's renewable energy industry, Saudi
Arabia intends to grant industrial licenses to businesses that operate in the
power and renewable energy industries. Furthermore, by 2030, the government
wants to meet 50% of its energy demands using renewable energy. The Saudi
government stated that it will achieve net-zero emissions by 2060. In addition,
the government plans to spend more than USD 180 billion to accomplish its
objective. Since the smart grid market in Middle East region is gaining
traction.,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Middle
East Smart Grid Market By Component (Software and Hardware (Sensors,
Communication Equipment, and others)), By Application (Power Generation &
Transmission Networks, Distribution & Advanced Metering Infrastructure
(AMI), and Other Technology Application Areas), By End User (Industrial,
Commercial, Residential, and Utility), By Country, Competition, Forecast and
Opportunities, 2028”, has
evaluated the future growth potential of Middle East Smart Grid Market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended 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 present in the Middle East Smart Grid Market.
Contact
Mr.
Ken Mathews
708
Third Avenue,
Manhattan,
NY,
New
York – 10017
Tel:
+1-646-360-1656
Email:
[email protected]
Website:
https://www.techsciresearch.com