Smart Grid Market in GCC to Grow at CAGR 13% till 2026
Growing focus on development
of power infrastructure, increasing demand for electricity and rising
population in the GCC region to drive smart grid market through 2026
According to a recently published
TechSci Research report “GCC Smart Grid Market By
Business Type, By Country, Forecast & Opportunities, 2012-2026”, the GCC smart grid market is
projected to grow at a CAGR of 13.5% during 2017-2026. The smart grid market is
expected to gain momentum in the GCC region on account of increasing government
focus on upgrading power infrastructure. Per capita consumption of electricity
in the GCC countries is significantly higher than the global average and
development of infrastructure and growing population would result in furhter
boosting the electricity demand in the coming years. The government of Saudi
Arabia has planned to deploy 12 million smart meters in the country by 2025 in
order to enhance the power infrastructure in the country to deal with the
growing demand for electricity. Factors such as the growing electricity demand
and major events such as the FIFA World Cup 2022 to be held in Qatar are
expected to propagate the market for smart grid technologies among the GCC countries
in the coming years.
Browse 4 market data Tables and 41
Figures spread through 115 Pages and an in-depth TOC on "GCC
Smart Grid Market"
https://www.techsciresearch.com/report/gcc-smart-grid-market-by-business-type-solution-services-by-country-saudi-arabia-uae-qatar-kuwait-oman-bahrain-competition-forecast-opportunities/1005.html
In terms of countries, Saudi
Arabia led the market for smart grid technologies owing to its large population
vis-a-vis other GCC countries and huge planned infrastructure overhaul. ‘Solutions’
segment dominates the smart grid business over ‘Services’, and this trend is
expected to continue over the forecast period. Smart grid distribution market
and advanced metering infrastructure were the leading demand generators in the
smart grid solutions market, and they are expected to retain their position as
leading market drivers during the forecast period. Among services, deployment
& integration and support & maintanence were the leading segments.
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“Smart grid technologies assist
in integration of renewable energy to the grid and the GCC nations have focused
on development of solar power plants, thereby creating new avenues for smart
grid business in the region. The benefits asssociated with smart grid
technologies such as better outage management, proper asset management,
improved billing and customer information find widespread application in the
GCC countries. Growth in power generation capacity results in augmentation in
transmission and distribution network, which is a big boost for smart grid
market in the GCC nations. Surging demand for electricity and policy level
support of governments for smart grid development would propel the GCC smart
grid market in the coming years.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“GCC
Smart Grid Market By Business Type, By Country, Forecast & Opportunities,
2012-2026” has evaluated
the future growth potential of smart grid market across the GCC countries and
provides statistics and information on market structure, industry behavior and
trends. The report includes market projections and demand forecasting. The
report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment evaluation. Besides, the report also identifies and analyzes
emerging trends along with essential drivers, challenges and opportunities
available in the GCC smart grid market.
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