Saudi Arabia Smart Grid Market to be dominated by Advanced Metering Infrastructure through 2028
Upgradation of existing grid networks and awareness
for renewable energy are major factors driving the Saudi Arabia Smart Grid
market in the forecast period 2024-2028.
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.
Browse over XX market data Figures spread
through XX Pages and an in-depth TOC on the "Saudi Arabia Smart Grid Market"
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 Market and 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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