Saudi Arabia Microgrid Market to Register a Steady CAGR During the Forecast Period 2024-2028.
Growing
demand for renewable energy in the Kingdom is expected to drive the Saudi
Arabia Microgrid Market.
According
to TechSci Research report, “Saudi Arabia Microgrid Market - By Region, Competition, Forecast &
Opportunities, 2028F”, the growth in demand for electrification
from the construction, utilities, and healthcare industry is largely
responsible for the development of the Saudi Arabia market for microgrid. The country has a large population and a growing
economy, which is leading to an increase in the demand for electricity. The
government is also investing in infrastructure development, which is further
boosting the demand for power. Microgrids can provide a reliable and efficient
source of power, which is why they are being increasingly adopted in Saudi Arabia. Infrastructure development, particularly in
developing economies like Saudi Arabia as well as the diversification
initiatives in the Middle Eastern countries, has a positive impact on the
demand for microgrid. The IoT industry will grow faster because of the Kingdom
of Saudi Arabia's rapid 5G rollout and ongoing digital transformation, which
result in an increase in power generation and transmission use cases requiring
advanced microgrid capabilities. Other factors that would benefit the industry include
limited land availability in densely populated metropolitan areas and
government initiatives to improve power access.
Saudi
Arabia is investing heavily in renewable energy, particularly solar and wind
power. Microgrids are critical in integrating renewable energy sources into
existing power infrastructure, allowing for efficient and reliable energy
supply to both urban and remote areas. The Saudi government has enacted
regulations and policies to facilitate the deployment of microgrids. These
include grid interconnection guidelines, power purchase agreements, and
incentives for renewable energy projects, all of which contribute to a favorable
environment for microgrid development.
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Based on
connectivity, Off-Grid connectivity segment is the dominant segment in Saudi
Arabia Microgrid Market during the projection period, owing to the rising
adoption of microgrids in the remote areas of Saudi Arabia. Off-Grid
connectivity are more preferred in Saudi Arabia Microgrid due to its higher
resilience and increased reliability where the grid doesn't reach, which makes
it easier to integrate in the remote locations and can provide long term back-up
solutions to avoid critical problems over the projected term.
Based on
End User, utility segment is
the dominant segment in Saudi Arabia Microgrid Market as during the projection
period, the infrastructure category is anticipated to develop at the greatest
CAGR. In the forecast year, increased government investment on utility
infrastructure is anticipated to promote segment growth by reviving economic
growth after the crisis and pandemic.
In terms
of regional analysis, the Saudi Arabia Microgrid Market is segmented into
eastern region, northern & central region, western region, and southern
region. Riyadh, that is present in eastern region is contributing with numerous
significant activities on real estate projects which requires electrification,
including the Medical City, Mall of Saudi, and Arriyadh Development Authority
(ADA), among others. After Abu Dhabi and Dubai, Riyadh has been recognized as
the third leading metropolis in the Middle East in terms of high-rise
construction and significant ongoing infrastructure projects. For instance, the
King Abdullah bin Abdulaziz Medical City and the National Railway Network are
significant infrastructural initiatives in Riyadh.
With
increased innovation and advancement in the power and utility industry, there
will be considerable commercial opportunities for both established and emerging
market players. Technological advancements and high-end applications promote
microgrid innovation. Recent adoption of standards such as IEEE 2030 are
proliferating the adoption of microgrid in the country. Corrosion-resistant,
epoxy-coated, and earthquake-resistant applications use modern microgrid. The
industry is anticipated to grow as a result of increased government support,
rising energy demand, and expanding infrastructure. The use of microgrid is
increasing as it offers
the opportunity to deploy more zero-emission electricity sources, thereby
reducing greenhouse gas emissions. When electricity demand is high, microgrids help to maintain supply
during grid-outage and hasten the restoration of electricity supply. They also
supplement the regular power system. They also assist in providing communities
with a steadier source of green power.
Key market players in the Saudi Arabia Microgrid
Market include:
- S&C
Electric Company Saudi Arabia
- Siemens
Ltd. Saudi Arabia
- Eaton
Arabia
- Honeywell
International Inc. Saudi Arabia
- ABB Middle
East
- General
Electric Saudi Arabia
- Schneider
Electric Saudi Arabia
- Exelon
Corporation
Recent Developments
- In 2021,
Schneider Electric collaborated with Saudi Electricity Company (SEC) to develop
a microgrid system in the Farasan Island. The project aims to enhance the
island's energy infrastructure by integrating renewable energy sources, energy
storage, and advanced control systems to improve reliability and
sustainability.
- Siemens,
partnered with the Saudi Arabian National Industrial Development and Logistics
Program (NIDLP), announced plans to develop a microgrid on the King Salman
Energy Park (SPARK). The microgrid would integrate various renewable energy
sources, energy storage, and digital control systems to support the industrial
complex's energy needs and enhance sustainability.
- ABB, collaborated with the Saudi Electricity Company (SEC), and
installed a microgrid solution in the city of Dammam. The microgrid system
incorporates solar energy, battery storage, and grid stabilization technologies
to provide reliable and clean power supply to critical facilities, such as
hospitals and universities.
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“The
Saudi Arabia Microgrid market is anticipated during the projected period due to
the use of microgrid in utilities to improve power infrastructures and keep the
power flowing during an outage. The Kingdom of Saudi Arabia (KSA) has a special
position in the ongoing global efforts to increase the use of renewable and
sustainable energy resources. The supply chain may be impacted by rising prices
for final goods and raw materials as production halt and stocks are depleted.
Electrification and government initiatives will spur future growth.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Saudi Arabia Microgrid Market by
Connectivity (Grid Connectivity, Off-Grid Connectivity), By Type (AC Microgrids,
DC Microgrids, Hybrid), By Pattern (Urban, Semiurban, Rural), By Offering
(Hardware (Power Generator, Energy Storage Systems, Controllers), Software
& Service), By End User (Government, Utilities, Military, Healthcare,
Commercial & Industrial, Others), By Region, Competition, Forecast & Opportunities, 2028F”, has evaluated the future growth potential of Saudi Arabia Microgrid
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 Saudi Arabia
Microgrid Market.
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