Saudi Arabia Smart Grid Network Market Outlook - Market Analysis by Components, Competitive Landscape, Key Company Information - Growth, Trends and Forecasts (2020 - 2025)

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Saudi Arabia’s smart grid market is expected to reach USD XX billion by 2020 from USD XX in 2015, growing at a CAGR of XX%.

Saudi Arabia is Arab’s largest electricity market, and this market is growing rapidly. The major portion of the Kingdom’s electricity needs are met from oil and gas plants. With oil reserves rapidly depleting around the world, and in view of the emissions from fossil fuel power plants, the Saudi government is already taking steps to reduce domestic fossil fuel consumption and increase the share of renewables in power generation. Saudi Arabia has a high potential to develop solar and wind power projects. This is an area seeing increasing interest here. The integration of these erratic power sources to the grid requires smart grid technology. The government has realized the importance of smart grid technology in meeting the country’s power targets and are already conducting pilot smart grid projects. Plans to install smart meters are already in the implementation stage. Smart meters, which are an integral part of smart grids, are first being rolled out to small commercial installations.

On the Flipside, High implementation costs hinder the deployment of smart grids. There is also public concern over issues like privacy, fair availability of electricity, and a fear of misuse of the variable tariff system. The power savings and network stabilization that they provide outweigh the disadvantages of smart grids.

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