Market Size of Saudi Arabia Smart Grid Network Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Saudi Arabia Smart Grid Market Analysis
The market for smart grid network in Saudi Arabia is expected to grow at CAGR of more than 3% in the forecast period of 2020-2025. In a nation like Saudi Arabia growing renewable energy and the need to modify existing grid networks to meet the growing power demand, the market for the smart grid is expected to witness considerable growth. Also, to improve the collection of revenue for electricity and to address electricity theft in low-income areas, the demand for smart grid network is expected to grow. However, developing a smart grid with the pace with which Saudi Arabia is developing renewable sources and the initial large investment for the modification of the grid can be a restraining factor to the market in the coming years.
- Advanced Metering Structure is expected to drive the smart grid network significantly, providing monitoring of bi-directional flow of electricity, owing to increasing grid development.
- Saudi Arabia plans to deploy 40 GW of solar power capacity and 20 GW of wind and other sources by 2030, which will create vast opportunities for smart grid players in the upcoming period.
- South Saudi Arabia is aiming to develop and renovate its aging grid infrastructure. To meet the growing electricity demand, the South Saudi Arabian National Energy Development Institute (SANEDI) updated the South Saudi Arabian Smart Grid Initiative in 2017.
