Press release
Saudi Arabia Smart Grid Market is Anticipated to Witness a Significant Annual Growth Rate during Forecast Period 2020-2027 | Size, Growth & Report
The Saudi Arabia Smart Grid Market is expected to grow at a faster CAGR over the forecast period (2020-2027).For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/saudi-arabia-smart-grid-market/
The factors driving growth of the Saudi Arabia Smart Grid Market includes rising focus on using renewable sources of energy, emerging need to upgrade the existing infrastructure, increasing popularity of smart meters, growing environmental concerns and improvements in the living standards. For instance, the Government of Saudi Arabia is planning to invest USD 100 billion on NEOM smart city for enhancing its the power generation capacity to 3.45 GW, which will accelerate the Saudi Arabia Smart Grid Market Growth in the approaching years. Moreover, growing Government expenditure on technological advancements in smart grids, rising awareness about the benefits offered by smart grids, digital electrical infrastructure, increasing demand for electric vehicles across Saudi Arabia and rapid urbanization, are some of the additional factors supplementing the Saudi Arabia Smart Grid Market size. In addition, the increasing investment s by leading players on research and development, strategic mergers and collaborations between key industry players and growing disposable incomes, are further contributing towards the market growth.
Based on Component, the Smart Grid Distribution Management segment is projected to grow at a significant CAGR during the forecast period attributed to growing demand for uninterrupted supply of electricity
Smart grid distribution systems can monitor power flow at any point, and optimize energy distribution in real-time, are propelling the segment's growth.
Based on End-User, the Commercial segment is anticipated to expand at a remarkable CAGR over the forecast period attributed to growing demand for 100% electrification
Smart grid solutions are increasingly used in the commercial sector to monitor power usage and power flow to avoid fatal accidents, along with rising per capita incomes and rapid industrialization, are some of the important factors augmenting the segment's growth.
Key Developments
In 2020, Hitachi acquired ABB Power Grids to tackle distributed and renewable energy frontiers in the power industry. This done to mainly focus on electric transportation, digital solutions, and industrial automation.
In 2019, Schneider Electric launched their new product EcoStruxure DERMS, which introduces its distribution energy resource management system (DERMS) for grid power management. It will help to monitor and control grid systems.
In 2018, General Electric planned to merge smart grid technology on a scale that is never attempted before. This project focuses on decarbonizing the grid by partnering with customer for a clean energy future.
Market Segmentation
Segmentation by Component
Software
Advanced Metering Infrastructure
Smart Grid Distribution Management
Smart Grid Network Management
Grid Asset Management
Substation Automation
Smart Grid Security
Billing and Customer Information System
Hardware
Service
Consulting
Deployment and Integration
Support and Maintenance
Segmentation by End-User
Residential
Commercial
Industrial
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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