Saudi Arabia Microgrid Market is projected to increase at a higher CAGR during 2020-2027 | Size, Share & Forecast

The Saudi Arabia Microgrid Market is expected to grow at a faster CAGR over the forecast period (2020-2027).

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The factors driving growth of the Saudi Arabia Microgrid Market includes growing demand for microgrid by Healthcare, Military and Commercial and Industrial sectors, rising focus on using renewable sources of energy, increasing consumption of electricity and improvements in the living standards. For instance, Government of Saudi Arabia during 2021 decided to invest in at least 60 green initiatives worth USD 186 billion, to enhance its renewable generation and energy efficiency programs, which is expected to accelerate the market growth in the approaching years. Moreover, energy projects such as Sakara solar power plant, Government initiatives on enhancing digital infrastructure, advancements in microgrid technology, rise in the number of infrastructure projects across Saudi Arabia and rapid industrialization, are some of the additional factors supplementing the market growth. In addition, the increasing investments by major companies on research and development, strategic partnerships and collaborations between key industry players and growing population growth rates, are further contributing towards the market growth.

However, growth of the Saudi Arabia Microgrid Market is hindered due to its high installation and maintenance costs.

The major players operating in the market are S&C Electric Company Saudi Arabia, Siemens Saudi Arabia, Eaton Saudi Arabia, Honeywell Saudi Arabia, ABB Saudi Arabia, General Electric Saudi Arabia, Schneider Electric Saudi Arabia, and Exelon Corporation, among others.

Based on Connectivity, the Off-Grid Connected segment is predicted to expand at a remarkable CAGR during the forecast period

Growing adoption of microgrids in the remote areas, and Government Initiatives promoting the use of microgrids across the Country, are some of the factors responsible for the segment's growth.

Based on Offering, the Software & Services segment is projected to capture the largest market share over the forecast period

As per the Saudi Arabia Microgrid Market Forecast, growing adoption of the Software-as-a Service across commercial sites, utilities, municipalities, and university campuses, because it allows operators to monitor distributed energy resources with integrated load and enhances weather forecasting, are pushing the segment's growth.

Market Segmentation

Segmentation by Connectivity

Grid Connected
Off-Grid Connected

Segmentation by Type

AC Microgrids
DC Microgrids
Hybrid

Segmentation by Pattern

Urban/ Metropolitan
Semiurban
Rural/Island

Segmentation by Offering

Hardware
Power Generators
Energy Storage Systems
Controllers
Software & Services

Segmentation by End Use

Commercial & Industrial
Remote
Institutes & Campuses
Government
Utilities
Military
Healthcare

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