Saudi Arabia Smart Grid Network Market Size Expands at Steady CAGR of 4.53% to Touch USD 1.9 Billion by 2030

Published | 10 April 2024

Saudi Arabia Smart Grid Network Market is flourishing due to the supportive regulatory framework and rapid adoption of developments in advanced transmission systems.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Saudi Arabia Smart Grid Network Market size at USD 1.42 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Saudi Arabia Smart Grid Network Market size to expand at a CAGR of 4.53% reaching a value of USD 1.89 billion by 2030. Growing power consumption and the increasing incorporation of cutting-edge technology, such smart meters, automatic feeder switches, and phasor measuring units, are key growth drivers for the Saudi Arabia Smart Grid Network Market. Over the forecast period, the Saudi Arabia Smart Grid Network Market is also expected to be driven by growing government investments and focus on environmental issues and efficient energy delivery.

Opportunity: Launches of smart grid network services in KSA

Based on services, the Saudi Arabia Smart Grid Network Market is segmented into consulting, deployment & integration, maintenance & support, and managed services. The deployment & integration segment holds the largest share of the Saudi Arabia Smart Grid Network Market. The smart grid network is still in its initial phase. Therefore, the government and private players are investing in replacing the traditional meters with smart meters and installation of other smart grid network technologies, such as automated feeder switches, and smart grid communication networks, including WAN and LoRaWAN.

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Saudi Arabia Smart Grid Network Market

Segmental Coverage

Saudi Arabia Smart Grid Network Market – By End User

Based on end user, the Saudi Arabia Smart Grid Network Market is segmented into residential, commercial, utilities, and others. The utilities segment dominates the Saudi Arabia Smart Grid Network Market owing to the deployment of grid technologies across the Kingdom. The Saudi government has been significantly investing in advancing the power supply infrastructure to meet the growing energy demands. In addition, rapid industrialization under economic diversification is anticipated to drive the utilities segment during the period in analysis.

Competitive Landscape

Major players operating in the Saudi Arabia Smart Grid Network Market include General Electric Company, ABB Ltd, Honeywell International Inc, Saudi Electricity Company SJSC, CG Power and Industrial Solutions Ltd, Alfanar, and Advanced Electronics Company (AEC).

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the Saudi Arabia Smart Grid Network Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Saudi Arabia Smart Grid Network Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Saudi Arabia Smart Grid Network Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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