Report Overview

Saudi Arabia Smart Grid Network Market - Industry Trends & Forecast Report, 2030

The Saudi Arabia Smart Grid Network Market size was estimated to be worth USD 1.42 billion in 2023. During the forecast period between 2024 and 2030, the Saudi Arabia Smart Grid Network Market size is projected to grow at a CAGR of 4.53%, reaching a value of USD 1.89 billion by 2030. Major growth factors for the Saudi Arabia Smart Grid Network Market include growing power demand and rising integration of advanced technologies, such as smart meters, automated feeder switches, and phasor measurement units. An increasing focus and government’s investments in efficient energy distribution and environmental concerns are also anticipated to drive the Saudi Arabia Smart Grid Network Market during the period in analysis.

Smart Grid Network – Overview

A smart grid is a digitally based electrical network that uses two-way digital communication to deliver power to customers. To increase efficiency, lower costs, and energy consumption, and increase the transparency and dependability of the energy supply chain, the smart grid system enables monitoring, analysis, control, and communication across the chain. It implies that they can continuously modify supply to meet demand, maintain their operations, and provide electricity to everything.

Saudi Arabia Smart Grid Network Market

Growth Drivers

Rising Adoption of Advanced Technologies

The smart grid network is based on the collection, monitoring, measuring, and sharing of data and therefore involves advanced technologies and systems, such as smart meters, phasor measurement units, big data, and non-intrusive load monitoring. Big data, for instance, allows smart grid networks to handle, efficiently analyze, and utilize customer information for better solutions, therefore, facilities cost saving. Saudi Arabia has been significantly investing in boosting the IT infrastructure of the Kingdom. According to an industry estimate, ICT spending in Saudi Arabia surpassed USD 34 billion in 2023. The bolstering of IT infrastructure in the Kingdom is anticipated to provide lucrative growth opportunities for the players in the Saudi Arabia Smart Grid Network Market.

Challenges

High Risk of Cyberattacks

One of the major challenges Saudi Arabia Smart Grid Network Market is the risk of cyberattacks due to its reliance on advanced technologies, such as sensors and data transmission. The most common cyberattacks on the smart grid are jamming attacks, brute force attacks, flooding attacks, and injection attacks. The smart grid network involves a hierarchy of interconnected sub-networks involving Wide Area Network (WAN), Neighborhood Area Network (NAN), and Home Area Network (HAN), and requires constant collection and remote sharing of user data, which exposes the system to the vulnerabilities of communication.

Saudi Arabia Smart Grid Network Market

Segmental Coverage

Saudi Arabia Smart Grid Network Market – By Hardware

Based on hardware, the Saudi Arabia Smart Grid Network Market is segmented into smart meters, sensors, controllers, routers, and others. The smart meters segment holds the largest share in the Saudi Arabia Smart Grid Network Market. Smart meters exchange data with the provider and the consumer in near real-time, often at half-hourly intervals. It provides several benefits over traditional meters, such as early fraud detection and incident prevention, and electricity usage regulation that eventually lowers operating costs.

Saudi Arabia Smart Grid Network Market – By Software

Based on software, the Saudi Arabia Smart Grid Network Market is segmented into advanced metering infrastructure (AMI), smart grid distribution management, IP address management, network security management, and others. The AMI segment accounts for the highest market share in the Saudi Arabia Smart Grid Network Market by software. As AMI enables the users to implement dynamic pricing of energy depending on power demand, eliminating the need for human meter readings. It helps in lowering the cost of delivering electricity and lessening the frequency of blackouts.

Saudi Arabia Smart Grid Network Market – By Technology

On the basis of technology, the Saudi Arabia Smart Grid Network Market is split into wired and wireless segments. The wireless segment accounts for a higher market share in the market by technology. Wireless technology is cost-efficient and ensures secure data transmission. It offers several other benefits over its counterpart, such as flexibility, easy installation, higher data transfer speed, and security. Wireless also offers high bandwidth, which drives its growth. Smart grid networks depend on Wi-Fi and other emerging smart grid communication networks, such as HAN, NAN, and WAN, for data transfer.

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.

Recent Developments

• In December 2023 – ENOWA, an energy utility company based in Saudi Arabia, announced the development of a blueprint for a high-voltage smart grid for NEOM.

Scope of the Report

By Hardware

• Smart Meters

• Sensors

• Controllers

• Routers

• Others

By Software

• Advanced Metering Infrastructure (AMI)

• Smart Grid Distribution Management

• IP Address Management

• Network Security Management

• Others

By Services

• Consulting

• Deployment & Integration

• Maintenance & Support

• Managed Services

By Technology

• Wired

• Wireless

By End User

• Residential

• Commercial

• Utilities

• Others

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Saudi Arabia Smart Grid Network Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Supportive Regulatory Framework
         2. Rapid Development of Advanced Transmission Systems
         3. Government Initiatives
      2. Restraints
         1. High Installation Costs
         2. Lack of Skilled Workforce
         3. Regulatory Challenges
      3. Opportunities
         1. Integration of Smart Cities
         2. Increasing Urbanization and Technological Advancements
         3. Collaboration with International Players
      4. Challenges
         1. Ensuring Proper Storage and Management of Complex Data
         2. Cybersecurity Concerns
         3. Adapting Existing Infrastructure to Accommodate Smart Grid Technologies
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Saudi Arabia Smart Grid Network Market: Marketing Strategies
5. Saudi Arabia Smart Grid Network Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
   2. Market Share & Forecast
      1. By Hardware
         1. Smart Meters
         2. Sensors
         3. Controllers
         4. Routers
         5. Others
      2. By Software
         1. Advanced Metering Infrastructure (AMI)
         2. Smart Grid Distribution Management
         3. IP Address Management
         4. Network Security Management
         5. Others
      3. By Services
         1. Consulting
         2. Deployment & Integration
         3. Maintenance & Support
         4. Managed Services
      4. By Technology
         1. Wired
         2. Wireless
      5. By End User
         1. Residential
         2. Commercial
         3. Utilities
         4. Others
6. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. Saudi Arabia Smart Grid Network Company Market Share Analysis, 2023
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
7. Impact of Escalating Geopolitical Tensions on Saudi Arabia Smart Grid Network Market
8. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
   1. General Electric Company
   2. ABB Ltd
   3. Honeywell International Inc
   4. Saudi Electricity Company SJSC
   5. CG Power and Industrial Solutions Ltd
   6. Alfanar
   7. Advanced Electronics Company (AEC)
   8. Other Prominent Players
9. Key Strategic Recommendations
10. Research Methodology
    1.    Qualitative Research
       1.  Primary & Secondary Research
    2.    Quantitative Research
    3.    Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.    Breakdown of Primary Research Respondents
    5.    Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

List of Figures

Figure 1       Saudi Arabia Smart Grid Network Segmentation

Figure 2       Saudi Arabia Smart Grid Network Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       Saudi Arabia Smart Grid Network Market Size, By Value (USD Billion), 2019–2030

Figure 5       Saudi Arabia Smart Grid Network Market Share, By Hardware, By Value (USD Billion), 2019–2030

Figure 6       Saudi Arabia Smart Grid Network Market Share, By Software, By Value (USD Billion), 2019–2030

Figure 7       Saudi Arabia Smart Grid Network Market Share, By Services, By Value (USD Billion), 2019–2030

Figure 8       Saudi Arabia Smart Grid Network Market Share, By Technology, By Value (USD Billion), 2019–2030

Figure 9       Saudi Arabia Smart Grid Network Market Share, By End User, By Value (USD Billion), 2019–2030

List of Tables

Table 1        Saudi Arabia Smart Grid Network Market Size, By Value (USD Billion), 2019–2030

Table 2        Saudi Arabia Smart Grid Network Market Share, By Hardware, By Value (USD Billion), 2019–2030

Table 3        Saudi Arabia Smart Grid Network Market Share, By Software, By Value (USD Billion), 2019–2030

Table 4        Saudi Arabia Smart Grid Network Market Share, By Services, By Value (USD Billion), 2019–2030

Table 5        Saudi Arabia Smart Grid Network Market Share, By Technology, By Value (USD Billion), 2019–2030

Table 6        Saudi Arabia Smart Grid Network Market Share, By End User, By Value (USD Billion), 2019–2030

Table 7        General Electric Company: Company Overview

Table 8        General Electric Company Financial Overview

Table 9        ABB Ltd Company Overview

Table 10      ABB Ltd Financial Overview

Table 11      Honeywell International Inc Company Overview

Table 12      Honeywell International Inc Financial Overview

Table 13      Saudi Electricity Company SJSC Company Overview

Table 14      Saudi Electricity Company SJSC Financial Overview

Table 15      CG Power and Industrial Solutions Ltd Company Overview

Table 16      CG Power and Industrial Solutions Ltd Financial Overview

Table 17      alfanar Company Overview

Table 18      alfanar Financial Overview

Table 19      Advanced Electronics Company (AEC) Company Overview

Table 20      Advanced Electronics Company (AEC) Financial Overview