๐๐ง๐๐๐ซ๐ฌ๐ญ๐๐ง๐๐ข๐ง๐ ๐ญ๐ก๐ ๐๐๐ฎ๐๐ข ๐๐ซ๐๐๐ข๐ ๐๐ฆ๐๐ซ๐ญ ๐๐ซ๐ข๐ ๐๐๐ญ๐ฐ๐จ๐ซ๐ค ๐๐๐ซ๐ค๐๐ญ: ๐๐ซ๐๐ง๐๐ฌ ๐๐ง๐ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ
Market Overview
The Saudi Arabian smart grid network market will generate an estimated revenue of USD 1,396.0 million in 2024, which is expected to witness a CAGR of 18.4% during 2024-2030, to reach USD 3,850.2 million by 2030.
The electricity distribution sector in many regions has been digitalised; with the help of the smart grid technology, it becomes possible to rapidly control and stabilise electricity consumption and determine regions where electricity is consumed in excessive amounts. This results in reducing energy conservation and the costs that are associated with it.
Smart meters in the smart grid network have greatly enabled consumers to recharge their smart meters using electronic methods, and to use utilities appropriately. This leads to the eradication of the printed electricity bills and overall carbon emission control as T&D efficiency reduces energy wastage.
There are existing rules and mandates initiated by Saudi Arabian authorities to ensure utility companies promote smart grids that regulates energy consumption. These rules and mandates have made people shift from automatically installed, older smart residential, industrial and commercial grids. Huge investment is being made in smart cities and integrated residential complexes in KSA where smart grids are being incorporated that is driving the market in the kingdom.
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Key Insights
๏ฌ Software category holds a 55% share in 2024, highlighting its dominance in the market.
๏ฌ Advanced Metering Infrastructure (AMI) is the largest sub-category within software, playing a pivotal role in smart grid networks.
๏ฌ AMI comprises communication networks, data management systems, and smart meters, ensuring bi-directional energy flow and integration of DERs.
๏ฌ This integration allows utility companies to optimize renewable energy transmission and measure energy usage more accurately.
๏ฌ Hardware category is experiencing significant growth, with smart meters being the fastest-growing sub-category.
๏ฌ Smart meters provide detailed power consumption insights for both consumers and utilities, enhancing energy efficiency.
๏ฌ Distribution category, with a 45% share in 2024, is the fastest-growing category, advancing at a CAGR of 18.7% during 2024โ2030.
๏ฌ Distribution systems include feeders, substations, and transformers, with smart grid integration bringing intelligence to these processes.
๏ฌ Power plants generate high voltages, and low-voltage distribution lines help reduce energy losses and deliver power more effectively to customers.
๏ฌ Wireless category is the fastest-growing communication technology, advancing at a CAGR of 18.8% during 2024โ2030.
๏ฌ Wireless technology, being advanced and cost-effective, provides safe, dependable, and low-latency bi-directional data transfer between control centers and intelligent electronic devices.
๏ฌ It offers higher bandwidth and secure data transmission, making it ideal for modern substations.
๏ฌ Al-Riyadh is the fastest-growing province, advancing at a CAGR of 18.9% during 2024โ2030, due to rapid construction of commercial and residential buildings and subsequent smart meter deployment.
๏ฌ Al-Jouf, with a large solar power plant, is the largest province in terms of smart grid network usage, utilizing the network extensively for power distribution.
๏ฌ In December 2023, ENOWA announced the implementation of a high-voltage smart grid for NEOM, marking a significant development in the region.
๏ฌ During the Saudi Arabia Smart Grid Conference (SASG 2023) in December, CHINT showcased advanced microgrid solutions tailored for large industrial parks, highlighting ongoing advancements in smart grid technology.
