GCC Smart Grid Market - Future Scope Detailed Analysis to 2030

 Infinium Global Research’s recent report on the “GCC Smart Grid Market (Component (Software, Hardware, and Services), Application (Generation, Transmission, Distribution, and Consumption/End Use)): Industry Analysis, Trends, Size, Share and Forecasts up to 2030” provides a comprehensive outline of the factors responsible for the growth of the market.

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The Gulf Cooperation Council (GCC) countries are facing challenges to meet the growing electricity demand and reduce the associated hydrocarbon emissions. Smart grids reduce the stress on the grid, defer the investments for upgrades, improve the power system efficiency, and reduce emissions due to which there has been a pressing need for a shift towards smart power grids in recent times. The smart grid is a reliable and efficient digital technology that uses intellectual two-way digital communication and delivers power through the integration of renewable energy sources, smart transmission, and distribution systems.

The virus that causes coronavirus disease introduced many changes in energy consumption. While the lockdown measures imposed on millions of people in GCC countries have brought business as usual to a standstill, the associated estimated decline in global energy demand means that carbon dioxide emissions decreased. In GCC countries, where offices, factories, bars, restaurants, and theatres remain closed, energy consumption has fallen which is directly impacted on the GCC smart grid market. 

The Software Segment to Dominate the GCC Smart Grid Market

GCC smart grid market by component is segmented into software, hardware, and services. The software segment holds a significant market share in the GCC smart grid market. The software segment includes advanced metering infrastructure, smart grid distribution management, smart grid network management, grid asset management, substation automation, smart grid security, and billing & customer information system. The increase in the need to shift from conventional energy sources to sustainable and renewable energy resources drives the software segment.

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Saudi Arabia to Be the Dominant Country in GCC Smart Grid Market

Among the geographies, the GCC smart grid market is segmented into Saudi Arabia, Kuwait, UAE, Qatar, Bahrain, and Oman. Saudi Arabia accounted for the majority of the market share of the GCC smart grid market in 2020 and is anticipated to remain dominant throughout the forecast period. The government of Saudi Arabia introduced several development plans such as Saudi Vision 2030 and the National Transformation Plan 2020 including the smart grid, with the objective of accelerating growth and diversification of the national economy. Such initiatives would help the non-oil sector to grow and promote the development of commercial buildings, offices, healthcare centers, and hotels in the future. Hence, the Saudi Arabia smart grid components market is expected to grow consequentially during the forecast period.

Companies Operating in GCC Smart Grid Market are Focusing on Partnerships and Acquisitions Strategies

The key market players in the GCC smart grid market are General Electric Company, Honeywell International Inc., Schneider Electric SE, Dubai Electricity and Water Authority, and Korea Electric Power Corporation, among others. A country such as India is drawing up plans to link its electricity grid with Gulf countries to the west and Southeast Asian nations on the other side in order to export excess electricity.

Furthermore, Dubai Electricity and Water Authority (DEWA) developed its first Smart Grid strategy up to 2035, which is a key component of a smart city and the authority successfully completed the short-term goals of the Smart Grid Strategy 2014-2035. In 2021, DEWA launched its updated Smart Grid Strategy up to 2035, developing from a technology-led approach to a value-driven approach. This Smart Grid Strategy is transitioning DEWA’s 10 smart grids programmed into 6 themes, covering 19 globally leading smart grid capabilities.

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Reasons to Buy this Report:

=> Comprehensive analysis of regional markets of smart grid.

=> Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2030.

=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company. 

 => Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand, and/or diversify.