GCC Smart Grid Market (Component - Software, Hardware, and Services; Application - Generation, Transmission, Distribution, and Consumption/end Use): Industry Analysis, Trends, Size, Share and Forecasts to 2027

A recent report published by Infinium Global Research on GCC smart grid market provides in-depth analysis of segments and sub-segments in the GCC as well as regional smart grid market. The study also highlights the impact of drivers, restraints, and macro indicators on the GCC and regional smart grid market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the GCC smart grid market. According to the report, the GCC smart grid market is projected to grow at a healthy CAGR over the forecast period of 2021-2027.

Market Insight

In the Gulf Cooperation Council (GCC) countries, there is a structural shift in electricity markets in both supply and demand industries. In order to adapt to these changes, the GCC member states need to develop new models for electricity supply and demand. The penetration of renewable energy into existing grid networks in the GCC region is an efficient way to expand the electricity mix in the region and create a path for the execution of smart grid technologies. The smart grid enables real-time monitoring, analysis, and control of the power system that further helps to improve efficiency, minimize transmission and distribution loss, and reduce energy consumption and cost.

The main economic benefits of the smart grid projects in GCC have been to provide improved security of the power supply and better economic efficiency through savings in the operating reserves installed capacity. The benefits offered by the smart grid over the conventional power supply system is the primary factor facilitating the growth of the GCC smart grids market. The GCC governments are focusing on the modernization of energy grids by adopting smart grid solutions with the increase in energy demand and aging electricity infrastructure. Additionally, GCCIA (the Gulf Cooperation Council Interconnection Authority) has commissioned the first-ever 400-kV super grid that connects the power network of the GCC countries. Smart grid helps to gain competitive advantage as well as increases productivity. The smart grid system is able to handle the electricity conflicts caused by storms, earthquakes, large solar flares, and terrorist attacks by allowing for automatic rerouting when equipment fails. However, the high installation cost of smart grids hampers the GCC smart grid market. Moreover, growing energy infrastructure and trending smart city projects are projected to create many opportunities for the GCC smart grid market in the upcoming years. 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 energy demand means that carbon dioxide emissions decreased. In GCC countries, where offices, factories, bars, restaurants, and theaters remain closed, energy consumption has fallen which is directly impacted on the GCC smart grid market.

Geographically, Saudi Arabia is expected to dominate the GCC smart grid market. The development of large entertainment cities in Riyadh and Jeddah involves the construction of new healthcare centers, hotels, commercial buildings, and other social infrastructure which fuels the GCC smart grid market in Saudi Arabia. Furthermore, the ongoing investment in grid modernization, robust renewable energy growth is the major driving factors in the UAE. Dubai Electricity and Water Authority (DEWA) invest heavily in renewable and clean energy innovations as well as it is also spearheading developments such as Shams Dubai. Shams Dubai connects solar power in homes and buildings to DEWA’s grid, Smart Applications via Smart Meters and Grids.

Segment Covered

The report on GCC smart grid market covers segments such as component, and application. On the basis of component, the sub-markets include software, hardware, and services. On the basis of application, the sub-markets include generation, transmission, distribution, and consumption/end use.

Companies Profiled:

The report provides profiles of the companies in the market such as General Electric Company, Honeywell International Inc., Schneider Electric SE, Dubai Electricity and Water Authority, Korea Electric Power Corporation, and Other Companies.

Report Highlights:

The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of GCC smart grid market. Moreover, the study highlights current market trends and provides forecast from 2021-2027. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.