GCC Smart Grid Market growth to Grow with a robust CAGR of 13.55% through to 2028

Enhancing grid resilience by providing real-time monitoring and automated responses to disturbances is expected to drive the GCC Smart Grid Market growth in the forecast period, 2024-2028.

 

According to TechSci Research report, “GCC Smart Grid Market - By Country, Competition, Forecast and Opportunities, 2018-2028”, the GCC Smart Grid Market is expected to register robust during the forecast period, 2024-2028. The GCC region is endowed with ample solar energy resources owing to its geographical location, featuring vast deserts bathed in intense sunlight. Moreover, certain Gulf countries have access to wind resources along their coastlines. Acknowledging this immense potential, GCC countries are progressively embracing renewable energy sources such as solar and wind to diversify their energy portfolio and mitigate reliance on fossil fuels.

The GCC region possesses ample solar energy resources, positioning it as a prime contender for renewable energy integration. Smart grids present opportunities for seamless incorporation of solar and wind power into the grid, diminishing reliance on fossil fuels and bolstering the region's sustainability objectives. Governments in the GCC are proactively investing in renewable energy initiatives, fostering a conducive environment for smart grid solutions that expedite the adoption of clean energy.

Based on type, Solution segment has emerged as the predominant market leader. Given the commitment of the GCC region to renewable energy, there is a high demand for solutions that facilitate the integration of solar, wind, and other clean energy sources. These solutions encompass grid-interactive inverters, energy storage systems, and demand response programs, enabling utilities to effectively manage variable energy generation and ensure grid stability. The integration of renewable energy plays a crucial role in achieving sustainability goals in the GCC. Furthermore, with the growing digitization of the grid, cybersecurity and data analytics solutions have become vital. Cybersecurity solutions safeguard smart grid infrastructure against cyber threats and data breaches, while data analytics solutions leverage machine learning and artificial intelligence to extract valuable insights from the vast amount of data generated by smart grids. This enables utilities to optimize grid operations, enhance energy efficiency, and predict equipment failures. In addition, Demand Response and Energy Management solutions empower consumers to actively manage their energy consumption. These solutions include demand response programs, home energy management systems, and smartphone apps that provide real-time energy usage information. By encouraging consumers to reduce peak demand, lower energy bills, and contribute to grid stability, these solutions play a significant role in achieving a sustainable energy future. Lastly, Consulting and Services encompass a range of offerings, including system integration, implementation, and maintenance services. Consulting firms and service providers assist utilities in designing and deploying smart grid solutions, while also providing training, support, and ongoing maintenance to ensure the smooth operation of smart grid infrastructure.

 

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Based on Technology, Wireless segment is expected to grow during the forecast period. Wireless technologies facilitate the integration of renewable energy sources into the grid. Specifically, wireless communication enables utilities to monitor and control distributed energy resources (DERs) like solar panels and wind turbines. This ensures the synchronization of renewable energy generation with grid demand, optimizing the utilization of clean energy. Wireless solutions play a significant role in achieving sustainability objectives by enabling efficient utilization of renewable energy and reducing reliance on fossil fuels. Moreover, wireless communication empowers consumers to actively participate in demand response programs. Real-time energy usage information provided by smart thermostats, mobile apps, and other wireless devices allows consumers to adjust their electricity consumption based on pricing and grid conditions. These wireless demand response solutions help reduce peak demand, lower energy bills, and enhance grid stability. Security is of utmost importance in wireless communication within the smart grid. Robust encryption and authentication protocols are implemented to safeguard wireless data transmission against cyber threats and data breaches. As the GCC Smart Grid Market continues to grow, securing wireless communication networks becomes increasingly crucial to protect critical grid infrastructure. Additionally, wireless technologies enable remote monitoring and control of grid assets, which is particularly valuable in the GCC region due to vast geographical areas and challenging environmental conditions for on-site inspections. Remote monitoring and control enhance grid efficiency and resilience, minimizing downtime and operational costs.

 

Major companies operating in GCC Smart Grid Market are:

• ABB Group
• Siemens
• Schneider Electric
• GE Grid Solutions
• Honeywell
• Emerson Electric
• ABB Power Grids
• Eaton Corporation
• Schweitzer Engineering Laboratories (SEL)
• Nexans

 

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“Saudi Arabia is expected to dominate the market during the forecast period. The vast geographical expanse and variable climate conditions of Saudi Arabia present challenges to the reliability of its power grid. Smart grids offer opportunities to bolster grid resilience through automated responses to outages and disturbances, ensuring a stable and dependable electricity supply. This is of utmost importance for industrial sectors and critical infrastructure.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“GCC Smart Grid Market By Type (Solution and Service), By Technology (Wired and Wireless), By End User (Residential, Commercial and Government), By Country, By Competition Forecast & Opportunities, 2018-2028”, has evaluated the future growth potential of GCC Smart Grid Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in GCC Smart Grid Market.

 

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