Saudi Arabia Plans to Invest Around USD50 Billion in Renewable Energy by 2032

Saudi Arabia: The Kingdom of Saudi Arabia has planned to launch a renewable energy program in the next few weeks wherein an investment of around USD50 Billion, by 2032, will be announced in the sector of renewable energy. According to Al-Falih, the Minister of Energy, Industry and Mineral Recourses, the first round of bidding for projects under the program, which would produce 10GW of power, would start in the coming weeks. Al-Falih said “Saudi Arabia is in the early stages of studying its first two commercial nuclear reactors with a total of 2.8GW. There will be significant investment in nuclear energy.” The Minister also said that Saudi Arabia will be working to collaborate in renewable energy projects with Yemen, Jordan, Egypt and other African Countries.                                    

TechSci Research depicts that the rise in demand of power in Saudi Arabia and other Middle East countries will lead to growth of power and distribution market in Saudi Arabia over the next five years. With growing energy consumption and various mega infrastructure projects under construction, the government of Saudi Arabia has been increasing its focus on expanding its power generation capacity. Growing capacity additions and rising power demand are consequently boosting demand for power and distribution transformers in the country. Integration of renewable energy to the country’s existing power grid and the process of inter connecting the existing and new power transmission lines is expected to fuel growth in power and distribution transformers market in Saudi Arabia.

 According to released report of TechSci Research “Saudi Arabia Power & Distribution Transformers Market Forecast & Opportunities, 2020”, the power and distribution transformers market in the Kingdoms projected to cross US$ 720 million by 2020. On account of rapid industrialisation, surging power demand and increasing foreign investments in the Kingdom’s power sector, the demand for power as well as distribution transformers in Saudi Arabia is forecast to grow during 2015 - 2020.Few of the leading transformer companies operating in the country include ABB Electrical Industries Co. Ltd., Saudi Transformers Company Ltd., WESCOSA and Saudi Power Transformer Company Ltd.