July 17, 2020
As per the research report titled ‘Middle East Smart Grid Market Analysis, 2020’, available with Market Study Report LLC, Middle East smart grid market is poised to amass substantial gains and register a CAGR of 29% over 2020-2025.
Increasing electricity consumption, growing demand for grid optimization, and favorable government initiatives for smart meter deployment in countries including UAE and Saudi Arabia are driving the growth of Middle East smart grid market. Rapid developments in commercial and industrial sector for the upcoming mega events like Dubai Expo 2020, Qatar World Cup 2022 are poised to catalyze the market growth during the analysis timeframe. Additionally, increasing awareness regarding advantages of smart grid such as low power consumption and minimizing carbon footprints in tandem with rising number of smart home and smart city projects are fueling the market growth.
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Based on components, software and services combined segment accounted for 50% market share in 2019 and is poised to register similar figures in the ensuing years. Rising deployment and integration owing to growing trends of adopting smart meters across various end-users are major drivers for the growth of services segment. Parallelly, software segment grid distribution is expected to grow substantially owing to increasing development of smart grid infrastructure in countries like Saudi Arabia, and UAE.
Elaborating on application spectrum, Middle East smart grid market is segmented into generation, distribution, transmission, and consumption. By end-user spectrum, the market is fragmented into residential, industrial, and commercial.
The regional landscape of Middle East smart grid market is bifurcated into UAE, Iran, Qatar, Saudi Arabia, Turkey, Kuwait, and others. Among these, UAE and Saudi Arabia accounted for majority market share in 2019 and is predicted to expand significantly during the forecast period. Burgeoning demand for energy due to rapid expansion of industrial and commercial sectors is favoring the market scenario. Also, the governments of both countries are promoting the use of smart meters and are introducing stringent regulations pertaining to reducing energy consumption as well as carbon footprint in the industrial sector, which is slated to enhance the market growth in Saudi Arabia and UAE.
Major companies operating in Middle East smart grid market are Alstom SA, General Electric Company, Siemens AG, ABB Ltd., Itron, Schneider Electric Global, and Landis+ Gyr among others.