Saudi Arabia Smart Grid Network Market Size, Share, Growth: By Component: Hardware, Software, Services; By Communication Technology: Wireline, Wireless; By Application: Generation, Transmission, Distribution, Consumption; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032

Saudi Arabia Smart Grid Network Market Outlook

The Saudi Arabia smart grid network market size reached approximately USD 0.72 billion in 2023. The market is projected to grow at a CAGR of 14.7% between 2024 and 2032, reaching a value of around USD 2.51 billion by 2032.

Key Trends in the Market

A smart grid network is a modern electricity system utilising top-notch technologies to better manage power, including its distribution and consumption. It uses digital communication and control methods to track how electricity is produced, transmitted, and used, aiming for higher efficiency, reliability, and sustainability. Unlike the conventional grid, a smart grid incorporates various elements like sensors, meters, and advanced monitoring systems.

• One of the major Saudi Arabia smart grid network market trends is the rapid advancements in technology, such as IoT (Internet of Things), AI (artificial intelligence), and data analytics, among others. These technologies are increasingly being implemented in grid management systems for predictive maintenance, fault detection, and real-time analytics, optimising grid operations.

• Saudi Arabia has one of the largest crude oil reserves in the world. However, with the depleting oil reserves, the country is making attempts to transition towards sustainable energy sources by initiating plans such as the Saudi Green Initiative.

As smart grids enable the integration of these intermittent renewable sources into the existing grid infrastructure, ensuring stability and efficient distribution, the adoption of sustainable energy sources will favour the Saudi Arabia smart grid network market demand.

• The government has initiated plans, such as the Saudi Vision 2030, for infrastructure development across multiple sectors, including high-tech upgrades for the energy sector. The increasing focus on modernising the ageing grid infrastructure is expected to be the key force driving the Saudi Arabia smart grid network market growth. Upgrading to smart grids enhances reliability, reduces losses during transmission, and improves overall grid performance.

Market Segmentation

Based on components, the market can be segmented into hardware, software, and services. The Saudi Arabia smart grid network market segmentation, based on communication technology, includes wireline and wireless. The market, based on application, is categorised into generation, transmission, distribution, and consumption.

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Saudi Arabia smart grid network market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments, and expansion plans.

• Schneider Electric SE

• General Electric Company

• Alstom SA

• CG Power and Industrial Solutions Ltd.

• Advanced United Systems Co. Ltd

• Alfanar Group

• Others

Market Share by Communication Technology

According to the Saudi Arabia smart grid network market analysis, the rising emphasis on the development of smart cities has propelled the demand for wireless smart grid networks to enable seamless connectivity across various grid components.

Moreover, wireless systems offer greater flexibility in deployment compared to traditional wired networks. They are easily scalable and adaptable, allowing for faster installation and modifications as per evolving grid requirements without the constraints of physical wiring.

Market Share by Application

With the increasing focus on renewable energy sources and modernisation of energy infrastructure, the Saudi Arabia smart grid network market share is expected to surge in the coming years. Smart grid networks play a pivotal role in the generation of electricity. Smart grid networks facilitate the integration of energy sources, such as solar and wind power, into existing grid systems. Furthermore, these networks also facilitate demand response management, optimising generation and consumption of energy and reducing energy losses.

Competitive Landscape

Schneider Electric SE is a prominent multinational corporation specialising in energy management and automation solutions. Recognised for its diverse portfolio, the company offers innovative products and services across various sectors, catering to the evolving needs of industries and individuals alike.

General Electric Company is a US-based multinational corporation that operates across multiple sectors, including aviation, healthcare, power, and renewable energy. Operating since 1892, the company has delivered multiple innovative technological solutions and has been a pioneer in the power and renewable energy sectors. The company has a presence in more than 170 countries, with a strong reputation and deep customer relationships.

CG Power and Industrial Solutions Ltd. is a company specialising in power and industrial solutions. Recognised for its expertise in the electrical industry, the company provides a range of products and services catering to diverse sectors. With a focus on innovation and reliability, CG Power is committed to delivering solutions that meet the evolving needs of its customers and contribute to the advancement of various industries.

Other key players in the Saudi Arabia smart grid network market are Alstom SA, Advanced United Systems Co. Ltd, and Alfanar Group, among others.

Key Highlights of the Report

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.