The Middle East Smart Grid Market Analysis, 2020 research report depicts a deep-dive market analysis of statistics of Middle East Smart Grid Market which consists of country-wise market size, market forecast, CAGR market segmentation, market share of various applications, end users, hardware, services, software, etc.
According to MarkNtel Advisors’ research report titled “Middle East Smart Grid Market Analysis, 2020”, the market size of smart grid market in the Middle East region is forecast to grow at the CAGR of around 29% during 2020-25. The major key contributing factors for the growth of the Middle East Smart Grid market are increasing electricity consumption and growing need for optimization coupled with various initiatives by the government in countries such as Saudi Arabia, UAE, etc. for smart meter deployment. The governments of several countries in the region have designed roadmap to implement smart grid during 2020-30. Moreover, rapidly increasing growth of commercial and industrial sectors due to upcoming mega-events such as “Dubai Expo 2020”, “Qatar World Cup 2022” would be emerging as a an important factor in the need for smart grids in the region.
Furthermore, the rising awareness among end users about the benefits of smart grids such as low power consumptions, cost savings, reducing carbon footprints, and smart home and smart city projects across the region can emerge as some of the key contributing factors for the growth of Smart Grid market in the region.
Saudi Arabia and UAE to Capture Majority Market Share
In 2019, the UAE and Saudi Arabia captured the major market share and the same trend is expected in the forecast period as well. The market share of UAE and Saudi Arabia is increasing on account of the escalating need for energy demand due to the surging commercial and industrial sectors. Moreover, the government’s plan for deploying smart meters in both countries is generating a need for smart grids. Furthermore, the demand for a smart grid is majorly emanating from the commercial sector in the region. Moreover, the government’s regulations to reduce the energy consumption and carbon footprint in the industrial sector would further augment the growth of the market of smart grids in the Middle East region.
Software and Service to Account for more than 50% Market Share
In 2019, the software and service combined segments captured the major market share. It is expected that the same trend would be followed in the forecast period 2020-25. Moreover, in the software segment, grid distribution would be the leading process, due to the innovative smart grid infrastructure in the countries such as UAE and Saudi Arabia, as stated in the MarkNtel Advisors’ research report “Middle East Smart Grid Market Analysis, 2020”.
According to MarkNtel Advisors’, the Middle East Smart Grid key market players in the industry with a considerable market share are GE, ABB, Siemens, Schneider Electric, Itron, Alstom, Landis+ Gyr, etc. The companies are doing strategic alliances with the power companies and offering new services and solutions to gain a competitive edge in the industry. Moreover, new players are also entering the regional market due to which the competition is steadily increasing
Key Questions Answered in the Market Research Report
1. What are the key overall market statistics or market estimates (Market Overview, Market Size- By Value, Forecast Numbers, Market Segmentation, Market Shares) of the Middle East Smart Grid industry?
2. What are the country-wise industry size, growth drivers and challenges, and key market trends?
3. What are the key innovations, technology upgrades, opportunities, regulations, growth drivers and challenges in the Middle East Smart Grid market?
4. Who are the key competitors or market players and how they perform in the Middle East Smart Grid benchmarking matrix?
5. What are the key results derived from the market surveys conducted during the course of the Middle East Smart Grid market study?