Saudi Arabia Power Market - Growth, Trends, Share and Future Outlook (2018 - 2023)
Saudi Arabia Power Market
Electricity plays a major role in the development of a region, and the electricity generation, transmission and distribution infrastructure serves as a measure of progress in the region. Energy in the form of electricity has become an indispensable part of our everyday lives. Nowadays, power generation uses a variety of sources ranging from fossil fuels like coal and oil, to renewable sources like wind and solar. The energy mix for electricity generation is dominated by fossil fuels like coal, oil and natural gas, with the three constituting almost over 65 percent of the global energy mix.
Saudi Arabia Power Market, which was estimated to be USD XX billion in 2015, will grow to USD XX billion by 2021, at a CAGR of XX percent.
The world today is facing a growing electricity need. Population growth, and rapid urbanization resulting in improved lifestyles, are increasing the global power demand. This is straining the existing power generation, transmission and distribution infrastructure. Development of a power generation, transmission, and distribution network is becoming a necessity that needs immediate attention. Saudi Arabia generates an estimated XX GW of power presently, and this is expected to grow to XX GW by 2021. Losses incurred during transmission and distribution of power is another major issue. We can see an increase in investment in technologies such as smart grid that help improve the efficiency of present day power generation, transmission, and distribution systems, in addition to improving the control over power networks. Saudi Arabia is expected to develop its power transmission and distribution network during the estimated time period in the report, in order to cope up with the growing power demand.
A shift in demand can be seen from conventional power generation sources to renewable technologies. This is helping in the growth of the renewables industry. Conventional power generation is however facing tough competition from renewables. The investment required for setting up or modernizing power generation, transmission, or distribution networks is holding back the industry’s growth opportunities. Climate change agreements like the Paris Agreement, in addition to a growing demand for clean power sources are promoting renewables. Renewables are being seen the world over as the future of the power industry, however, conventional sources will be the major source of power in the world during the study period. The transition to renewables will be a gradual and slow process.
Saudi Arabia Power Market report provides a division of the power generation sector based on the type of fuel used into - thermal, gas, nuclear and renewables, among others. Saudi Arabia power transmission and distribution networks have also been analysed. An analysis of the key companies involved in the power generation, transmission, and distribution is provided, in addition to an analysis of key upcoming and pipeline projects in each of these segments.
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