Saudi Arabia Microgrid Market Size & Outlook, 2023-2030
Saudi Arabia microgrid market, 2018-2030 (US$M)
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Saudi Arabia microgrid market highlights
- The Saudi Arabia microgrid market generated a revenue of USD 2,862.2 million in 2023 and is expected to reach USD 7,731.5 million by 2030.
- The Saudi Arabia market is expected to grow at a CAGR of 15.3% from 2024 to 2030.
- In terms of segment, chp was the largest revenue generating power source in 2023.
- CHP is the most lucrative power source segment registering the fastest growth during the forecast period.
Microgrid market data book summary
| Market revenue in 2023 | USD 2,862.2 million |
| Market revenue in 2030 | USD 7,731.5 million |
| Growth rate | 15.3% (CAGR from 2023 to 2030) |
| Largest segment | Chp |
| Fastest growing segment | CHP |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | CHP, Natural Gas, Solar PV, Diesel, Fuel Cell |
| Key market players worldwide | ABB Ltd, Siemens AG, GE Aerospace, Eaton Corp PLC, Exelon Corp, Honeywell International Inc, NRG Energy Inc, Spirit AeroSystems Holdings Inc Class A, Northland Power Inc, Viridien |
Other key industry trends
- In terms of revenue, Saudi Arabia accounted for 3.7% of the global microgrid market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Middle East & Africa, Saudi Arabia microgrid market is projected to lead the regional market in terms of revenue in 2030.
- Saudi Arabia is the fastest growing regional market in Middle East & Africa and is projected to reach USD 7,731.5 million by 2030.
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Microgrid Market Scope
Microgrid Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Saudi Arabia microgrid market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to microgrid market will help companies and investors design strategic landscapes.
Chp was the largest segment with a revenue share of 34.73% in 2023. Horizon Databook has segmented the Saudi Arabia microgrid market based on chp, natural gas, solar pv, diesel, fuel cell covering the revenue growth of each sub-segment from 2018 to 2030.
Saudi Arabia is a developing country; hence, its construction sector is witnessing exponential growth on account of increasing investments in housing, renewable energy, tourism, and transportation projects. These initiatives are in line with the government’s endeavor to transform the economy over the coming years.
The growth of all these sectors is expected to increase the demand for electricity, which is expected to propel the use of microgrids in the country. The collective growth of all these sectors is positively driving the construction sector.
According to a report published by US Saudi Business Council, the construction sector gained a total of USD 6.7 billion worth of construction projects in the Q3 of 2022. The sector is expected to witness further growth on account of the consistently improving macro-economic environment on account of country’s revenue by oil sector.
Additionally, for achieving Saudi Arabia’s goals of developing industrial sectors other than oil, a number of major construction projects are currently underway, such as the construction of The Soudah Development Company, which will generate 8,000 jobs by 2030. These projects are expected to drive the power demand and ensure less power outages, fueling the growth of the microgrid market in the country.
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Target buyers of Saudi Arabia microgrid market databook
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Our clientele includes a mix of microgrid market companies, investment firms, advisory firms & academic institutions.
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30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
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Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
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The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.
Horizon Databook provides a detailed overview of country-level data and insights on the Saudi Arabia microgrid market , including forecasts for subscribers. This country databook contains high-level insights into Saudi Arabia microgrid market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Saudi Arabia microgrid market size, by power source, 2018-2030 (US$M)
Saudi Arabia Microgrid Market Outlook Share, 2023 & 2030 (US$M)
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