GCC Microgrid Market – Opportunities & Forecast, 2019-2026

Press Release : April 01, 2020
GCC Microgrid Market – Opportunities & Forecast, 2019-2026

A microgrid refers to small-scale power production and a delivery system consisting of distributed generation facilities co-located with the respective loads they serve. A microgrid can connect and disconnect from the grid, allowing it to work in both grid-connected and island mode. Microgrids encompass various types of energy generation resources, efficiency programs, and storage systems, which enables optimal utilization of renewable energy resources and facilitates advanced energy management, demand response, and solutions for load reductions. A microgrid can effectively integrate numerous sources of distributed generation, especially Renewable Energy Sources (RES) – renewable electricity and deliver a backup for grids in emergency cases. The microgrids are generally located at or near the consumption sites and are controlled through a microgrid controller to match the demand to the available supply in the safest and most optimized manner.

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The major factors driving the growth of the GCC Microgrid market during the forecast period includes the increasing requirement for uninterrupted power supply and the growing deployment of microgrids for rural electrification. The increasing demand for clean energy, and the rising instances of cyberattacks on the energy infrastructures, will drive the demand for microgrids, thereby accelerating the growth of the GCC Microgrid market over the coming years. The growing industrialization and rising population across the GCC countries will increase the demand for energy storage systems, thus propelling the growth of the market in the region. The governments have launched numerous initiatives such as UAE National Energy Strategy 2050, aiming to deliver clean, secure, affordable energy while treating the environment responsibly, and the National Renewable Energy Program (NREP) under Saudi Arabia Vision 2030 focusing towards maximizing the potential of renewable energy sources in Saudi Arabia. All these initiatives will drive the demand for microgrid in GCC countries, especially in Saudi Arabia, to store and distribute energy effectively. In addition to this, the expansion in the electrification projects across GCC countries, including the Yanbu III Power Plant in Saudi Arabia, the Hassayan power plant in Dubai, and the Al Layyah Power Plant Expansion in Sharjah, which will further complement the demand for microgrids over the coming years. On the other hand, the high installation and maintenance cost will hamper the growing demand for the GCC Microgrid market during the forecast period.

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Various notable players operating in the GCC Microgrid market include ABB, General Electric Company, Schneider Electric SE, Siemens AG, Eaton Corporation Inc, Honeywell International Inc., S&C Electric Company, Exelon Corporation, Caterpillar Inc., among others.

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The GCC Microgrid market has been segmented based on connectivity, Type, pattern Offering and vertical. Based on connectivity, the market is segmented into Grid Connected, and Remote/Island/Off-Grid. Based on type, the market is segmented into AC Microgrids, DC Microgrids, and Hybrid.

Key questions answered in this research report:

 

  • At what pace is the GCC Microgrid market growing? What will be the trend in growth in the future?
  • What are the key drivers and restraints in the GCC Microgrid market? What will be the impact of drivers and restraints in the future?
  • What are the various types of the GCC Microgrid market, and how are they poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

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