Saudi Arabia Smart Grid market is anticipated to grow at a robust CAGR in the forecast period. A smart grid is an energy network based on digital technology that is used to deliver electricity to consumers through two-way digital communication. The system enables monitoring, analysis, management, and communication within the supply chain to improve efficiency, reduce energy consumption and costs, and maximize transparency and reliability of the energy supply chain. The smart grid was introduced to use smart grid meters to overcome the weaknesses of the traditional electricity grid.
The two-way flow of electricity and data, which is an intrinsic feature of the smart grid, enables the distribution of information and data to various actors in the electricity market, enabling them to optimize the grid. Through it, forecast potential can be analyzed to respond faster and build new capabilities (and services), as the energy landscape changes.
Market player
Major market players in the Saudi Arabia Smart Grid market are CG Power and Industrial Solutions Ltd, General Electric Company, ABB Ltd, Schneider Electric SE, Honeywell International Inc, Saudi Electric Company, Alfanar Electrical Systems LLC, State Grid Corporation of China, Advanced Electronics Company.
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