Power Market in Saudi Arabia 2024:

How Big is the Saudi Arabia Power Industry?

The Saudi Arabia power market is projected to exhibit a growth rate (CAGR) of 2.88% during 2024-2032. The market is undergoing rapid transformation, driven by increasing demand, diversification towards renewables, and substantial government investments.

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Growth Rate: 2.88% (2024-2032)

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Saudi Arabia Power Market Trends:

The market in Saudi Arabia is primarily driven by the increasing population and urbanization leading to higher electricity demand for residential, commercial, and industrial sectors. In line with this, the rise of industrialization, particularly in sectors such as petrochemicals and mining, is fueling market demand. Furthermore, growing focus on efficiency and sustainability driving investments in smart grids and modern energy infrastructure is impelling the market.

Additionally, the government’s commitment to reducing its reliance on oil-based power generation leading to major investments in clean energy technologies is propelling the market expansion. Besides this, foreign investments in the power sector, coupled with public-private partnerships, are also driving market growth. The rapid expansion of electric vehicle (EV) infrastructure is creating new avenues in the market. Likewise, the development of large-scale infrastructure projects, such as Neom and The Red Sea Project, is significantly increasing consumption.         

Saudi Arabia Power Market Scope & Growth Analysis:

The scope of the market is vast, driven by the country’s ambitious energy transition and economic development goals. The market scope is expected to see substantial growth in renewable energy capacity, with Saudi Arabia aiming to generate 50% of its electricity from renewable sources by 2030. The ongoing shift toward sustainable energy is supported by significant investments in solar farms, wind power, and hydrogen production.

According to market analysis, the growing adoption of smart grid technologies and advanced metering systems is enhancing the efficiency and reliability of power distribution, meeting the needs of both urban and rural areas. As industrial demand for electricity grows, especially in emerging sectors such as manufacturing and high-tech industries, the market is poised to expand. Similarly, the rapid integration of battery storage solutions and energy-efficient technologies is playing a critical role in stabilizing supply and demand. Besides this, favorable government initiatives, emphasizing the diversification of energy sources, are catalyzing the power generation capacity.

Saudi Arabia Power Market Report and Segmentation:

The Saudi Arabia Power Market is segmented based on generation source.

Generation Source Insights:

• Thermal
• Hydro
• Renewable
• Others

Regional Insights:

• Northern and Central Region
• Western Region
• Eastern Region
• Southern Region

Top Players Analysis:

The report provides a detailed analysis of the competitive environment. It covers various aspects such as market structure, positioning of key players, top strategies for success, a competitive dashboard, and a company evaluation quadrant. Furthermore, the report includes comprehensive profiles of all major companies. 

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Other Key Points Covered in the Report:

• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Strategic Recommendations
• Market Dynamics
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape
• Top Winning Strategies
• Recent Industry News
• Key Technological Trends & Development

If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research. 

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