Saudi Energy Market

The energy sector in Saudi Arabia aims to achieve its vision in 2030 for a more sustainable future meeting country’s needs and to attain the vision 2030. KSA has set an initial target of generating 9.5 Gigawatts of renewable energy and will also seek to localize a significant portion of the renewable energy value chain in the Saudi economy including R&D and manufacturing.

The current reform in Govt policies in the energy sector is providing a secure environment for the investors to conduct a smooth business are expect the energy market will grow further and will allow investors to expand their wings into the Saudi market. In the coming day’s launch of the King Salman Renewable Energy center will encourage private-public partnerships. In the Next five years, Saudi Arabia will be investing more than 90 Billion Dollars in this sector Already few major projects have already been initiated which will produce clean energy like The Faisialiah power project which will be built near Mecca and is expected to produce 2.6 GW of clean energy. Several MoU’s have been signed or in line with the vision of the kingdom of Saudi Arabia 2030 and efforts are already being made by the Ministry of Energy to diversify the energy system to reach a sustainable mix that will benefit from renewable energy sources

Challenges

The consumption of electricity is increasing at an enormous rate in GCC with growing demands for energy in both residential and commercial life, and industrial expansion is no doubt the main challenge faced in GCC today. With the rapid changes in technologies, it becomes very difficult for organizations to adapt to this trend and in the energy sector, it’s not just a change that organizations must prepare for – it’s the speed of change. Industrial IoT which is now commonplace in energy sectors understand that the use of IoT devices will transform their operations the problem that this industry faces in the aging infrastructure, most of the utilities have already begun the process of installing smart meters at business and consumer sites

Cutting-edge technological changes are the need of an hour which will help utilities facing the challenging future such as application integration, business intelligence, and data analytics which will provide better customer service for companies in this industry.

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Smart Grids, innovative distribution, and efficiency management technologies are the technological trends these days that should be adopted in Saudi Energy markets which will not only lead to better results but will also lead to sustainable growth.

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