GCC’s smart grid market to reach $1.68bn in value by 2026
The GCC could save up to $10bn in infrastructural investment in the coming year through the use of smart grids, according to the MENA Power Industry Outlook.
The report, prepared by Ventures Onsite for Middle East Electricity, the world’s largest annual power industry trade platform, says the development of smart grids is “one of the most important steps towards improving electricity diversification and conservation in the GCC.”
The report also forecasts the value of the GCC smart grid market will grow to US$ 1.68 billion by 2026 as regional governments step up their deployment of smart grid infrastructure amid heightening demand for energy storage systems.
The major shift towards smart grids and their reliance on energy storage systems will come under sharp focus at Middle East Electricity 2019, which runs at Dubai World Trade Centre (DWTC) from March 5-7.
“Widely recognised as the future of the energy sector, smart grids will be one of the most crucial issues under examination at Middle East Electricity 2019 - both on the exhibition floor and in tailored conference sessions,” said Claudia Konieczna, Exhibition Director – Informa Industrial Group. “Their adoption is an integral part of the region’s smart city ambitions; smart grids are essential in managing robust energy demand and mitigating the impact of climate change and global warming. Smart grids enable nations to meet their obligations under the Paris Accord.
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“This critical dynamic is why energy storage and management is a dedicated pillar at Middle East Electricity 2019. With growth in the GCC renewable energy market expected to also drive smart grid technology adoption, the energy storage and management segment will run in close collaboration with our dedicated Solar segment – the pair are interlinked.
“Whilst the adoption of renewables continues to rise, the ongoing challenge faced by government, utilities and even commercial projects is locking in the energy generated to provide reliable, on-demand power. A whole range of international manufacturers have signed up for the show to demonstrate the latest innovative and cost-effective technologies informing this vital segment.”