Smart grids to reach $17.6B in MENA region by 2027
A recent market study by Northeast Group projects that smart grid investments in the Middle East and North Africa (MENA) region will reach $17.6 billion from 2018 to 2027.
Some of the main factors driving increased investment in smart grid during the forecast period are efforts by MENA countries to modernise grid networks and growth of the renewable energy market in the Gulf countries, reports ESI-Africa.
According to the study, smart grid development in the region is still in its early stages, but many countries have announced smart grid roll-out plans.
Saudi Arabia, Egypt and the United Arab Emirates are expected to lead other countries in smart grid investments and adoption over the next decade.
Wealthy countries in the Gulf region are expected to invest in smart grids to improve consumer energy consumption.
The key international and Chinese companies participating in the MENA smart grid market include Itron, Honeywell, Landis+Gyr, ABB, Hexing, Holley Metering, Huawei, and ZTE.