Saudi Arabia Power Market- Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The Saudi Arabian power generation installed capacity is expected to register a CAGR of more than 2.2% during the forecast period of 2021-2026, reaching around 110 GW by 2026, up from 96 GW in 2019. The COVID-19 pandemic caused a negative impact on the market, as several activities in power projects, including the T&D sector, were postponed for 2021 or 2022. Factors such as increasing diversification of energy sources from oil and gas to cleaner energy sources such as solar, wind, and bioenergy are expected to drive the Saudi Arabian power market during the forecast period. However, the unstable geopolitics of the region is expected to act as a restraint for the market's growth.
Key HighlightsThe Saudi Arabian power market is fragmented. Some of the major players operating in this market include ACWA Power, Saudi Electricity Company (SEC), Power and Water Utility Company (MARAFIQ), Arabian Electrical Transmission Line Construction Company (AETCON), and Nour Energy (ASTRA Group).
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