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Growth will be Spurred by the Region's Drive to Diversify the Energy Mix and Embrace Clean Energy Sources
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Globally, the electricity supply industry is undergoing a major transition with the phasing out of conventional power generation technologies, which are being replaced by renewable energies like solar energy and wind energy. In addition to utility-scale power generation, customers are now considering self-generation through distributed renewable sources and also selling excess generated electricity back to the grid. Declining technology costs, conducive resource availability, and favourable policies are encouraging distributed power generation in the GCC. To date, diesel gensets have been the preferred source of distributed power in the region, but the region's decarbonisation mandates have resulted in a growing focus on renewable distributed sources like rooftop solar PV and solar-diesel hybrid systems. Countries like the UAE, Oman, and Saudi Arabia already have in place and are further considering policies to drive the adoption of renewable energy across the residential, commercial, and industrial segments, with a focus on distributed energy generation and consumption. Increasing focus on distributed generation is creating an opportunity for technologies like behind-the-meter energy storage, smart meters, grid digitalization, and asset performance management, amongst others. A shift towards prosumerism, coupled with energy sustainability, has created opportunities for project developers, OEMs, and technology providers to innovate technology and business solutions to meet changing customer requirements.
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