SAUDI ARABIA ENERGY STORAGE MARKET

KEY FINDINGS

• The Saudi Arabian government has been actively promoting the adoption of renewable energy, including solar and wind power. Energy storage technologies play a crucial role in enabling a stable and reliable integration of intermittent renewable energy sources into the grid.

• The country has been investing in large-scale solar projects to diversify its energy mix and reduce its dependence on fossil fuels. 

• Sodium-ion batteries, still in their infancy, are beginning to scale up. An alternative to lithium-ion batteries, sodium-ion battery technology offers could alleviate battery-market pressures and potentially push down costs

• Underground pumped storage, Compressed air, superconducting magnets, and hydrogen storage are forms of emerging energy storage that are in different stages of development

• Saudi Arabia plans to issue fresh tenders to generate 15,000 MWs capacity of electricity with the renewable energy projects in 2023. The initiatives aims to increase the production of power and support the Vision 2030 of the kingdom to generate 50% of electricity from renewable energy sources

• Advancements in energy storage technologies, particularly in battery storage, have been reducing costs and increasing the overall viability of energy storage projects.

• Saudi Arabia Energy Storage Market is dominated by major players like ACWA  power, Masdar, Alfanar, Siemen's Energy, EDF, Engie, Wartsila, Cobra group and Group Elecnor. Among these, the top companies are expected to grow in the coming years.

INTRODUCTION TOSAUDI ARABIA ENERGY STORAGE MARKET

The precise balance between supply (generation) and demand underlies the operation of the electric power system (consumer use).

Keeping electricity in storage during times of comparatively high production and low demand and releasing it back into the electric power system during times of lower production or higher demand might assist balance variations in supply and demand.

Storage can occasionally be advantageous from an economic, reliable, and environmental standpoint.

Electricity energy storage has the potential to improve utility grid performance, lessen the chance of brownouts during periods of high demand, and enable the construction and use of more renewable resources, depending on how widely it is implemented.

Electricity storage may have unintended positive environmental effects. Electricity storage, for instance, can be utilized to support the grid's efforts to include additional renewable energy sources. The use of less efficient generating units that would typically only run during peak hours can be decreased and less efficient generating units can help generation facilities operate at their best.

Additionally, the extra capacity offered by electricity storage might postpone or even eliminate the need to construct new power plants or transmission and distribution infrastructure.

The kind and effectiveness of the storage technology will determine any potential drawbacks of electricity storage. For instance, batteries contain raw elements like lithium and lead, and if they are not disposed of or recycled appropriately, they can offer environmental dangers. Additionally, some electricity is lost while the data is being stored.

SAUDI ARABIA ENERGY STORAGE MARKET SIZE AND FORECAST

The Saudi Arabia Energy Storage Market accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.

RECENT TRENDS AND DEVELOPMENTS INSAUDI ARABIA ENERGY STORAGE MARKET

ACWA Power achieved an operating income before impairment loss and other expenses - a key financial performance indicator for the company, of SAR 2,193 billion, which was 12.5% higher than 2020.

Central Asia is ACWA Power's second-largest market in terms of investments, underscoring the company's long-standing commitment to the region. This endeavor seeks to unlock new value and capitalizes on emissions abatement and energy transition opportunities through the utilization of wind turbines and battery storage.

SAMI-AEC, has been appraised as CMMI Level 5 from the CMMI Institute. The CMMI Institute, as a part of ISACA, is a global organization that designates standards which helps organizations streamline process improvement and encourage productive, efficient behaviors that decrease risks and helps them consistently develop better products and services.

Masdar has acquired a 50 percent stake in a combined solar and battery project in California, further extending its presence in the US’s renewable market.  

Big Beau project consists of a 128-MW photovoltaic solar plant and a 40/160-MW battery energy storage system, according to a press release.  Alfanar Project has announced a major collaboration in the water and wastewater sector with Veolia Water Technologies, according to a statement released during the French Saudi Investment Forum.

SAUDI ARABIA ENERGY STORAGE MARKET SEGMENTATION 

Saudi Arabia Energy Storage Market  By Type

• Mechanical Storage
• Electrochemical Storage
• Thermal Storage
• Chemical & Others

Saudi Arabia Energy Storage Market By Application

• Residential
• Commercial & Industrial

COMPANY PROFILE

• ACWA
• Masdar
• SAMI Advanced Electronics
• Alfanar
• Siemens Energy
• EDF
• Elecnor
• Engie
• Cobra Group
• Wartsila

THIS REPORT WILL ANSWER THE FOLLOWING QUESTIONS

1. How much Energy Storage is manufactured per annum in Saudi Arabia? Who are the sub-component suppliers in different regions?
2. Cost breakup of a Saudi Arabia Energy Storage and key vendor selection criteria
3. Where is the Energy Storage manufactured? What is the average margin per unit?
4. Market share of Saudi Arabia Energy Storage market manufacturers and their upcoming products
5. The cost advantage for OEMs who manufacture Saudi Arabia Energy Storage in-house
6. key predictions for the next 5 years in Saudi Arabia’s Energy Storage market
7. Average B-2-B Energy Storage market price in all segments
8. Latest trends in the Energy Storage market, by every market segment
9. The market size (both volume and value) of the Energy Storage market in 2024-2030 and every year in between?
10. Production breakup of the Energy Storage market, by suppliers and their OEM relationship