Oman Power Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Oman Power Market Report is Segmented by Power Generation From Source (Natural Gas, Oil, and Renewables) and Power Transmission and Distribution (T&D). The Report Offers Market Size and Forecasts in Installed Capacity for all the Above Segments, Except Power Transmission and Distribution (T&D).

Oman Power Market Size

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Oman Power Market Summary
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Study Period 2020-2029
Base Year For Estimation 2023
Market Volume (2024) 11.69 gigawatt
Market Volume (2029) 15.83 gigawatt
CAGR (2024 - 2029) 6.26 %
Market Concentration High

Major Players

Oman Power Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Oman Power Market Analysis

The Oman Power Market size is estimated at 11.69 gigawatt in 2024, and is expected to reach 15.83 gigawatt by 2029, growing at a CAGR of 6.26% during the forecast period (2024-2029).

  • Over the short term, upcoming new renewable projects in the country, such as the expansion of transmission and distribution projects, are expected to drive the market studied during the forecast period.
  • On the other hand, market growth may face obstacles due to the lack of private participation in the country's power sector, thus restraining it.
  • Nevertheless, Oman has gained political stability in the recent past. Under the government's Vision 2040 development strategy to boost tourism, modernize agriculture, establish free industrial zones, and foster a technology and start-up ecosystem is expected to bolster the power demand to the greatest extent, creating an opportunity for the market during the forecast period.

Oman Power Market Trends

Renewable Power Generation Segment to Witness Significant Growth

  • The renewable power generation segment is expected to ace the Omani power market due to the country's considerable plans to increase renewable capacity and reduce dependency on the gas-fired system.
  • According to the International Renewable Energy Agency, in 2022, Oman's renewable energy generation capacity was around 688 MW. With an annual growth rate of 265% compared to the previous year, renewable capacity is expected to increase with the government's target towards renewable energy.
  • The Oman government announced an ambitious plan to meet 30% of power demand through renewable power generation by 2030. Over two-thirds of it is expected to be completed by solar energy and the rest by wind and waste-to-energy projects.
  • The renewable power generation segment is expected to witness significant growth in the market studied during the forecast period. The country aims to diversify its energy mix away from gas-fired power generation and increase the share of renewables in the power sector.
  • In March 2023, following permission from the Authority for Public Services Regulation (APSR), Oman Power and Water Procurement Company is expected to award solar energy projects worth USD 777 million to international investors. The Manah 1 and 2 projects, which would generate a total of 1,000MW, are intended to be built on a 15 million square meter plot of land within the Governorate of A'Dakhiliyah. It is projected that roughly 2.082 million solar panels will be put in these two stations, making this the Sultanate's largest solar panel installation.
  • .Thus, owing to the above points, the renewable power generation segment is expected to witness significant growth.
Oman Power Market: Total Renewable Energy Generation Capacity, in MW, Oman, 2015-2022

Expansion of Transmission and Distribution Projects Driving the Market

  • On account of the rising power demand in Oman due to growing infrastructure and rising population, the country plans to add more power generation capacity in the coming years. These plans require transmission system development to cope with the increased load. Oman plans for 30 transmission projects to be in service from 2021 to 2024.
  • The state-owned utility's developments in the MIS grid include installing and operating new 400kV transmission lines with the associated new 400/132kV, 400/132/33kV, and 400/33kV grid stations. Moreover, installing 220kV and 132kV transmission lines with associated new 220/132kV and 132/33kV grid stations at MIS and Dhofar system reduces power outages across the grid and offers uninterrupted power transmission and distribution systems to Oman power consumers.
  • According to Statistical Review of World Energy Data, in 2022, Oman's electricity generation accounted for 41.4 terawatt hours, with an annual growth rate of 0.9% as compared to the previous year. With the upcoming power projects, power generation is expected to increase, which, in turn, will create demand for power transmission and distribution projects.
  • The country is planning to commission the North-South Oman Interconnector Power Transmission Project, Saih Al Khairat 132/33 KV Grid Station, and New Rusail grid station 400/132 KV (Phase 1) by the end of 2023.
  • Owing to these factors, Oman's power transmission and distribution projects are expected to drive the power market during the forecast period.
Oman Power Market: Electricity Generation, in Terawatt-hours, Oman, 2016 - 2022

Oman Power Industry Overview

The Omani power market is consolidated. Some of the key players (in no particular order) include Oman Electricity Transmission Company, Muscat Electricity Distribution Company, Majan Electricity Distribution Company, Mazoon Electricity Distribution Company, and Dhofar Power Company.

Oman Power Market Leaders

  1. Muscat Electricity Distribution Company

  2. Mazoon Electricity Distribution Company-

  3. Oman Electricity Transmission Company SAOC

  4. Dhofar Power Company (DGC)

  5. Majan Electricity Distribution Company (SAOC)

*Disclaimer: Major Players sorted in no particular order

Oman Power Market Concentration
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Oman Power Market News

  • March 2023: Sembcorp Industries was awarded the contract for the construction, ownership, and operation of the Manah Solar II Independent Power Project (IPP) in Manah, Oman. Oman Power and Water Procurement Company (OPWP) awarded the contract to the company. The agreement was won through a joint venture formed by Sembcorp's subsidiary, Sembcorp Utilities, and Jinko Power Technology. The 500 MW solar installation will be operational by 2025 and is covered by a 20-year power purchase agreement (PPA) with OPWP.
  • January 2022: ACWA Power commissioned the 500 MW Ibri 2 solar independent power project in Oman in partnership with the Oman Power and Water Procurement Company (OPWP). The project generates clean energy to power 50,000 homes and displaces 340,000 tons of carbon emissions annually.

Oman Power Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Installed Capacity and Forecast, until 2028

    3. 4.3 Electricity Generation Mix, 2022

    4. 4.4 Recent Trends and Developments

    5. 4.5 Government Policies, Regulations, and Targets

    6. 4.6 Market Dynamics

      1. 4.6.1 Drivers

        1. 4.6.1.1 Upcoming New Renewable Projects in the Country

        2. 4.6.1.2 Expansions of Transmission and Distribution Network

      2. 4.6.2 Restraints

        1. 4.6.2.1 Lack of Private Participation in the Country's Power Sector

    7. 4.7 Supply Chain Analysis

    8. 4.8 PESTLE Analysis

  5. 5. MARKET SEGMENTATION

    1. 5.1 Power Generation by Source

      1. 5.1.1 Natural Gas

      2. 5.1.2 Oil

      3. 5.1.3 Renewables

    2. 5.2 Power Transmission and Distribution (T&D)

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers, Acquisitions, Collaboration, and Joint Ventures

    2. 6.2 Strategies Adopted by Key Players

    3. 6.3 Company Profiles

      1. 6.3.1 Mazoon Electricity Distribution Company

      2. 6.3.2 ACWA Power

      3. 6.3.3 Sohar Power Company SAOG

      4. 6.3.4 Oman Power & Water Procurement Company (OPWP)

      5. 6.3.5 United Power Company (SAOC)

      6. 6.3.6 Dhofar Generation Company (DGC)

      7. 6.3.7 Oman Electricity Transmission Company (SAOC)

      8. 6.3.8 Muscat Electricity Distribution Company

      9. 6.3.9 Majan Electricity Distribution Company (SAOC)

    4. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Oman Government's Vision 2040 Development Strategy

**Subject to Availability
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Oman Power Industry Segmentation

Power is the process of generating electric power from primary energy sources. For utilities in the electricity industry, electricity generation is the process of delivering (transmission, distribution, etc.) electricity to end users or storing it.

The Omani power market is segmented by power generation by source and power transmission and distribution (T&D). By power generation by source, the market is segmented into natural gas, oil, and renewables. The market size and forecasts for each segment have been based on installed capacity, except for Power Transmission and Distribution (T&D), for which only qualitative analysis will be provided.

Power Generation by Source
Natural Gas
Oil
Renewables
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Oman Power Market Research Faqs

The Oman Power Market size is expected to reach 11.69 gigawatt in 2024 and grow at a CAGR of 6.26% to reach 15.83 gigawatt by 2029.

In 2024, the Oman Power Market size is expected to reach 11.69 gigawatt.

Muscat Electricity Distribution Company, Mazoon Electricity Distribution Company-, Oman Electricity Transmission Company SAOC, Dhofar Power Company (DGC) and Majan Electricity Distribution Company (SAOC) are the major companies operating in the Oman Power Market.

In 2023, the Oman Power Market size was estimated at 10.96 gigawatt. The report covers the Oman Power Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Oman Power Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

Oman Power Industry Report

Statistics for the 2024 Electricity Generation in Oman market share, size and revenue growth rate, created by Mordor Intelligenceā„¢ Industry Reports. Electricity Generation in Oman analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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Oman Power Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)