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Oman Power Market Size (2024 - 2029)

The Oman Power Market is projected to experience growth over the forecast period, driven by the development of new renewable projects and the expansion of transmission and distribution infrastructure. Despite potential challenges due to limited private sector involvement in the power sector, the market is poised for expansion. The political stability in Oman and the government's Vision 2040 strategy, which aims to enhance tourism, modernize agriculture, and promote industrial and technological development, are expected to significantly increase power demand, thereby influencing the market size positively.

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Market Size of Oman Power Industry

Oman Power Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Market Volume (2024) 15.67 gigawatt
Market Volume (2029) 19.40 gigawatt
CAGR (2024 - 2029) 4.40 %
Market Concentration High

Major Players

Oman Power Market Major Players

*Disclaimer: Major Players sorted in no particular order

Oman Power Market Analysis

The Oman Power Market size is estimated at 15.67 gigawatt in 2024, and is expected to reach 19.40 gigawatt by 2029, growing at a CAGR of 4.40% 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, it is expected to bolster the power demand to the greatest extent, creating an opportunity for the market during the forecast period.

Oman Power Industry Segmentation

Power is the process of generating electric power from primary energy sources. Electricity generation for utilities in the electricity industry 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). The market is segmented by power generation by source 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 Size Summary

The Oman power market is poised for growth, driven by the expansion of renewable energy projects and advancements in transmission and distribution infrastructure. The country's strategic focus on diversifying its energy mix away from gas-fired power generation is expected to significantly boost the renewable power generation segment. This shift is aligned with Oman's Vision 2040 development strategy, which aims to enhance tourism, modernize agriculture, and foster a technology-driven ecosystem, thereby increasing power demand. Despite challenges such as limited private sector participation, the government's ambitious plans to meet a substantial portion of power demand through renewable sources by 2030, primarily via solar energy, are set to transform the energy landscape. The ongoing development of large-scale solar projects, such as the Manah solar installations, underscores this commitment and is anticipated to drive substantial growth in the renewable sector.

In addition to renewable energy initiatives, Oman's power market is experiencing significant developments in its transmission and distribution networks. The country is undertaking numerous projects to enhance its Main Interconnected Transmission System (MITS) grid, including the installation of new high-voltage transmission lines and grid stations. These infrastructure improvements are crucial to accommodating the rising power demand driven by population growth and infrastructure development. The planned commissioning of key transmission projects, such as the North-South Oman Interconnector, is expected to bolster the reliability and efficiency of power distribution across the country. The consolidated market, featuring key players like Oman Electricity Transmission Company and Muscat Electricity Distribution Company, is well-positioned to support these advancements, ensuring a robust and sustainable power supply for Oman's future needs.

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Oman Power Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Installed Capacity and Forecast, until 2029

    3. 1.3 Electricity Generation Mix, 2023

    4. 1.4 Recent Trends and Developments

    5. 1.5 Government Policies, Regulations, and Targets

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

        1. 1.6.1.1 Upcoming New Renewable Projects in the Country

        2. 1.6.1.2 Expansions of Transmission and Distribution Network

      2. 1.6.2 Restraints

        1. 1.6.2.1 Lack of Private Participation in the Country's Power Sector

    7. 1.7 Supply Chain Analysis

    8. 1.8 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Power Generation by Source

      1. 2.1.1 Natural Gas

      2. 2.1.2 Oil

      3. 2.1.3 Renewables

    2. 2.2 Power Transmission and Distribution (T&D)

Oman Power Market Size FAQs

The Oman Power Market size is expected to reach 15.67 gigawatt in 2024 and grow at a CAGR of 4.40% to reach 19.40 gigawatt by 2029.

In 2024, the Oman Power Market size is expected to reach 15.67 gigawatt.

Oman Power Market Report Snapshots

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