2023—What to Expect?
2023 will be a year of balance for energy. Conventional energy sources (oil and gas) will maintain their prominence in the GCC and the broader Middle East. Investments in new sources of energy will increase, driven by commitments made toward emissions reduction. We expect to see an increased push by utilities, regulators and associated entities toward decentralized infrastructure improvements. This would involve storage, EV integration, and solutions that integrate solar energy for cooling/heating/lighting. Utilities will need to look at new business models, as energy consumption declines.
Top 5 Trends to Watch in 2023
- Going decentralized: From buildings to utilities, the focus will be on decentralized solutions.
- Grid digitalization and EV integration: Two of the largest investor countries in power in the GCC will see an increased investment in integrating electric vehicle infrastructure into cities.
- Hydrogen will create new value chains: New business opportunities will emerge from investments in hydrogen infrastructure.
- Gas and solar continue to co-exist: Investments will continue in building new solar capacity and sustaining gas infrastructure.
- Oil to maintain highs: Oil will stay at least 15% above 5-year averages, though headwinds are expected
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