Please Wait.....
Report
Kuwait Solar Energy Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 95 Pages I Mordor Intelligence
The Kuwaiti solar energy market is expected to register a CAGR of more than 7% during the forecast period (2022-2027). The COVID-19 pandemic disrupted the supply chain and resulted in economic turmoil, leading to scraping solar projects such as the 1.5 GW al-Dabdaba solar complex. The increasing number of solar projects and investments and declining solar PV costs are the major factors that may drive the solar market in Kuwait during the forecast period. However, the high initial investment, intermittent energy source, and requirement of large installation areas to set up large solar farms have been restraining the growth of the solar energy market.
Key Highlights
The solar PV segment is likely to grow significantly during the forecast period due to declining costs and upcoming projects.
Technological advances in the solar power market, including increased efficiency, reduced overheads, reduced size of solar PV films, use of polymers, and an increase in new materials for solar power cells, are set to boost incentives for increasing investments in solar power. This scenario is likely to provide growth opportunities in the deployment of solar energy in the future.
The lack of government policies and programs is likely to restrain the market during the forecast period.
Kuwait Solar Energy Market Trends
Solar PV Segment to Experience Significant Growth
Kuwait's average solar intake is about 9-11 hours per day, with an average daily solar insolation that can reach more than 7.0 kWh/m2/day.
The solar PV installation cost dropped significantly from USD 4,731 per kilowatt to USD 883 per kilowatt in 2020. In contrast, the installation cost of concentrated solar power dropped from USD 8,987 per kilowatt in 2010 to USD 4,725 in 2020. As they are a less complicated technology and have less upkeep, solar photovoltaics are a preferred choice of energy generation over concentrated solar power.
As of February 2022, a 30 MW solar PV plant has been planned in Al Jahra, Kuwait, named Subiya Water Storage Solar PV plant. The plant is expected to be developed in a single phase, with the construction likely to commence in 2023 and expected to enter into commercial operation in 2025.
In December 2021, a group of companies announced that they are planning to build a 5 GW solar power complex, including solar PV power plants, in the north of Kuwait, with an investment of about USD 3.5 billion. The developers are seeking state approvals to build the park as a private investment project and then sell the produced electricity to the Ministry of Electricity, Water, and Renewable Energy.
Thus, owing to such factors, the solar PV segment is expected to witness significant growth during the forecast period.
Lack of Government Policies and Programs Restraining the Market's Growth
The Kuwaiti government has set a target to generate 15% of its electricity through renewable energy sources by 2030. However, apart from this target, the government has not come up with the necessary policies and programs to stimulate the growth of the solar energy market in the country.
In 2020, Kuwait had to scrap the Al-Dabdaba solar plant, primarily due to the COVID-19 pandemic. Governments worldwide prevented the permanent closure of projects and offered subsidies and tax holidays.
In July 2019, Kuwait planned to launch the next 2-GW phase of the Shagaya wind-and-solar complex in the concurrent fiscal year. However, it was unable to do so, leading to the project's shelving.
In September 2021, the Al-Dabdaba solar plant was merged with Shagaya Clean Energy Development, and proposals were received for the former's EPC contract. As of January 2022, there is no update regarding the project.
Despite having a favorable geographic location and abundant wealth at its disposal, Kuwait is not witnessing any major surge in solar energy projects due to the absence of government policies and programs, which may restrain the market's growth during the forecast period.
Kuwait Solar Energy Market Competitor Analysis
The Kuwaiti solar energy market is partially consolidated. Some of the key players in the market include Solarity Solar Energy, JinkoSolar Holding Co. Ltd, TSK Electronica y Electricidad SA, Kuwait National Petroleum Company, and Alternative Energy Projects Co.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Solar Energy Installed Capacity and Forecast in MW, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5 MARKET SEGMENTATION - BY TYPE
5.1 Solar Photovoltaic (PV)
5.2 Concentrated Solar Power (CSP)
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Solarity
6.3.2 JinkoSolar Holding Co. Ltd
6.3.3 TSK Electronica y Electricidad SA
6.3.4 Life Energy Co.
6.3.5 Trina Solar Co. Ltd
6.3.6 Kuwait National Petroleum Company
6.3.7 Alternative Energy Projects Co. (AEPCo)
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
- Not Sure / Need Reassuring
- Confirm Content
-
Content is provided by our partners and every effort is made to make Market Report details as clear as possible. If you are not sure the exact content you require is included in this study you can Contact us to double check. To do this you can:
Use the ‘? ASK A QUESTION’ below the license / prices and to the right of this box. This will come directly to our team who will work on dealing with your request as soon as possible.
Write to directly on support@scotts-international.com with details. Please include as much information as possible including the name of report or link so our staff will be able to work on you request.
Telephone us directly on 0048 603 394 346 and an experienced member of team will be on hand to answer.
-
- Sample Pages
-
With the vast majority of our partners we can obtain Sample Pages to support your decision. This is something we can arrange without revealing your personal details.
It is important to note that we will not be able to provide you the exact data or statistics such as Market Size and Forecasts. Sample pages usually confirm the layout or the Categories included in Charts and Graphs, excluding specific data.
To ask for Sample Pages by contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Check for Alternatives
-
Whilst we try to make our online platform as easy to use as possible there is always the possibility that a better alternative has not been found in your search.
To avoid this possibility Contact us through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346 and a Senior Team Member can review your requirements and send a list of possibilities with opinions and recommendations.
-
- Confirm Content
- Prices / Formats / Delivery
- Prices
-
All prices are set by our partners and should be exactly the same as those listed on their own websites. We work on a Revenue share basis ensuring that you never pay more than what is offered elsewhere.
Should you find the price cheaper on another platform we recommend you to Contact us as we should be able to match this price. You can Contact us though through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Discounts
-
As we work in close partnership with our Partners from time to time we can secure discounts and assist with negotiations, this is part of our personalised service to you.
Discounts can sometimes be arranged for speedily placed orders; multiple report purchases or Higher License purchases.
To check if a Discount is possible please Contact our experienced team through ‘? ASK A QUESTION’, support@scotts-international.com, or by telephoning 0048 603 394 346.
-
- Available Currencies
-
Most Market Reports on our platform are listed in USD or EURO based on the wishes of our Partners. To avoid currency fluctuations and potential price differentiations we do not offer the possibility to change the currency online.
Should you wish to pay in a different currency to that advertised online we do accept payments in USD, EURO, GBP and PLN. The price will be calculated based on the relevant exchange rate taken from our National Bank.
To pay in a different above currency to that advertised online please Contact our team and a quotation will be sent within a couple of hours with payment details.
-
- Licenses
-
License options vary from Partner to Partner as is usually based on the number of Users that will benefitting from the report. It is very important that License ordered is not breached as this could have potential negative consequences for you individually or your employer.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Global Site License
-
The Global Site License is the most comprehensive license available. By selecting this license, the Market Report can be shared with other ‘Allowed Users’ and any other member of staff from the same organisation regardless of geographic location.
It is important to note that this may exclude Parent Companies or Subsidiaries.
If you have questions or need confirmation about the specific license we recommend you to Contact us and a detailed explanation will be provided.
-
- Formats
-
The most common format is PDF, however in certain circumstances data may be present in Excel format or Online, especially in the case of Database or Directories. In addition, for certain higher license options a CD may also be provided.
If you have questions or need clarification about the specific formats we recommend you to Contact us and a detailed explanation will be provided.
-
- Delivery
-
Delivery is fulfilled by our partners directly. Once an order has been placed we inform the partner by sharing the delivery email details given in the order process.
Delivery is usually made within 24 hours of an order being placed, however it may take longer should your order be placed prior to the weekend or if otherwise specified on the Market Report details page. Additionally, if details have been not fully completed in the Order process a delay in delivery is possible.
If a delay in delivery is expected you will be informed about it immediately.
-
- Shipping Charges
-
As most Market Reports are delivered in PDF format we almost never have to add additional Shipping Charges. If, however you are ordering a Higher License service or a specific delivery format (e.g. CD version) charges may apply.
If you are concerned about additional Shipping Charges we recommend you to Contact us to double check.
-
- Prices
- Ordering
- By Credit Card
-
We work in Partnership with PayU to ensure payments are made securely in a fast and effortless way. PayU is the e-payments division of Naspers.
Naspers operates in over 133 International Markets and ranks 3rd Globally in terms of the number of e-commerce customers served.
For more information on PayU please visit: https://www.payu.pl/en/about-us
-
- By Money Transfer
-
If you require an invoice prior to payment, this is possible. To ensure a speedy delivery of the Market Report we require all relevant company details and you agree to maximum payment terms of 30 days from receipt of order.
With our regular clients deliver of the Market Report can be made prior to receiving payment, however in some circumstances we may ask for payment to be received before arranging for the Market Report to be delivered.
-
- By Credit Card
- Security
- Website security
-
We have specifically partnered with leading International companies to protect your privacy by using different technologies and processes to ensure security.
Everything submitted to Scotts International is encrypted via SSL (Secure Socket Layer) and all personal information provided to Scotts International is stored on computer systems with limited access in controlled environments.
-
- Credit Card Security
-
We partner with PayU (https://www.payu.pl/en/about-us) to ensure all credit card payments are made securely in a fast and effortless way.
PayU offers 250+ various payment channels and eWallet services across 4 continents allowing buyers to pay electronically, whether on a computer or a mobile device.
-
- Website security