Saudi Arabia Solar Photovoltaic (PV) Market Report and Forecast 2024-2032
Market Report I 2024-02-14 I 139 Pages I EMR Inc.
Saudi Arabia Solar Photovoltaic (PV) Market Report and Forecast 2024-2032
Market Outlook
According to the report by Expert Market Research (EMR), the Saudi Arabia solar photovoltaic (PV) market reached a size of approximately 1.90 GW in 2023. Aided by the nation's ambitious renewable energy goals and the global shift towards sustainable energy sources, the market is projected to further grow at a CAGR of 11.5% between 2024 and 2032 to reach a size of 5.26 GW by 2032.
Saudi Arabia, a country traditionally known for its vast oil reserves, is making significant strides in diversifying its energy portfolio by integrating renewable energy sources, with a strong emphasis on solar power. The geographical advantage of high solar insolation levels positions Saudi Arabia as a prime location for solar PV projects, driving the Saudi Arabia solar photovoltaic (PV) market demand. The government's Vision 2030 initiative, which includes ambitious renewable energy targets, further catalyses this growth.
Solar Photovoltaic (PV) technology, which converts sunlight into electricity, is at the forefront of this transformation. The technology's scalability, from small rooftop systems to large solar parks, allows for its widespread application across residential, commercial, and industrial sectors. The declining costs of solar PV components, coupled with technological advancements, have made solar energy more accessible and economically viable, contributing to the Saudi Arabia solar photovoltaic (PV) market growth.
The Saudi government's proactive measures, including the launch of the National Renewable Energy Program (NREP), aim to increase the share of renewable energy in the total energy mix. This initiative seeks to generate 27.3 gigawatts (GW) of renewable energy by 2024, with solar PV expected to constitute a significant portion of this capacity. Such policy support and investment in renewable infrastructure underscore the commitment to achieving these targets, bolstering the Saudi Arabia solar photovoltaic (PV) market growth.
Furthermore, the growing environmental awareness and the global push towards reducing carbon emissions have influenced Saudi Arabia's energy strategy. Solar PV, with its minimal environmental footprint, aligns with these sustainability goals, attracting investments from both public and private sectors. International collaborations and partnerships in solar projects underscore the country's openness to adopting best practices and technologies to optimise its renewable energy potential.
The Saudi Arabia sSolar pPhotovoltaic (PV) market is also witnessing a surge in demand for off-grid solutions, particularly in remote areas where traditional electricity infrastructure is absent or inadequate. This demand opens new avenues for market growth, extending the benefits of renewable energy to all corners of the kingdom.
Market Segmentation
The market can be divided based on technology, deployment, connectivity, end use, and region.
Market Breakup by Technology
- Thin film
- Multi-Si
- Mono-Si
- Others
Market Breakup by Deployment
- Ground-mounted
- Rooftop Solar
Market Breakup by Connectivity
- On-grid
- Off-grid
Market Breakup by End Use
- Residential
- Commercial
- Utility
Market Breakup by Region
- Makkah
- Riyadh
- Madinah
- Qassim
- Eastern Province
- Others
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the Saudi Arabia solar photovoltaic (PV) market. Some of the major players explored in the report by Expert Market Research are as follows:
- LONGi Green Energy Technology Co., Ltd.
- CHINT Group
- GTek Solar
- Jinko Solar Co., Ltd
- Clean Technologies Co
- Bin Omairah Holding
- Power Lines Contracting Co.
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Middle East and Africa Solar Photovoltaic (PV) Market Overview
8.1 Key Industry Highlights
8.2 Middle East and Africa Solar Photovoltaic (PV) Historical Market (2018-2023)
8.3 Middle East and Africa Solar Photovoltaic (PV) Market Forecast (2024-2032)
9 Saudi Arabia Solar Photovoltaic (PV) Market Overview
9.1 Key Industry Highlights
9.2 Saudi Arabia Solar Photovoltaic (PV) Historical Market (2018-2023)
9.3 Saudi Arabia Solar Photovoltaic (PV) Market Forecast (2024-2032)
10 Saudi Arabia Solar Photovoltaic (PV) Market by Technology
10.1 Thin film
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Multi-Si
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Mono-Si
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Others
11 Saudi Arabia Solar Photovoltaic (PV) Market by Deployment
11.1 Ground-mounted
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Rooftop Solar
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
12 Saudi Arabia Solar Photovoltaic (PV) Market by Connectivity
12.1 On-grid
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Off-grid
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 Saudi Arabia Solar Photovoltaic (PV) Market by End Use
13.1 Residential
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Commercial
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Utility
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
14 Saudi Arabia Solar Photovoltaic (PV) Market by Region
14.1 Makkah
14.1.1 Historical Trend (2018-2023)
14.1.2 Forecast Trend (2024-2032)
14.2 Riyadh
14.2.1 Historical Trend (2018-2023)
14.2.2 Forecast Trend (2024-2032)
14.3 Madinah
14.3.1 Historical Trend (2018-2023)
14.3.2 Forecast Trend (2024-2032)
14.4 Qassim
14.4.1 Historical Trend (2018-2023)
14.4.2 Forecast Trend (2024-2032)
14.5 Eastern Province
14.5.1 Historical Trend (2018-2023)
14.5.2 Forecast Trend (2024-2032)
14.6 Others
15 Market Dynamics
15.1 SWOT Analysis
15.1.1 Strengths
15.1.2 Weaknesses
15.1.3 Opportunities
15.1.4 Threats
15.2 Porter's Five Forces Analysis
15.2.1 Supplier's Power
15.2.2 Buyer's Power
15.2.3 Threat of New Entrants
15.2.4 Degree of Rivalry
15.2.5 Threat of Substitutes
15.3 Key Indicators for Deman
15.4 Key Indicators for Price
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profile
16.2.1 LONGi Green Energy Technology Co., Ltd.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 CHINT Group
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 GTek Solar
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Jinko Solar Co., Ltd
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Clean Technologies Co
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Bin Omairah Holding
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Power Lines Contracting Co.
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Middle East and Africa Solar Photovoltaic (PV) Market: Key Industry Highlights, 2018 and 2032
2. Saudi Arabia Solar Photovoltaic (PV) Market: Key Industry Highlights, 2018 and 2032
3. Saudi Arabia Solar Photovoltaic (PV) Historical Market: Breakup by Technology (USD Million), 2018-2023
4. Saudi Arabia Solar Photovoltaic (PV) Market Forecast: Breakup by Technology (USD Million), 2024-2032
5. Saudi Arabia Solar Photovoltaic (PV) Historical Market: Breakup by Deployment (USD Million), 2018-2023
6. Saudi Arabia Solar Photovoltaic (PV) Market Forecast: Breakup by Deployment (USD Million), 2024-2032
7. Saudi Arabia Solar Photovoltaic (PV) Historical Market: Breakup by Connectivity (USD Million), 2018-2023
8. Saudi Arabia Solar Photovoltaic (PV) Market Forecast: Breakup by Connectivity (USD Million), 2024-2032
9. Saudi Arabia Solar Photovoltaic (PV) Historical Market: Breakup by End Use (USD Million), 2018-2023
10. Saudi Arabia Solar Photovoltaic (PV) Market Forecast: Breakup by End Use (USD Million), 2024-2032
11. Saudi Arabia Solar Photovoltaic (PV) Historical Market: Breakup by Region (USD Million), 2018-2023
12. Saudi Arabia Solar Photovoltaic (PV) Market Forecast: Breakup by Region (USD Million), 2024-2032
13. Saudi Arabia Solar Photovoltaic (PV) Market Structure
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