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Saudi Arabia Solar PV Commercial and Industrial Distributed Generation Market Assessment, By Type [Grid-Tied, Grid-Tied with Battery Back-Up, Off-Grid System], By Technology [Monocrystalline Silicon, Thin Film, Polycrystalline Silicon, Others], By Installation System [Ground Mounted, Rooftop, Building-Integrated Photovoltaics], By Region, Opportunities, Forecast, 2016-2030
Market Report I 2024-04-19 I 86 Pages I Market Xcel - Markets and Data
The increasing environmental concerns and strong government initiatives, advancements in technology and design are making solar PV systems more reliable, efficient, and cost-effective, driving the growth of Solar Photovoltaic (PV) Commercial and Industrial Distributed Generation Market. Furthermore, distributed solar PV systems increase energy security by providing backup power during outages and reducing the risk of grid disruptions which helps in market expansion. Saudi Arabia is a rapidly growing market for solar PVs in Middle East region. The Middle East solar PV market was estimated at USD 2.66 Bn in 2022 and is expected to grow to USD 17.32 Bn in 2030 growing at a CAGR of 30.69% during the forecast period.
Additionally, solar PV helps commercial and industrial players in lowering their energy costs and making long-term financial savings in the long run as solar energy is becoming increasingly cost-competitive and efficient. Also, by adopting solar options, companies can demonstrate their commitment to sustainability and environmental stewardship, which can help build their brand and enhance their reputation among customers and stakeholders. Furthermore, the adoption of solar energy provides energy independence to industry owners, reducing reliance on traditional power sources.
Rising Environmental Concerns Contributes to Market Growth
Saudi Arabia is a signatory to the Paris Agreement and has committed to reducing its carbon emissions, due to which the nation focus on environmental concerns. Developing its solar PV industry is one way the country is aiming to reduce its carbon footprint and meet its climate targets. Moreover, by growing its renewable energy industry, Saudi Arabia focus on enhancing its energy security and reducing its vulnerability to supply disruptions and price volatility in the global oil market.
Government Initiatives Propelled the Market Growth
According to the Ministry of Industry and Natural Resources, Saudi Arabia has launched a new programme to support renewable energy projects and reduce its reliance on crude oil. Moreover, the Ministry would provide tax breaks and other incentives to businesses that create renewable energy.
The Kingdom of Saudi Arabia plans to produce 50 percent of its electricity from renewable sources by 2030. In March 2022, a power purchase agreement (PPA) was signed by ACWA Power and the Saudi Power Procurement Corporation (SPPC) to build the 700 MW Ar Rass solar PV independent power plant (IPP) in the Al Qassim area of Saudi Arabia.
Impact of COVID-19
The COVID-19 outbreak caused the government to enact strict lockdown measures, which led to the temporary shutdown of several solar PV production facilities. The pandemic has caused supply chain disruptions which led to delays in the construction of solar PV systems, hence negatively impacting the growth. Additionally, the market faced economic crisis which resulted in a slowdown in project development and growth.
Impact of Russia-Ukraine War
Russia is one of the top oil producers in the world, thus disruptions in Russian oil shipments have caused an increase in oil prices. This has turned out to be advantageous for Saudi Arabia, as the Saudi Arabia is a significant oil producer too. However, the cost of electricity production from conventional sources is expected to increase, thereby making solar power a better choice for commercial and industrial sectors. Furthermore, the war has led to disruptions in the supply of natural gas to Europe, which may increase the demand for other sources of energy, including solar power. This could create opportunities for Saudi Arabia's solar industry to expand its market share in Europe.
1. Saudi Arabia Solar PV Commercial and Industrial Distributed Generation Market, By Type
1.1. Grid-Tied
1.2. Grid-Tied with Battery Back-Up
1.3. Off-Grid System
2. Saudi Arabia Solar PV Commercial and Industrial Distributed Generation Market, By Technology
2.1. Monocrystalline Silicon
2.2. Thin Film
2.3. Polycrystalline Silicon
2.4. Others
3. Saudi Arabia Solar PV Commercial and Industrial Distributed Generation Market, By Installation System
3.1. Ground Mounted
3.2. Rooftop
3.3. Building-Integrated Photovoltaics
4. Saudi Arabia Solar PV Commercial and Industrial Distributed Generation Market, By Region
4.1. Central
4.2. Western
4.3. Northern
4.4. Eastern
4.5. Southern
Key Players Landscape and Outlook
The Saudi Arabia solar PV commercial and industrial distributed generation market is consolidated, and there few major players in the industry. The market consists of major players such as ACWA Power Global Services Ltd., Alfanar Power Private Limited, and Masdar (Mubadala Development Company)
Key Players Operating in Saudi Arabia Solar PV Commercial and Industrial Distributed Generation Market
- ACWA Power Global Services Ltd.
- Alfanar Power Private Limited
- Masdar (Mubadala Development Company)
- Saudi Electricity Company
- Engie S.A.
- JinkoSolar Holding Co. Ltd.
- Abdul Latif Jameel IPR Company Limited
- Enel S.p.A.
- TotalEnergies SE
- Canadian Solar Inc.
1. Research Methodology
2. Product Overview
3. Impact of COVID-19
4. Impact of Russia-Ukraine War
5. Executive Summary
6. Voice of Customer (Merchants)
6.1. Product Intelligence
6.2. Factors Considered to Make Purchase Decisions
6.2.1. Quality and Warranty
6.2.2. Price
6.2.3. Quantity
6.2.4. Minimum Order Quantity
6.2.5. Turnaround Time
6.2.6. Experience in the Industry
6.2.7. Efficiency
6.2.8. Maintenance Cost
6.3. Supply Chain Management
6.4. Demand and Supply Mechanism
6.5. Consideration and Understanding of Safety Regulations
6.6. Application of Legal Compliances
7. Saudi Arabia Solar PV Commercial and Industrial Distributed Generation Market Outlook, 2016-2030F
7.1. Market Size & Forecast
7.1.1. By Value
7.1.2. By Volume
7.2. Market Share & Forecast
7.2.1. By Type
7.2.1.1. Grid-Tied
7.2.1.2. Grid-Tied with Battery Back-Up
7.2.1.3. Off-Grid System
7.2.2. By Technology
7.2.2.1. Monocrystalline Silicon
7.2.2.2. Thin Film
7.2.2.3. Polycrystalline Silicon
7.2.2.4. Others
7.2.3. By Installation System
7.2.3.1. Ground Mounted
7.2.3.2. Rooftop
7.2.3.3. Building-integrated photovoltaics
7.2.4. By Region
7.2.4.1. Central
7.2.4.2. Western
7.2.4.3. Northern
7.2.4.4. Eastern
7.2.4.5. Southern
7.2.5. By Company Market Share (%), 2022
8. Market Mapping, 2022
8.1. By Type
8.2. By Technology
8.3. By Installation System
8.4. By Region
9. Pricing Analysis for Key Five Players
10. Macro Environment and Industry Structure
10.1. Value Chain Analysis
10.2. Demand and Supply Analysis
10.3. Import Export Analysis
10.4. PESTEL Analysis
10.4.1. Political Factors
10.4.2. Economic Factors
10.4.3. Social Factors
10.4.4. Environmental Factors
10.4.5. Legal Factors & Regulatory Policies
10.5. Porter's Five Force Industry Analysis
10.5.1. Threat of Substitutes
10.5.2. Threat of New Entrant
10.5.3. Bargaining Power of Suppliers
10.5.4. Bargaining Power of Suppliers
10.5.5. Intensity of Competitive Rivalry
11. Market Dynamics
11.1. Trends & Developments
11.2. Growth Drivers
11.3. Growth Inhibitors
12. Case Studies
13. Competitive Landscape
13.1. Competition Matrix of Market Leaders
13.2. Market Revenue Analysis of Market Leaders (in %, 2022)
13.3. Mergers & Acquisitions/ Joint Ventures (If Applicable)
13.4. SWOT Analysis (Top Five Market Players)
13.5. Patent Analysis (If applicable)
14. Competition Outlook
14.1. ACWA Power Global Services Ltd.
14.1.1. Company Details
14.1.2. Key Management Personnel
14.1.3. Products & Services
14.1.4. Key Market Focus & Geographical Presence
14.1.5. Financials (As Reported)
14.1.6. Recent Developments
14.2. Alfanar Power Private Limited
14.3. Masdar (Mubadala Development Company)
14.4. Saudi Electricity Company
14.5. Engie S.A.
14.6. JinkoSolar Holding Co. Ltd.
14.7. Abdul Latif Jameel IPR Company Limited
14.8. Enel S.p.A.
14.9. TotalEnergies SE
14.10. Canadian Solar Inc.
*Companies mentioned above DO NOT hold any order as per market share and can be changed during course of work
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