Saudi Arabia Solar Energy Market Overview and Insights:
According to Markntel Advisors Report, Saudi Arabia Solar Energy Market size was valued at around USD 6 billion in 2024 and is projected to reach USD 49 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 42% during the forecast period, i.e., 2025-30.
Saudi Arabia Solar Energy Market research is an ongoing process. Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.
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Industry Growth Driver:
Increased Electricity Tariffs Driving Demand for Solar Energy – The increase in electricity tariffs as of 2024, has significantly boosted the attractiveness of solar energy investments in Saudi Arabia. With the increase in electricity tariffs for residential customers, solar PV structures presenting shorter payback intervals of 5-7 years are becoming a popular choice. This monetary encouragement is leading to a notable transition to solar power, reducing dependence on conventional energy sources and advocating for environmentally friendly behaviors. The government of Saudi Arabia is projected to spend around USD 300 billion by 2030 on renewable energy projects. Therefore, it is anticipated that the solar energy market will experience a sturdy increase due to a combination of higher tariffs, government support, and ongoing technological advancements in solar cell performance and power storage. As a result, purchasers and organizations are displaying interest in solar solutions, and the market is anticipated to develop notably due to effective monetary and regulatory elements.
What is Included in Saudi Arabia Solar Energy Market Segmentation?
The report has segmented the market into the following categories:
By Type
- Solar Photovoltaic (PV) - Market Size & Forecast 2020-2030, USD Million
- Concentrated Solar Power (CSP)- Market Size & Forecast 2020-2030, USD Million
By Application
- Residential- Market Size & Forecast 2020-2030, USD Million
- Commercial- Market Size & Forecast 2020-2030, USD Million
- Industrial- Market Size & Forecast 2020-2030, USD Million
In recent years, there has been a huge growth in the residential segment of the Saudi Arabian Solar Energy Market. This industry represents more than 35% of the market. Notwithstanding its small market share, the industry's boom is driven by the growing quantity of solar energy plants being adopted, which is the primary component promoting its development. The reduced set-up prices and reduced monthly electricity payments are a few of the subsidies furnished by the national government that have resulted in the growth of residential sectors. Tasks like rooftop solar electricity plants assist the government in reaching their renewable power goals efficiently and ahead of schedule. Both the government and private energy corporations are promoting the setup of small rooftop solar electricity structures to maximize the usage of solar power to meet the country's energy needs.
By End-Use
- Electricity Generation- Market Size & Forecast 2020-2030, USD Million
- Heating- Market Size & Forecast 2020-2030, USD Million
- Charging- Market Size & Forecast 2020-2030, USD Million
- Lighting- Market Size & Forecast 2020-2030, USD Million
By Solar Module
- Monocrystalline- Market Size & Forecast 2020-2030, USD Million
- Polycrystalline- Market Size & Forecast 2020-2030, USD Million
- Cadmium Telluride- Market Size & Forecast 2020-2030, USD Million
- Amorphous Silicone Cells- Market Size & Forecast 2020-2030, USD Million
- Others- Market Size & Forecast 2020-2030, USD Million
By Region
- Central
- South
- East
- West
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Who are the Key Players Operating in the Saudi Arabia Solar Energy Industry?
The top companies of the Saudi Arabia Solar Energy market ruling the industry are:
- Alfanar Group
- Abu Dhabi Future Energy Company (Masdar)
- EDF Renewables
- ACWA Power Company
- Saudi Aramco Power Company (SAPCO)
- Guangdong Power Engineering Company
- JinkoSolar Holding Co. Ltd.
- Enel Green Power s.p.a.
- Desert Technologies
- Baker Hughes Company
- Engie SA
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FAQs (Frequently Ask Questions)
- What are the industry’s overall statistics or estimates including CARG and USD Value of the forecasting years?
- What are the trends influencing the current scenario of the Saudi Arabia Solar Energy Market?
- What are the key factors that would propel and hinder the industry?
- Which geographical area dominates the Saudi Arabia Solar Energy industry?
- Which is the Leading segment in the market?
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