Saudi Arabia Solar Photovoltaics Market By Type (Thin film, Multi-Si, Mono-Si) By Installation mode (Rooftop and Ground Mounted) By Grid Type (Grid Connected and Off-Grid) By Application (Residential, Commercial, Utility), By Region, Company Forecast & Opportunities, USD 78.23Â Billion by 2035
Published Date: January - 2025 | Publisher: MIR | No of Pages: 320 | Industry: Power | Format: Report available in PDF / Excel Format
View Details Buy Now 3890 Download Sample Ask for Discount Request CustomizationSaudi Arabia Solar Photovoltaics Market By Type (Thin film, Multi-Si, Mono-Si) By Installation mode (Rooftop and Ground Mounted) By Grid Type (Grid Connected and Off-Grid) By Application (Residential, Commercial, Utility), By Region, Company Forecast & Opportunities, USD 78.23Â Billion by 2035
The Saudi Arabia Solar Photovoltaic Market was valued at USD 4.56 Billion in 2024, and is expected to reach USD 78.23 Billion by 2035, rising at a CAGR of 23.67%
Saudi Arabia Solar Photovoltaic (PV) focuses on the solar panels used in the technology that converts sunlight into electricity. This is part of the country’s renewable energy strategy. There are several key reasons which will positively impact the growth of this industry. First among them is Saudi Arabia's Vision 2030 plan which seeks to develop the energy mix and decrease the dependence on oil. This creates a favorable pull for renewable source of energy. The Solar PV technology product has an abundant supply of sunlight and is environmentally friendly which makes it an ideal candidate.
The Saudi government has provided incentives such as subsidies, tax benefits, and funding programs for the adoption of solar energy. This reduces the cost burden on businesses and households and makes solar PV installations more attractive. Moreover, the cost of solar technology is decreasing due to advancements in manufacturing and economies of scale, making solar PV systems cheaper. It is also backed up by continued research and development into new solar technologies that provide better efficiencies while being cost-competitive.
Environmental awareness, together with growing demand from both the public and private sectors for lowering carbon footprints as well as the ability to satisfy various regulations in this respect, fuels further expansion in this area. The growth in market capacity is contributed by the solar projects' expansions, such as utility-scale solar farms and residential rooftop installations. Solar photovoltaic market in Saudi Arabia will enjoy robust growth over the forecast period, fueled by a combination of supportive policies, technological innovation, and strong commitment to renewable energy development as Saudi Arabia continues investing in infrastructure and technology.
Saudi Arabia Solar Photovoltaics market is expected to grow at a steady rate during the forecast period. High-end investments by the leading authorities to invest in the research and development activities for the up-gradation of the existing technological infrastructure of solar photovoltaics is expected to fuel the market growth in the next five years. The increase in the initiatives taken by the leading authorities for the adoption of renewable sources of energy and the rise in concerns regarding the adverse effect of the greenhouse gas emission into the environment is the contributing factor influencing the solar photovoltaics market growth. Reduction in the cost of solar technology has led to making solar energy more accessible and affordable. The rise in the population is increasing the demand for more energy generation which in turn is accelerating the growth of the solar photovoltaics market. The presence of high-capacity solar plants in Saudi Arabia and the rise in the adoption of solar energy in residential, commercial, and industrial sectors are expected to foster the solar photovoltaics market growth. Under the Saudi Vision 2030, the leading authorities are launching new schemes and making huge investments for the development of clean and sustainable energy infrastructure which is expected to fuel the solar photovoltaics market growth in the forecast period. The oil industry is the major revenue-generating source in Saudi Arabia and to reduce the dependency on the oil industry and generate new income sources and diversify the existing sources is expected to pave the way for the solar photovoltaics market growth.
The Saudi Arabia Solar Photovoltaics market is segmented into type, installation mode, grid type, application, regional distribution, and company. Based on the type, the market can be divided into thin film, multi-Si, mono-Si. The mono-Si segment is expected to witness growth in the forecast period, 2023-2027. These are suitable for large-scale installations in rooftops and can be used for industrial, commercial, and residential purposes. Mono-Si is compact, durable, and highly efficient which is further contributing to surging the demand for this segment.
The major players operating on the Solar Photovoltaics market are Desert Technologies, EGPHIL Solar Solutions, Hanwha Q Cells Co. Ltd, National Solar Systems Company, First Solar International Middle East FZ-LLC, SunPower Corporation, Gulf Batteries Co Ltd, SNC Lavalin Kentz SAUDI ARABIA, Sharp Middle East FZE, Vista Eco Solar Solutions LLC, and others. Major companies are developing advanced technologies and launching new services to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new service developments.
Objective of the Study
- To analyze and estimate the market size of Saudi Arabia Solar Photovoltaics market from 2017 to 2025
- To estimate and forecast the market size of Saudi Arabia Solar Photovoltaics market from 2021 to 2025 and growth rate until 2035
- To classify and forecast Saudi Arabia Solar Photovoltaics market based on type, installation mode, grid type, application, regional distribution, and company.
- To identify dominant region or segment in the Saudi Arabia Solar Photovoltaics market.
- To identify drivers and challenges for Saudi Arabia Solar Photovoltaics market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in Saudi Arabia Solar Photovoltaics market.
- To identify and analyze the profile of leading players operating in Saudi Arabia Solar Photovoltaics market.
- To identify key sustainable strategies adopted by market players in Saudi Arabia Solar Photovoltaics market.
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Market insights research performed both primary as well as exhaustive secondary research for this study. Initially, Market insights research sourced a list of manufacturers across the globe. Subsequently, Market insights research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, Market insights research could include the manufacturers which could not be identified due to the limitations of secondary research. Market insights research analyzed the manufacturers, distribution channels and presence of all major players across the globe.
Market insights research calculated the market size of
Key Target Audience
- Solar Photovoltaics manufacturing companies
- Market research and consulting firms
- Government bodies such as regulating authorities and policy makers
- Organizations, forums, and alliances related to Solar Photovoltaics market
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
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Attribute |
Details |
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Base Year |
2024 |
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Historical Data |
2019 – 2024 |
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Estimated Year |
2024 |
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Forecast Period |
2024 – 2035 |
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Quantitative Units |
Revenue in USD Million and CAGR for 2019-2024 and 2022E-2035F (USD 78.23 Billion by 2035) |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
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Segments covered |
· Type · Installation mode · Grid Type · Application |
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Regional scope |
Western Region, Northern and Central Region, Eastern Region, Southern Region |
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Key companies profiled |
Desert Technologies, EGPHIL Solar Solutions, Hanwha Q Cells Co. Ltd, National Solar Systems Company, First Solar International Middle East FZ-LLC, SunPower Corporation, Gulf Batteries Co Ltd, SNC Lavalin Kentz SAUDI ARABIA, Sharp Middle East FZE, Vista Eco Solar Solutions LLC. |
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Customization scope |
10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
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Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
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Delivery Format |
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Regional Insight
In the year 2023, Eastern Province stood at the top as the dominant region in the Saudi Arabia Solar Photovoltaic Market, which would continue during the forecast period. The reasons behind the leadership position of the Eastern Province in the market are diverse. Firstly, the region possesses significant industrial and commercial infrastructure that has created an enormous demand for solar energy solutions to achieve the operational and sustainability goals. The Eastern Province geographically boasts the highest irradiance levels, and its location can well be suited to harnessing the power from solar energy sources in an efficient manner.
Besides this, the regional government has also been keen to promote renewable energy projects by offering incentives and support to deploy the solar photovoltaic system. Large-scale investments in solar projects in the Eastern Province have helped it remain as a market leader. Further, the region has developed infrastructure and logistical advantages, which enable efficient installation and maintenance of solar systems. Thus, the region leads the market. The strategic importance of the Eastern Province, combined with favorable environmental conditions and supportive policies, will continue to lead the Saudi Arabia Solar Photovoltaic Market.
Company ProfilesDetailed analysis of the major companies present in the Saudi Arabia Solar Photovoltaic Market
- ABB Ltd
- First Solar, Inc
- Trina Solar Co.,Ltd
- LONGi Green Energy Technology Co., Ltd
- Reliance Industries Limited
- Sungrow Power Supply Co., Ltd
- Enphase Energy, Inc
- SunPower Corporation
- Hanwha Corporation
- JA Solar Technology Co., Ltd
Saudi Arabia Solar Photovoltaic Market, By Technology Type
- Monocrystalline Silicon
- Polycrystalline Silicon
- Thin-Film
- Hybrid
Saudi Arabia Solar Photovoltaic Market, By Grid Type
- On-Grid
- Off-Grid
- Hybrid Grid
Saudi Arabia Solar Photovoltaic Market, By End-User
- Residential
- Commercial
- Industrial
- Utility-Scale
Saudi Arabia Solar Photovoltaic Market, By Region
- Riyadh
- Makkah
- Madinah
- Jeddah
- Tabuk
- Eastern Province
- Rest of Saudi Arabia
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Key Market Challenges
High Initial Capital Investment
One of the primary challenges facing the Saudi Arabia Solar Photovoltaic Market is the high initial capital investment required for solar photovoltaic installations. Despite the decreasing costs of solar technology, the upfront expense for purchasing and installing solar panels, inverters, and other associated components remains significant. This high initial investment can be a barrier for both residential and commercial entities, particularly for smaller businesses or households that may struggle to afford the large capital outlay.
While government incentives and subsidies can mitigate these costs, they may not fully cover the total expenses, leaving a substantial financial burden on investors. Furthermore, the complexity of financing solar projects, including securing loans or investment, adds to the challenge. Investors must navigate various financing options and manage cash flow considerations to make solar photovoltaic systems economically viable. The substantial capital requirements can slow the adoption of solar technology, particularly in regions where financial resources are limited or where access to affordable financing is constrained.
Technological and Maintenance Challenges
Technological and maintenance challenges also pose significant obstacles to the growth of the Saudi Arabia Solar Photovoltaic Market. Solar photovoltaic systems, while generally reliable, require ongoing maintenance and occasional technological upgrades to ensure optimal performance and longevity. Issues such as dust accumulation, which is particularly relevant in arid regions like Saudi Arabia, can reduce the efficiency of solar panels and necessitate regular cleaning and maintenance. Additionally, the rapid pace of technological advancements in solar photovoltaic technology means that systems can become outdated relatively quickly.
Investors and operators must contend with the need for periodic upgrades to maintain competitive performance and efficiency, which can add to the overall cost of ownership. Furthermore, the availability of skilled technicians and maintenance services in remote or less-developed areas can be limited, complicating the management and upkeep of solar installations. Addressing these technological and maintenance challenges requires investment in both technology and human resources to ensure the continued reliability and efficiency of solar photovoltaic systems.
Key Market Trends
Accelerated Deployment of Utility-Scale Solar Projects
The Saudi Arabia Solar Photovoltaic Market is experiencing a significant trend towards the accelerated deployment of utility-scale solar projects. The government’s ambitious Vision 2030 plan includes substantial investments in large-scale solar power plants to diversify the country’s energy sources and reduce reliance on fossil fuels. Large solar farms, such as those being developed in the Mohammed bin Rashid Al Maktoum Solar Park, are becoming increasingly common.
These projects are designed to harness Saudi Arabia’s vast solar resources and contribute significantly to the national grid. The trend towards utility-scale solar projects is driven by several factors, including the need to meet growing energy demand, the desire to enhance energy security, and the commitment to environmental sustainability. The scale of these projects allows for economies of scale, which helps in reducing the cost of solar power generation. Additionally, the development of large solar parks is supported by favorable government policies and international investments, further accelerating the growth of this segment within the solar photovoltaic market.
Growing Adoption of Distributed Solar Generation
The trend towards growing adoption of distributed solar generation is increasingly shaping the Saudi Arabia Solar Photovoltaic Market. Distributed solar generation refers to the installation of solar photovoltaic systems on residential, commercial, and industrial properties rather than relying solely on centralized solar power plants. This trend is driven by several factors, including the desire for energy independence, cost savings on electricity bills, and the ability to generate renewable energy locally. The deployment of rooftop solar panels and small-scale solar installations is becoming more common as technology costs decrease and financial incentives become more accessible.
Additionally, advancements in solar technology and improved installation techniques are making it easier and more cost-effective for consumers to adopt distributed solar solutions. The growth of distributed solar generation contributes to a more decentralized and resilient energy system, allowing for greater flexibility and reliability in meeting energy needs. This trend is expected to continue expanding as more individuals and businesses seek to take advantage of the benefits of solar energy and contribute to the country’s sustainability goals.
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Regional Insights
The Eastern Province will lead the Saudi Arabia Solar Photovoltaic Market in 2023 and will maintain this lead status during the entire forecast period. Several factors contributed to the leading position of the Eastern Province. The first one is the high industrial and commercial infrastructure of the region, which has resulted in huge demand for solar energy solutions in support of operational as well as sustainability goals. The Eastern Province offers good solar irradiance levels in the region due to its geographical position.
The regional government has been more proactive regarding the promotion of renewable energy projects by offering incentives and support that can encourage the deployment of photovoltaic solar systems. Its market leadership in the large-scale solar projects with significant investments made further strengthens its position in the Eastern Province. The region's well-developed infrastructure and logistical advantages facilitate the efficient installation and maintenance of solar systems, which is a contributing factor to its dominance in the market. The strategic importance of the Eastern Province, combined with its favorable environmental conditions and supportive policies, ensures that it will continue to play a leading role in the Saudi Arabia Solar Photovoltaic Market moving forward.
Table of Content
1. Product Overview
2. Research Methodology
3. Executive Summary4. Impact of COVID-19 on Saudi Arabia Solar Photovoltaic Market5. Voice of Customer6. Saudi Arabia Solar Photovoltaic Market Overview
7. Saudi Arabia Solar Photovoltaic Market Outlook
8. Riyadh region Solar Photovoltaic Market Outlook
9. Makkah Region Solar Photovoltaic Market Outlook
10. Madinah Region Solar Photovoltaic Market Outlook
11. Jeddah Region Solar Photovoltaic Market Outlook
12. Tabuk Region Solar Photovoltaic Market Outlook
13. Eastern Province Solar Photovoltaic Market Outlook
14. Market Dynamics
15. Market Trends and Developments
16. Company Profiles
17. Strategic Recommendations18. About the Publisher & Disclaimer
Companies Mentioned
- ABB Ltd
- First Solar, Inc
- Trina Solar Co.,Ltd
- LONGi Green Energy Technology Co., Ltd
- Reliance Industries Limited
- Sungrow Power Supply Co., Ltd
- Enphase Energy, Inc
- SunPower Corporation
- Hanwha Corporation
- JA Solar Technology Co., Ltd
List Tables Figures
To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )
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