Exploring Saudi Arabia Solar Energy Market Opportunity, Latest Trends, Demand, and Development By 2030- MarkNtel Advisors

 According to Markntel Advisors Report, Saudi Arabia Solar Energy Market is expected to grow at a significant growth rate, and the analysis period is 2025-2030, considering the base year as 2024.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.

Solar energy is the radiation from the sun capable of generating heat, causing chemical reactions, or generating electricity. The overall quantity of sun strength received on the planet is vastly greater than the world's present-day and anticipated power requirements.

 

Global Saudi Arabia Solar Energy Market Research Report & Summary:

The 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. 

Time Period Captured in the Report:

·         Historical Years: 2020-2023

·         Base Years: 2024

·         Forecast Years: 2025-2030

Who are the Key Players Operating in the Saudi Arabia Solar Energy Market?

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, and others

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Saudi Arabia Solar Energy Industry Recent Development:

·         November 2024: Engie SA will develop a solar power project of 22 MW for Al Jouf Cement Company. The two companies have signed a power purchase agreement for 25 years.

What is Included in Saudi Arabia Solar Energy Market Segmentation?

The Saudi Arabia Solar Energy Market explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic.  The further bifurcations are as follows:

-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

-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

Explore the Complete Saudi Arabia Solar Energy Market Analysis Report – https://www.marknteladvisors.com/research-library/saudi-arabia-solar-energy-market.html

Market Dynamics -Global Saudi Arabia Solar Energy Market:

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.

Supportive Government Initiatives to Provide Ample Growth Opportunities – As the country lies in the Arabian Peninsula, an ample amount of sunlight is present in the country that can be utilized for environmentally friendly purposes and diversifying energy sources for the nation. Therefore, the authorities of the country are continuously making efforts and launching initiatives and projects to boost its solar capacity. Also, the country's primary aim is to utilize renewable electricity resources to satisfy approximately half of the electricity demand by way of 2030. Thus, continuous investments are made in this direction. A 2 gigawatt (GW) Al Sadawi initiative for the Eastern province and building a 1 GW Al Masa’a plant in Hail province are the two main projects that were launched in February 2024 under the National Renewable Energy Program to support solar energy in the country. The high potential in the country to produce solar electricity is leading to a consistent launch of solar projects in the nation, and the number of these projects is expected to continuously rise in the upcoming years, thus providing enormous growth opportunities to support solar energy.

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