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Written by Rahul Singh » Updated on: December 02nd, 2024
Saudi Arabia Solar Energy Market Overview
Base Year: 2024
Historical Years: 2019-2024
Forecast Years: 2025-2033
Market Size in 2024: USD 6.0 Billion
Market Forecast in 2033: USD 125.2 Billion
Market Growth Rate: 39.36% (2025-2033)
The Saudi Arabia solar energy market reached USD 6.0 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 125.2 Billion by 2033, exhibiting a growth rate (CAGR) of 39.36% during 2025-2033. The market is experiencing rapid growth driven by increasing government support, rising energy demand, and a focus on renewable energy sources.
Saudi Arabia Solar Energy Market Trends:
The Saudi Arabia solar energy market is witnessing substantial growth, driven by the country's efforts to diversify its energy mix and reduce reliance on oil. Under the Vision 2030 initiative, Saudi Arabia has set ambitious renewable energy targets, aiming to generate a significant portion of its electricity from solar power. This shift is motivated by the Kingdom’s abundant solar resources, with high solar irradiance making it one of the most suitable regions for large-scale solar energy projects.
Government-backed initiatives, such as the National Renewable Energy Program (NREP) and investments in solar parks like the Al-Dumat Al-Jandal and Sakaka projects, have further accelerated the adoption of solar energy. Additionally, the declining costs of photovoltaic (PV) technology and an increasing focus on sustainability have bolstered the demand for solar installations across residential, commercial, and industrial sectors.
Saudi Arabia Solar Energy Market Scope & Growth Analysis:
The market scope includes solar PV systems, concentrated solar power (CSP) technologies, and associated infrastructure such as inverters and storage solutions. Analysis reveals a growing interest in decentralized energy generation, with businesses and homeowners adopting rooftop solar systems to reduce energy costs and carbon footprints. The entry of international energy companies and partnerships with local firms have enhanced technical expertise and financing options, supporting the development of large-scale solar projects.
Furthermore, Saudi Arabia’s focus on hydrogen production through solar-powered electrolysis adds a new dimension to the market. As the Kingdom continues to expand its renewable energy portfolio and leverage its solar potential, the solar energy market is expected to grow, positioning Saudi Arabia as a global leader in sustainable energy solutions.
The Saudi Arabia solar energy market forecast offers insights into future opportunities and challenges, drawing on historical data and predictive modeling.
Saudi Arabia Solar Energy Industry Segmentation:
Breakup by Type:
Breakup by Region:
Competitive Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant. Some of the key players in the market include:
Key highlights of the Report:
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
Contact Us:
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: [email protected]
Tel No:(D) +91 120 433 0800
United States: +1-631-791-1145
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