Saudi Arabia Solar PV Market

Solar PV is a technology that converts solar radiation into direct current electricity by using semiconductors. Solar PV is also used as a solar tracking system to improve the overall performance of systems. Thin film, multi-si, and mono-so are the major categories of the solar PV market. In addition, thin-film is made from non-silicon materials which are known as second-generation solar cells and because of its flexibility, thin-film solar cells can double as rooftop shingles and tiles. Solar PV is an elegant technology that is widely used to produces electricity without moving parts.

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Market Dynamic

Key Drivers and Emerging Trends

Major factors such as growth in solar PV installations, reduction of the carbon footprint, and low-cost energy generation are fueling the market growth. In addition, rising awareness and introduction of cutting edge designed e solar rooftop PV are also positively impacting the growth of the market. Government investments Solar Energy and increase in competitiveness of solar photovoltaic are also anticipated to boost the market growth. High demand for energy has increased the consumption by 60% in past 10 years. It is further expected electricity demand is going to increase by 120 GW in 2030 from 62.7 GW in 2019. Saudi Vision 2030, the government planned to diversify the energy mix, to reduce the dependency on oil revenues and to develop significant opportunities for renewable energy. As per the International Renewable Energy Agency, solar capacity is increased to 439 MW in 2021 from 14 MW in 2012. Solar PV captured more than 88% i.e., 439 MW in total solar energy capacity in the kingdom. However, high cost and maintenance are expected to hamper the growth of the market.

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Saudi government are launching various projects to increase use of renewable energy in Saudi Arabia. In 2023, the government planned to install 27.5 GW of solar capacity by 2030 under solar energy plan and to reduce carbon emissions by launching greenhouse gas certificates market in 2023. The Saudi government also planned to expand renewable capacity of 2.3 GW through bilateral contracts under the Public Investment Fund and build state-owned projects across industrial cities. Through National Renewable Energy Program projects, the Saudi Arabia projected to reach 56 million megawatt-hours with clean electricity generation. In addition, increasing capacity till 58.7 GW by end of 2030 in which 16 GW from wind energy, 40GW from solar energy and 2.7 GW from other renewable sources.

The government plans to launch 16 new projects including five energy projects in which three projects are related to wind energy and two are solar energy projects. The two solar energy projects in Al Hanakiya with capacity of 1,100 MW and Tabarjal with capacity of 400 MW in 2022.

Saudi Arabia solar photovoltaic market has advanced in recent years, from a state of deficiency of inventory, low productivity levels and moderately significant expenses, to its present condition of expansion of makers, over limit and a drive to separate comparable panel through style and “decent to have” add-on highlights. Saudi Arabia intends to delicate 11 PV power ventures with a joined limit of 2,225 MW this year. The nation’s Solar based plan for 2023 has been updated up from 5.9 GW to 20 GW, and that for 2030 set at 40 GW. Somewhere in the range of 11 solar oriented ventures are set to be offered for the current year, the biggest of them the Alfaisalia venture, with a limit of 600 MW. REPDO is aiming to delicate another four ventures with an introduced limit of 300 MW each named Rabigh, Jeddah, Alras and Saad.

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Top Market Players

Various notable players operating in the market, include First Solar, Inc., Gtek solar , Sharp Corporation, Hanwha Q Cells Co. Ltd, National Solar System, Egphil Solar Solutions, Vista Eco Solutions, Gulf Batteries Co Ltd, SunPower Corporation, JinkoSolar Holding Co. Ltd among others.

Key Developments:

• • In 2022, Saudi Power Procurement Company signed an agreement with Ar RassSolar Energy Company for 700 MW solar plant, valued about USD 450 million.

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Key questions answered in this research report:

• • At what pace is Saudi Arabia Solar PV market growing? What will be the Saudi Solar PV market forecast?
  • What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in Saudi Solar PV and market size?
  • Saudi Arabia Solar PV market outlook, application areas and how they are poised to grow?
  • Saudi Arabia Solar PV market overview, industry analysis and scope of study?

Market Segmentation

Saudi Arabia Solar PV Market by Product Type

• • Thin film
  • Multi-Si
  • Mono-Si

Saudi Arabia Solar PV Market by Application

• • Residential
  • Commercial
  • Utility

Leading market players

• • First Solar, Inc.
  • Gtek solar
  • Sharp Corporation
  • Hanwha Q Cells Co. Ltd
  • National Solar System
  • Egphil Solar Solutions
  • Vista Eco Solutions
  • Gulf Batteries Co Ltd
  • SunPower Corporation
  • JinkoSolar Holding Co. Ltd