Saudi Arabia Wind Power Market

Introduction

Wind Power is the use of wind for providing mechanical power by using wind turbines for turning the electric generators. The impact on environment is drastically reduced by the use of wind power as it is a renewable energy. The depletion of fossil fuel reserves, concerns pertaining to harmful impact on environment, favourable government initiatives and reduction in cost of wind power generation are key factors which are making numerous nations to increase their degree of desire to quicken renewables unit installation.

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Main Saudi Arabia Wind Power Market Drivers

Major factors driving the growth of Saudi Arabia wind power market are growing demand for electricity, increasing population growth rates, government efforts to reduce its dependence on fossil fuels and increasing concerns of climate change. Saudi Arabia is one of the largest oil producers worldwide, the country used 39% crude oil and 61% natural gas for all its electricity needs in 2020. Since, major portion of electricity is generated using fossil fuels, which is contributing towards climate change. Burring of fossil fuels in cities is increasing the air pollution levels and climate change in Saudi Arabia is further leading to increased desertification and dust storms. To combat climate change, government is focussing to increase the usage of renewable energy like wind, solar and water. Under Saudi Green Initiative, government aims to increase the usage of renewable energy to 50% for generating electricity and plant 10 billion trees by 2030, which in turn will turn create lucrative growth opportunities for Saudi Arabia wind power market.

Saudi Arabia has been promoting power generation using wind turbines to endure lower operational costs in comparison to auxiliary power generation technologies. By 2030, the government intends to meet the wind power capacity target which is set at 16 GW. The increased number of investments by the government and private players for setting-up wind farms in the country, is propelling Saudi Arabia Wind Power Market Growth.

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Location – Segment Analysis

On the basis of location, offshore segment is expected to grow at a higher CAGR. Increasing investments for building offshore wind farms by the private players in the country is propelling the growth of this segment. For instance, in July 2019, Plambeck Emirates LLC. entered a memorandum of understanding wherein the company will develop a 500 MW floating offshore wind farm in Saudi Arabia.

Application – Segment Analysis

According to Saudi Arabia wind power market Analysis, Residential segment is expected to grow at a higher CAGR. The implementation of smart city project in major cities such as Makkah, Riyadh, Jeddah, Al-Madinah, and Al-Ahsa, respectively is bolstering the growth of this segment. In addition, commercial segment is projected to grow at a substantial CAGR during the forecast period owing to the increasing number of infrastructure projects in the country. For instance, Saudi Arabia invested USD 23 billion in four urban development projects in Riyadh, which include King Salman Park, Green Riyadh, Sports Boulevard, and Riyadh Art. Additionally, Saudi Arabia plans to invest USD 36 billion for transportation -infrastructure projects, which include airports, railways, ports, and roads.

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Top Market Players

Various notable players operating in the market, include market players General Electric., EDF Renewables, Vestas, Saudi Arabian Saipem Co. Ltd., Masdar, Abdul Latif Jameel IPR Company Limited., ACWA Power, Goldwind International Holdings (HK) Ltd.

Key Development:

• • In July 2019, Saipem , an Italian multinational oilfield services company announced that it has signed a memorandum of understanding with Plambeck Emirates LLC., for the development and construction of 500 MW floating offshore wind farm project in Saudi Arabia.
  • In July 2019, Masdar and EDF Renewables announced that have received contract worth USD 500 million for the development of Dumat Al Jandal wind warm, which will be first ever utility-scale wind project in Saudi Arabia.
  • In July 2019, Plambeck Emirates LLC. entered a memorandum of understanding wherein the company will develop a 500 MW floating offshore wind farm in Saudi Arabia

Segments covered in the Report:

Saudi Arabia wind power market has been segmented based on location and application. Based on the location, the market is categorized into offshore and onshore. Based on the application, the market is segmented into industrial, commercial and residential.

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Key questions answered in this research report:

• • At what pace is Saudi Arabia Wind Power market growing? What will be the Saudi Arabia Wind Power 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 various application areas and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation:

Saudi Arabia Wind Power Market by Application

• • Residential
  • Commercial
  • Industrial

Saudi Arabia Wind Power Market by Location

• • Onshore
  • Offshore

Saudi Arabia Wind Power Market Leading market players (Option: Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • General Electric.
  • EDF Renewables
  • Vestas
  • Saudi Arabian Saipem Co. Ltd.
  • Masdar
  • Abdul Latif Jameel IPR Company Limited.
  • ACWA Power
  • Goldwind International Holdings (HK) Ltd.