The recent analytical report published by Markntel Advisors (a leading consulting, data analytics, and market research firm), Saudi Arabia Solar Energy Market comprises a detailed study of critical and major aspects of market dynamics, i.e. market trends, size, forecasts, growth factors, challenges, and competitor landscape. The research company provides an extensive range of strategic reports on diverse industry verticals to substantial and varied client bases, including multinational corporations, financial institutions, governments, and individuals, among others.
Saudi Arabia Solar Energy Industry Analytical Overview (2025-2030): Drivers, Opportunities, Challenges, and Trends,
According to the latest report, 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. The report significantly addressed considerable changes, gap analyses, and competitive studies using qualitative and quantitative data. These include the widespread segmentation, geography, and recent developments, entailing information on the fluctuation in the demand, sales, revenue, and other parameters experienced and expected in the industry for the forecasting year i.e. 2025 to 2030.
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What is Included in Saudi Arabia Solar Energy Market Segmentation?
The report has segmented the market into the following categories:
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
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Key Factor Driver Saudi Arabia Solar Energy Industry Growth by 2030
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.
Who are the Key Players Operating in the Saudi Arabia Solar Energy Industry?
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
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FAQs (Frequently Ask Questions)
- What are the industry’s overall statistics or estimates including CARG and USD Value of the forecasting years?
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