Solar Energy in Saudi Arabia Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 The distinct geographical and climatic location of Saudi Arabia makes utilizing renewable energy sources, especially solar energy sources, economically attractive, supporting Saudi efforts to diversify the domestic energy mix. The solar PV segment is expected to hold the largest market share during the forecast period, owing to the declining costs of solar modules and the versatility of these systems for various applications, like electricity generation and water heating.

In 2021, the Saudi Green Initiative reinforced the country’s commitment to increase the share of renewable energy to 50% of its primary energy mix while producing the other 50% from natural gas by 2030. Under Vision 2030, more than 40 GW of solar photovoltaic (PV) capacity and 2.7 GW of concentrated solar power (CSP) capacity are expected to be developed in the country by 2030. The Renewable Energy Project Development Office (REPDO) within the Ministry of Energy, established in 2017, is responsible for delivering on the goals of the National Renewable Energy Program (NREP) in line with Vision 2030. According to the International Renewable Energy Agency (IRENA), Saudi Arabia’s total solar installed capacity stood at 14 MW in 2012, which rose to 439 MW at the end of 2021. Solar PV has been the most significant share in total solar energy capacity, with 389 MW in the country, accounting for more than 88% of the total solar energy.

The Saudi Arabian solar energy market is expected to reach 1,028 MW by the end of the current year, and it is projected to register a CAGR of 51% during the forecast period.

Although the COVID-19 pandemic affected the market studied in 2020, it has been recovering and reached pre-pandemic levels. Over the forecast period, factors such as supportive government policies, increasing efforts to meet power demand using solar energy, and decreased fossil-fuel dependency are expected to drive the market's growth. However, the increasing adoption of alternate clean power sources, such as wind, and the availability of fossil fuels are expected to restrain the growth of the solar energy market during the forecast period.

Saudi Arabia's National Renewable Energy Program aims to achieve 40 GW of solar energy installed capacity by 2030. This is expected to create significant opportunities for the market in the near future.

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