According to TechSci Research report, “Saudi Arabia Solar Energy Market - By Region, Competition Forecast & Opportunities, 2018-2028”, the Saudi Arabia Solar Energy Market is expected to register robust growth during the forecast period, 2024-2028.
The demand for renewable energy and its sources has increased as a result of the growing desire to lessen our reliance on fossil fuels and reduce the carbon emissions that result from burning them. This aspect is anticipated to fuel the growth of the market during the forecast period.
By 2030, Saudi Arabia's National Renewable Energy Program wants to install 40 GW of solar power. This is anticipated to generate considerable market potential, during the forecast period
The Saudi Green Initiative reaffirmed the nation's pledge in 2021 to produce 50% of its primary energy mix from renewable sources and the remaining 50% from natural gas by 2030. By 2030, it is anticipated that the country would have developed more than 40 GW of solar photovoltaic (PV) capacity and 2.7 GW of concentrated solar power (CSP) capacity.
The National Renewable Energy Program (NREP) targets must be met in accordance with Vision 2030, and this responsibility falls under the purview of the Ministry of Energy's Renewable Energy Project Development Office (REPDO), which was founded in 2017. The International Renewable Energy Agency (IRENA) reports that Saudi Arabia's total installed solar capacity was 14 MW in 2012 and increased to 439 MW at the end of 2013.
The National Renewable Energy Program in Saudi Arabia, which set a goal to develop 35 renewable projects with 58.7 GW of installed capacity by 2030, is responsible for the country's increase in solar energy installed capacity.
Saudi Arabia had 439 MW of introduced sun based energy capacity in 2021, and more capacity is expected amid the anticipated period. Around 98% of Saudi Arabia's add up to introduced sun powered vitality capacity makes to the country's renewable energy mix.
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The Saudi Arabia Solar Energy Market is segmented into technology, solar module, application, and end-use. Based on well technology, the market is segmented into photovoltaic systems and concentrated solar power systems. Based on solar module, the market is divided into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon cells, and others. Based on application, the market is split into residential, commercial, and industrial. Based on end-use, the market is split into electricity generation, heating, charging, and lighting.
The solar PV segment dominated the Saudi Arabia Market in 2022 due to high efficiency, growing investments in solar photovoltaic projects and rising power consumption worldwide, Calculators, wristwatches, and other small electronic gadgets can all be powered by mini solar panels (small PV) when only a small amount of power is needed. Solar PV frameworks have a long life expectancy, require small upkeep, and do not require fuel. Profound charge and sped up sun oriented PV sending might account for 21% of the CO2 emanation diminishments by 2050.
Too, by 2050, the world's capacity must be 18 times higher than it is presently, or more than 8,000 gigawatts. When there are not sufficient renewable vitality sources, CSP frameworks store vitality utilizing Warm Vitality Capacity (TES) innovations. By the by, since PV frameworks utilize coordinate daylight instead of warm, they are incapable to store warm vitality. CSP frameworks are predominant for vitality capacity since of this. Thus, this component is expected to fuel the request for CSP. systems during the forecast period.
Major market players in the Saudi Arabia Solar Energy Market are: -
- ACWA Power Company
- Alfanar Group
- Abu Dhabi Future Energy Company (Masdar)
- EDF Renewables
- Saudi Electricity Company
- Engie SA
- JinkoSolar Holding Co. Ltd
- Enel SpA
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“During the projected period, the industry is anticipated to increase as a result of the rising demand for sources of sustainable energy generation to replace conventional energy sources. Solar energy is now more competitive in the energy generation sector due to solar energy system cost reductions. Due to significant investments in solar energy technologies, component costs are anticipated to continue decline in the coming years, making solar energy systems more affordable than currently operational coal or gas power plants" said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
Saudi Arabia Solar Energy Market By Technology (Photovoltaic Systems and Concentrated Solar Power Systems), By Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, Others), By Application (Residential, Commercial and Industrial) and By End-Use (Electricity Generation, Heating, Charging and Lighting), ByRegion, Competition, Forecast and Opportunities, 2028 has evaluated the future growth potential of the Saudi Arabia Solar Energy Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities of the Saudi Arabia Solar Energy Market.
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