Saudi Arabia Photovoltaics Market Assessment, By Type [Monocrystalline Silicon, Polycrystalline Silicon, Thin Film Cells and Organic Photovoltaics], By Grid Type (On grid, Off grid and Hybrid), By Installation [Ground Mounted, Roof Mounted, Building-integrated Photovoltaics (BIPV) and Floating Photovoltaics], By Application [Solar Farms, Electronic Devices, Healthcare Facilities, Public Infrastructure, Aerospace, Construction, Military and Defence, Transportation and Others], By End-user [Residential, Commercial & Industrial and Utility], and By Region, Opportunities, and Forecast, 2016-2030F

The photovoltaic (PV) market in Saudi Arabia is experiencing significant growth and offers promising prospects as it is seeking to diversify its energy sources and reduce its dependence on fossil fuels which has led to a strong focus on renewable energy, including solar power. The Saudi Arabia Photovoltaics market is projected to reach USD 17.16 billion by 2030 from USD 3.01 billion in 2022, growing at a CAGR of 24.31% for the forecast period between 2023 and 2030.

Furthermore, the Saudi government has set ambitious targets for solar energy generation. By 2032, they are planning to install around 58.7 GW of solar capacity, which would account for a significant portion of the country's electricity needs. The government has also introduced favourable policies and incentives to attract local and international investments in the PV sector, thereby expediting the market growth. Saudi Arabia has one of the highest solar irradiation levels in the world, with ample sunlight throughout the year. This makes it highly favorable for solar energy generation and encourages the development of large-scale solar projects.

For example, the Sakaka Solar Power Plant is one of the largest photovoltaic power plants in the world and is situated in Sakaka City, Al Jouf Province, Saudi Arabia. It is a photovoltaic (PV) solar venture with a capacity of 300MW. It was commissioned in April 2021 by ACWA Power (70%) and AlGihaz Renewable Energy Company, a subsidiary of AlGihaz (30%). The power plant is interconnected with the national electricity grid and has the capability to provide clean energy to over 75,000 households in Saudi Arabia. By doing so, it will prevent the emission of over 430,000 tons of carbon dioxide (CO₂) annually. Throughout its lifespan, the project is projected to offset roughly 10.5 million tons of CO₂ and avoid the consumption of more than 50 million barrels of diesel.

Rise in the adoption rate of Bifacial Solar Panels

Bifacial solar panels have the advantage of generating electricity from both sides, allowing them to capture additional sunlight reflected from the ground or other surfaces. This results in increased energy production compared to traditional mono-facial panels particularly in areas where sunlight reflection is significant, such as desert regions like Saudi Arabia.

The Sudair PV solar power plant is currently under development in the Sudair industrial city, located about 150km from Riyadh, the capital of Saudi Arabia. The project is set to occupy a site spanning 30.2 square kilometres. The solar power plant will utilize bi-facial PV solar panels mounted on pile-driven structures. These solar panels will feature tracking technology to optimize their exposure to sunlight, and an automatic robotic cleaning system will be employed to maintain their efficiency. The solar power plant will utilize bi-facial PV solar panels mounted on pile-driven structures. These solar panels will feature tracking technology to optimize their exposure to sunlight, and an automatic robotic cleaning system will be employed to maintain their efficiency.  Thus, the rise in the adoption rate of Bifacial Solar Panels is augmenting the market growth.

Increase in the Number of Rooftop Solar PV Installations

Rooftop solar PV installations in Saudi Arabia are gaining traction as part of the country's efforts to promote renewable energy and diversify its energy sources. The vast arid regions in Saudi Arabia are considered a great hub for solar energy generation as they are rich in sunlight which allows for the diversification of the domestic power supply in Saudi Arabia. Moreover, the construction and architecture of houses in Saudi Arabia are such that they get good rooftop spaces which are largely suitable to install solar power systems.

The Saudi Arabian government has implemented various initiatives and incentives to promote the adoption of rooftop solar PV systems. These include net metering programs, feed-in tariffs, and favorable regulations that facilitate the connection of rooftop solar systems to the grid. These incentives have encouraged building owners to invest in solar PV installations.

Government Regulations

The Saudi government has set ambitious targets for solar energy generation and has implemented substantial measures to tackle obstacles and promote the growth of renewable energy initiatives.  By 2032, they plan to install around 58.7 GW of solar capacity, which would account for a significant portion of the country's electricity needs. The government has also introduced favourable policies and incentives to attract local and international investments in the PV sector. The Saudi Arabian government created the Saudi Renewable Energy Project Development Office, which is responsible for supervising the advancement of renewable energy projects in the country.

The launch of Solar Energy Plan aims to deploy 27.5 GW of solar power capacity by 2030. Moreover, Saudi Arabia has set its sights on establishing a greenhouse gas certificates market in 2023, as part of its commitment to decreasing carbon emissions. Anticipated growth in the renewable energy sector of the Kingdom includes the addition of 10 GW of renewable capacity between 2022 and 2027, primarily led by solar photovoltaic (PV) projects. This expansion will be facilitated through four procurement mechanisms: competitive auctions, unsolicited bilateral utility contracts, corporate power purchase agreements (PPAs), and state-owned initiatives.

Impact of COVID-19

The COVID-19 pandemic has had an impact on various sectors worldwide, including the photovoltaic (PV) industry in Saudi Arabia. Economic uncertainties resulting from the pandemic affected financing options for PV projects In Saudi Arabia. Investors and financial institutions may have become more cautious, leading to potential challenges in securing funding for new solar initiatives. The pandemic may have caused delays in the construction and commissioning of PV projects due to labour shortages, restrictions on movement, and the implementation of social distancing measures on worksites. These delays could have impacted the deployment of new solar installations.

              Saudi Arabia Photovoltaics Market: Report Scope

The report titled "Saudi Arabia Photovoltaics Market Assessment, Opportunities, and Forecast, 2016-2030F" by Markets & Data provides an extensive evaluation and analysis of the present condition of the photovoltaics market in Saudi Arabia. The study offers a comprehensive examination of the industry's dynamics, potential opportunities, and future projections spanning from 2023 to 2030. Additionally, the report emphasizes the key players operating within the market, investigating their business models, market share, competitive intelligence, and other pertinent factors.

 

Report Attribute	Details
Base Year of the Analysis	2022
Historical Period	2016-2021
Forecast Period	2023-2030
Projected Growth Rate	CAGR of 24.31% between 2023-2030
Revenue Forecast in 2030	USD 17.16 billion
Units	Revenue in USD billion
Segments Covered	Type, Grid Type, Installation, Application, End-user
Regions Covered	Makkah, Riyadh, Eastern Province, and Rest of Saudi Arabia
Key Companies Profiled	Aramco, Masdar Solar, AndaSolar, Saudi American Glass Company (SAGCO), Al Salem Johnson Controls (ASJC), Advanced Electronics Company (AEC), The Saudi Factory for Solar Energy Panels (SFSEP), Abdul Latif Jameel Energy, Desert Technologies, Riyadh Cables Group of Companies, etc.
Customization Scope	15% free report customization with purchase
Pricing and Purchase Options	Avail the customized purchase options to fulfill your precise research needs
Delivery Format	PDF and Excel through email (subject to the license purchased)

 

In this report, Saudi Arabia Photovoltaics Market has been segmented into the following categories: 

1.       By Type

1.1.    Monocrystalline Silicon

1.2.    Polycrystalline Silicon

1.3.    Thin Film Cells

1.3.1.Amorphous silicon

1.3.2.Copper Indium Gallium Selenide (CIGS)

1.3.3.Cadmium Telluride (CDTE)

1.3.4.Perovskite Solar Cells

1.4.    Organic PV

2.       By Grid Type

2.1.     On Grid

2.2.     Off Grid

2.3.     Hybrid

3.       By Installation

3.1.    Ground Mounted

3.1.1. Foundation mount

3.1.2. Ballasted footing mount

3.1.3. Pole mount

3.1.4. Multi-pole mount

3.1.5. Smart Flower

3.2.      Roof-Mounted

3.2.1. Railed Mounting

3.2.2. Rail-less Mounting

3.2.3. Shared rail Mounting

3.2.4. Flat Roof Ballasted Racking System

3.3.      Building-integrated Photovoltaics

3.4.      Floating Photovoltaics

4.       By Applications

4.1.      Solar Farms

4.2.      Electronic Devices

4.3.      Healthcare Facilities

4.4.      Public Infrastructure

4.5.      Aerospace

4.6.      Construction

4.7.      Military and Defence

4.8.      Transportation

4.9.      Others

5.       By End-user

5.1.      Residential

5.2.      Commercial & Industrial

5.3.      Utility

6.       By Region 

6.1.    Makkah

6.2.    Riyadh

6.3.    Eastern Province

6.4.    Rest of Saudi Arabia

Key Players Landscape and Outlook

The Saudi Arabian photovoltaic market is witnessing substantial expansion, leading international companies to prioritize the retention of their market share and global expansion efforts by offering high-quality products and enhancing brand positioning. These companies are making increased investments in research and development, marketing initiatives, and the expansion of distribution networks. Manufacturers are actively studying consumer behaviour to gain valuable insights into their preferences. This enables them to introduce innovative products that align with customer demands and address the evolving needs of the market.

In August 2021, as the world's largest energy company, Saudi Aramco ventured into the renewables sector by joining forces with the country's sovereign wealth fund and ACWA Power, based in Riyadh, to invest in Saudi Arabia's largest solar project. This project boasts a capacity of 1.5 GW and signifies Saudi Aramco's foray into the renewable energy domain including solar energy.

Market Xcel’s reports answer the following questions:

 •    What is the current and future market size of the product/service in question globally or specific to different countries?
•    How are the markets divided into different product/service segments and the market size and growth of each segment? 
•    What is the market potential of different product segments and their investment case?
•    How are the markets predicted to develop in the future and what factors will drive or inhibit growth?
•    What is the business environment and regulatory landscape specific to the product/service?

 

Key Players Operating in Saudi Arabia Photovoltaics Market

• Aramco
• Masdar Solar
• AndaSolar
• Saudi American Glass Company (SAGCO)
• Al Salem Johnson Controls (ASJC)
• Advanced Electronics Company (AEC)
• The Saudi Factory for Solar Energy Panels (SFSEP)
• Abdul Latif Jameel Energy
• Desert Technologies
• Riyadh Cables Group of Companies

If you can't find what you're searching for or have any custom requirements for Saudi Arabia Photovoltaics Market, you may approach our team at info@marketsandata.com