Dublin, Sept. 20, 2024 (GLOBE NEWSWIRE) -- The "Saudi Arabia Onshore Floating Solar Market, By Region, Competition, Forecast & Opportunities, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
Saudi Arabia Onshore Floating Solar Market was valued at USD 17.9 million in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 27.5% through 2029
The Saudi Arabia Onshore Floating Solar Market is experiencing a notable upswing as the kingdom strategically endeavors to diversify its energy portfolio. In a concerted effort to reduce dependence on conventional fossil fuels and mitigate environmental impact, the government has increasingly turned its attention to renewable energy sources. The unique geography of Saudi Arabia, characterized by expansive desert landscapes and abundant sunlight, makes onshore floating solar installations particularly attractive.
This innovative approach to solar energy deployment not only capitalizes on the vast available land but also addresses the country's water scarcity challenges. With an ambitious commitment to sustainable energy goals, the onshore floating solar market in Saudi Arabia is witnessing heightened investment, technological advancements, and growing collaboration between public and private sectors, positioning the kingdom at the forefront of the global shift towards clean and renewable energy solutions. 
Growing Embrace of Utility-Scale Floating Solar Projects
The Onshore Floating Solar Market in Saudi Arabia is witnessing a notable trend towards the development of utility-scale floating solar projects. As the technology matures and gains wider acceptance, there is a shift from smaller pilot projects to larger, more ambitious installations. Utility-scale projects offer economies of scale, enabling more efficient use of resources and driving down the overall cost of solar energy production.
This trend reflects the industry's confidence in the scalability and long-term viability of onshore floating solar as a key contributor to the kingdom's renewable energy portfolio. The momentum towards utility-scale projects aligns with Saudi Arabia's commitment to achieving substantial contributions from renewable sources in its energy mix.
Integration of Energy Storage Solutions
A prominent trend in the Saudi Arabia Onshore Floating Solar Market is the integration of energy storage solutions to address intermittency and enhance grid stability. As the industry matures, stakeholders are recognizing the importance of optimizing energy output and ensuring a consistent power supply. Energy storage technologies, such as advanced batteries, enable the storage of excess energy generated during peak sunlight hours for use during periods of low solar irradiance.
This trend not only contributes to grid reliability but also positions onshore floating solar as a dependable and dispatchable source of renewable energy. The integration of storage solutions aligns with global advancements in energy storage technology and supports Saudi Arabia's vision for a reliable and resilient energy infrastructure.
Technological Advancements in Floating Solar Platforms
Advancements in technology are driving innovations in floating solar platforms within the Saudi Arabian market. Manufacturers and developers are investing in research and development to enhance the efficiency, durability, and adaptability of floating solar structures. This trend includes the development of modular and customizable floating platforms that can be tailored to specific water bodies, optimizing the deployment of solar panels.
Additionally, improvements in materials and design contribute to the resilience of floating platforms in challenging environmental conditions. The emphasis on technological advancements reflects the industry's commitment to overcoming technical challenges and ensuring the long-term success of onshore floating solar projects in Saudi Arabia.
Increasing Collaboration and Partnerships
Collaboration and partnerships among government entities, private companies, and international players are emerging as a key trend in the Saudi Arabia Onshore Floating Solar Market. Recognizing the complexity and scale of renewable energy projects, stakeholders are joining forces to leverage collective expertise, resources, and funding.
Public-private partnerships facilitate the sharing of risks and responsibilities, creating a conducive environment for investment and project development. International collaborations bring in global best practices and technological know-how, further accelerating the growth of the onshore floating solar market. This trend reflects a holistic approach to sustainable development, aligning with Saudi Arabia's commitment to fostering a collaborative ecosystem for the successful implementation of renewable energy initiatives.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 86 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $17.9 Million |
| Forecasted Market Value (USD) by 2029 | $77.59 Million |
| Compound Annual Growth Rate | 27.5% |
| Regions Covered | Saudi Arabia |
Report Scope
Key Market Players
- First Solar Inc.
- Yellow Tropus Pvt. Ltd.
- Ocean Sun AS
- Waaree Energies Ltd
- Akuo Energy SAS
- Kyocera TCL Solar LLC
- Duke Energy Corporation
- BELECTRIC GmbH
Saudi Arabia Onshore Floating Solar Market, By Component:
- PV Modules
- Lightning Protection System
- Anchoring System
- Inverter
- Others
Saudi Arabia Onshore Floating Solar Market, By Type:
- Stationary
- Tracking
Saudi Arabia Onshore Floating Solar Market, By Application:
- Irrigation
- Hydroelectric Dam
- Water Treatment
- Quarry
- Mining
Saudi Arabia Onshore Floating Solar Market, By Region:
- Riyadh
- Makkah
- Madinah
- Jeddah
- Tabuk
- Eastern Province
- Rest of Saudi Arabia
For more information about this report visit https://www.researchandmarkets.com/r/9aowam
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