Dublin, Nov. 14, 2024 (GLOBE NEWSWIRE) -- The "Saudi Arabia Solar Photovoltaic Market by Region, Competition, Forecast and Opportunities, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
The Saudi Arabia Solar Photovoltaic Market was valued at USD 3.92 Billion in 2023, and is expected to reach USD 44.89 Billion by 2029, rising at a CAGR of 49.87%
Saudi Arabia Solar Photovoltaic (PV) refers to the technology used to convert sunlight into electricity through solar panels, which are integral to the country's renewable energy strategy. This market is set to rise significantly due to several key factors. Firstly, Saudi Arabia's Vision 2030 plan aims to diversify the energy mix and reduce reliance on oil, creating a strong push for renewable energy sources. Solar PV technology, with its ability to generate clean electricity from abundant sunlight, aligns perfectly with these goals. 
The Saudi government has implemented various incentives, such as subsidies, tax benefits, and funding programs, to encourage the adoption of solar energy. These measures reduce the financial burden on businesses and households, making solar PV installations more attractive. Additionally, the decreasing cost of solar technology, driven by advances in manufacturing and economies of scale, is making solar PV systems more affordable. This trend is further supported by ongoing research and development in solar technologies, which enhances efficiency and reduces costs.
The increasing focus on sustainability and environmental concerns also drives the market, as both private and public entities seek to reduce carbon footprints and meet regulatory requirements. Furthermore, the expansion of solar projects, including utility-scale solar farms and residential rooftop installations, contributes to market growth by increasing the overall capacity and availability of solar power. As Saudi Arabia continues to invest in infrastructure and technological advancements, the solar photovoltaic market is poised for robust growth, driven by a combination of supportive policies, technological innovation, and a strong commitment to renewable energy development.
Technology Type Insights
In 2023, the Saudi Arabia Solar Photovoltaic Market was predominantly led by the Monocrystalline Silicon segment, a trend expected to persist throughout the forecast period. Monocrystalline silicon solar panels, known for their high efficiency and sleek design, offer superior performance compared to other technologies. They are manufactured from a single crystal structure, which allows them to achieve higher energy conversion rates and better space efficiency. This high efficiency makes monocrystalline panels particularly suited for regions with high solar irradiance, such as Saudi Arabia, where maximizing energy output is critical.
Additionally, monocrystalline panels tend to have a longer lifespan and come with better warranties, contributing to their dominance in the market. Their efficiency and performance are highly valued in both residential and commercial installations, aligning well with Saudi Arabia's goals of increasing solar power capacity. While other technologies such as Polycrystalline Silicon, Thin-Film, and Hybrid panels have their own advantages, including cost-effectiveness and flexibility, they have not yet matched the efficiency and reliability offered by monocrystalline silicon panels. The continued advancements in monocrystalline technology and the ongoing efforts to reduce costs further reinforce its leading position in the Saudi Arabian market, ensuring that it remains the dominant segment in the years ahead.
Regional Insights
In 2023, the Eastern Province emerged as the dominant region in the Saudi Arabia Solar Photovoltaic Market, a position expected to continue throughout the forecast period. The Eastern Province's leadership in the market can be attributed to several factors. Firstly, the region is home to significant industrial and commercial infrastructure, which has driven substantial demand for solar energy solutions to meet both operational and sustainability goals. The Eastern Province's geographic location offers high solar irradiance levels, making it ideal for harnessing solar power effectively.
Additionally, the regional government has been proactive in promoting renewable energy projects, offering incentives and support to encourage the deployment of solar photovoltaic systems. The presence of large-scale solar projects and investments in the Eastern Province has further solidified its position as a market leader. Furthermore, the region's well-developed infrastructure and logistical advantages facilitate the efficient installation and maintenance of solar systems, contributing to its dominance in the market. The Eastern Province's strategic importance, combined with its favorable environmental conditions and supportive policies, ensures that it will continue to play a leading role in the Saudi Arabia Solar Photovoltaic Market moving forward.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 85 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $3.92 Billion |
| Forecasted Market Value (USD) by 2029 | $44.89 Billion |
| Compound Annual Growth Rate | 49.8% |
| Regions Covered | Saudi Arabia |
Report Scope:
Company Profiles: Detailed analysis of the major companies present in the Saudi Arabia Solar Photovoltaic Market
- ABB Ltd
- First Solar, Inc
- Trina Solar Co.,Ltd
- LONGi Green Energy Technology Co., Ltd
- Reliance Industries Limited
- Sungrow Power Supply Co., Ltd
- Enphase Energy, Inc
- SunPower Corporation
- Hanwha Corporation
- JA Solar Technology Co., Ltd
Saudi Arabia Solar Photovoltaic Market, By Technology Type:
- Monocrystalline Silicon
- Polycrystalline Silicon
- Thin-Film
- Hybrid
Saudi Arabia Solar Photovoltaic Market, By Grid Type:
- On-Grid
- Off-Grid
- Hybrid Grid
Saudi Arabia Solar Photovoltaic Market, By End-User:
- Residential
- Commercial
- Industrial
- Utility-Scale
Saudi Arabia Solar Photovoltaic 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/9r8yhk
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