Dublin, May 13, 2025 (GLOBE NEWSWIRE) -- The "Saudi Arabia Solar Energy Solutions Market, By Region, Competition, Forecast & Opportunities, 2020-2030F" has been added to ResearchAndMarkets.com's offering.
The Saudi Arabia Solar Energy Solutions Market is witnessing significant growth, projected to rise from USD 2.5 billion in 2024 to USD 7.72 billion by 2030, with a CAGR of 20.50%. This expansion is driven by the Kingdom's strategic shift towards renewable energy, underlined by its Vision 2030 initiative aiming to diversify energy sources and reduce hydrocarbon dependency.
Central to this transition is the National Renewable Energy Program (NREP), which targets the installation of 27.3 gigawatts of renewable energy by 2024. This has resulted in favorable conditions for solar energy investments, supported by government policies, long-term Power Purchase Agreements (PPAs), land availability, and streamlined permitting processes. Such measures attract both domestic and international stakeholders, bolstering Saudi Arabia's position in the global solar market.
Saudi Arabia's geographic advantage with abundant sunshine enhances its potential to harness solar power, particularly through photovoltaic technologies. Key projects in sunlight-rich regions, such as the Empty Quarter, optimize solar project efficiency. The Kingdom's target to install 50 GW of renewable energy by 2030, including 40 GW from solar power, underscores its commitment to this energy transition.
Technological advancements are pivotal in driving the market forward. Innovations in bifacial panels, advanced tracking systems, and energy storage are enhancing solar efficiency and economic feasibility. This focus on cutting-edge technologies places Saudi Arabia at the forefront of the renewable energy sector.
The solar market also contributes to economic diversification and job creation, vital for fostering a resilient economy less dependent on oil. Solar project development is generating employment in construction, installation, and maintenance sectors, while also supporting the growth of local industries and expertise in solar technologies.
Despite significant progress, challenges remain. Grid integration poses hurdles due to the variable nature of solar power. Investments in grid upgrades and smart grid solutions are essential to address these. Financing is another challenge, with high upfront costs requiring supportive financial mechanisms from the government to encourage investment.
Furthermore, water scarcity necessitates innovative cleaning methods for solar panels, reducing traditional water-intensive processes. Regulatory and policy frameworks also need refinement to enhance transparency, streamline project approval processes, and sustain investor confidence.
Trends such as decentralized solar installations, green hydrogen production integration, and digitalization are reshaping the market. Corporations increasingly participate in renewable energy procurement, driving demand and supporting market growth.
The Photovoltaic Cells segment dominates the market, supported by technological advancements and widespread adoption across various applications. Riyadh, as a hub for solar initiatives, leads regional development, driven by its infrastructure and strategic government backing.
Key market players include ACWA Power International, Saudi Electricity Company, Saudi Arabian Oil Co., and others, reflecting a competitive landscape poised for continued innovation and expansion.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 86 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $2.5 Billion |
| Forecasted Market Value (USD) by 2030 | $7.72 Billion |
| Compound Annual Growth Rate | 20.5% |
| Regions Covered | Saudi Arabia |
Key Topics Covered:
1. Product Overview
1.1. Market Definition
1.2. Scope of the Market
2. Research Methodology
2.1. Objective of the Study
3. Executive Summary
4. Impact of COVID-19 on Saudi Arabia Solar Energy Solutions Market
5. Voice of Customer
6. Saudi Arabia Solar Energy Solutions Market Overview
7. Saudi Arabia Solar Energy Solutions Filters Market Outlook
7.1. Market Size & Forecast
7.2. Market Share & Forecast
8. Riyadh Solar Energy Solutions Market Outlook
8.1. Market Size & Forecast
8.2. Market Share & Forecast
9. Makkah Solar Energy Solutions Market Outlook
9.1. Market Size & Forecast
9.2. Market Share & Forecast
10. Madinah Solar Energy Solutions Market Outlook
10.1. Market Size & Forecast
10.2. Market Share & Forecast
11. Jeddah Solar Energy Solutions Market Outlook
11.1. Market Size & Forecast
11.2. Market Share & Forecast
12. Tabuk Solar Energy Solutions Market Outlook
12.1. Market Size & Forecast
12.2. Market Share & Forecast
13. Eastern Province Solar Energy Solutions Market Outlook
13.1. Market Size & Forecast
13.2. Market Share & Forecast
14. Rest of Saudi Arabia Solar Energy Solutions Market Outlook
14.1. Market Size & Forecast
14.2. Market Share & Forecast
15. Market Dynamics
16. Market Trends and Developments
17. Company Profiles
17.1. ACWA Power International
17.2. Saudi Electricity Company
17.3. Saudi Arabian Oil Co.
17.4. Trina Solar Co.,Ltd
17.5. SolarEdge Technologies Inc.
17.6. Schneider Electric SE
17.7. First Solar Inc
17.8. Array Technologies, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/ewptul
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