Dublin, May 16, 2025 (GLOBE NEWSWIRE) -- The "Saudi Arabia Solar Energy Panel Market, By Region, Competition, Forecast & Opportunities, 2020-2030F" has been added to ResearchAndMarkets.com's offering.
Saudi Arabia's solar energy panel market, valued at USD 350 million in 2024, is anticipated to reach USD 929.37 million by 2030, registering a CAGR of 17.50%
This growth is driven by the country's strategic emphasis on renewable energy, underscored by the Vision 2030 initiative aimed at economic diversification and reduced oil dependence. The nation's renewable energy ambitions are being coordinated by the Renewable Energy Project Development Office (REPDO), which is promoting utility-scale solar projects through competitive bidding processes. Major solar projects like the Sakaka and Sudair solar plants exemplify Saudi Arabia's commitment to sustainable energy, drawing both local and international interest to its solar market.
Vision 2030 sets ambitious targets, aiming for 50% of energy to come from renewables by 2030, with a 10% contribution from solar power alone. The favorable solar conditions in Saudi Arabia, due to its geographic location, combined with decreasing global solar panel costs, present a robust case for investment in this sector. Key drivers include government incentives such as financial support and tax breaks, which lower market entry barriers and enhance solar project financial attractiveness.
Saudi Arabia plans to develop 50 GW of renewable capacity by 2030, including 40 GW from solar power. Additionally, international collaborations are propelling research and technological advancements, enhancing Saudi Arabia's role as a hub for innovation in solar technologies. Despite these advancements, challenges like the intermittency of solar power, water scarcity, land use competition, and infrastructure readiness remain.
Addressing these issues is crucial for the reliable incorporation of solar energy into the grid and the sustainable expansion of the solar sector. Market trends highlight rising investments in utility-scale solar projects and a shift towards decentralized installations for residential and industrial applications. Technological innovations and green financing are further accelerating market momentum.
The Riyadh region leads in solar initiatives due to its strategic importance and commitment to Vision 2030 objectives. The competitive landscape features major players like ACWA Power International, First Solar Inc, and SunPower Corporation, who are central to this growth narrative. As Saudi Arabia invests heavily in solar projects, the market is poised for significant growth, reinforcing the kingdom's position as a key player in the global shift to renewable energy.
For further insights, the market has been segmented by technology, module type, application, grid connectivity, and regional specifications, with detailed company profiles available for key players. Customizations for specific company needs are also offered, including detailed analysis and profiling of additional market players.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 86 |
| Forecast Period | 2024 - 2030 |
| Estimated Market Value (USD) in 2024 | $350 Million |
| Forecasted Market Value (USD) by 2030 | $929.37 Million |
| Compound Annual Growth Rate | 17.5% |
| Regions Covered | Saudi Arabia |
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Impact of COVID-19 on Saudi Arabia Solar Energy Panel Market
5. Voice of Customer
6. Saudi Arabia Solar Energy Panel Market Overview
7. Saudi Arabia Solar Energy Panel Market Outlook
8. Riyadh Solar Energy Panel Market Outlook
9. Makkah Solar Energy Panel Market Outlook
10. Madinah Solar Energy Panel Market Outlook
11. Jeddah Solar Energy Panel Market Outlook
12. Tabuk Solar Energy Panel Market Outlook
13. Eastern Province Solar Energy Panel Market Outlook
14. Rest of Saudi Arabia Solar Energy Panel Market Outlook
15. Market Dynamics
16. Market Trends and Developments
17. Company Profiles
- ACWA Power International
- First Solar Inc
- Abdul Latif Jameel IPR Company Limited
- SunPower Corporation
- Sunrun Inc.
- Trina Solar Co.,Ltd
- Hanwha Corporation
- LONGi Green Energy Technology Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/7qpw6m
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