Saudi Arabia Renewable Energy Market Size, Share, Analysis: By Type: Solar, Wind, Others; By End Use: Residential, Commercial, Industrial; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand, Key Indicators for Price; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032

Saudi Arabia Renewable Energy Market Outlook

The Saudi Arabia renewable energy market size reached approximately 1.55 GW in 2023. The market is projected to grow at a CAGR of 44.0% between 2024 and 2032, reaching a value of around 41.48 GW by 2032.

Key Trends in the Market

Renewable energy refers to energy generated from natural resources that are constantly replenished and are virtually inexhaustible on a human timescale. These sources include sunlight (solar energy), wind, water (hydroelectric power, tidal energy, and wave energy), geothermal heat, and biomass.

Unlike fossil fuels, which are finite and contribute to environmental pollution, renewable energy sources offer cleaner alternatives that have minimal or no greenhouse gas emissions, making them more sustainable in the long term.

• Saudi Arabia has set ambitious renewable energy targets to diversify its energy mix. As part of Vision 2030, the country aims to generate 50% of its energy from renewables by 2030 , with specific emphasis on solar and wind energy.

• The Saudi Arabia renewable energy market growth is supported by the government’s initiation of various projects and investments in renewable energy. The Renewable Energy Project Development Office (REPDO) has been instrumental in implementing auctions and tenders for large-scale renewable energy projects, attracting both local and international investors.

• Saudi Arabia has engaged in collaborations with international entities and companies to leverage expertise and technology in renewable energy development. Partnerships with various nations and organisations have helped in knowledge transfer and project execution.

• The Saudi Arabia renewable energy market demand is growing rapidly as the emphasis on clean energy generation gets stronger with the aim of the government to transition from fossil fuels.

In 2023, ACWA Power, a prominent local utility firm , entered into an agreement with Water and Electricity Holding Company (Badeel) to construct the largest singular solar-power plant globally at Al Shuaibah in the Mecca province. Anticipated to commence operations by the conclusion of 2025, this solar-power facility will boast a generation capacity of 2,060 MW.

Saudi Arabia Renewable Energy Market Segmentation

Based on type, the market can be segmented solar and wind. The market categorisation, based on end-use, includes residential, commercial, and industrial.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Saudi Arabia renewable energy market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• JinkoSolar Holding Co. Ltd.

• EDF RE Group

• Engie SA

• ACWA Power

• Alfanar Group

• The Abu Dhabi National Energy Company, PJSC (Masdar)

• Mowah Company

• Solar Arabia Limited

• Abdul Latif Jameel IPR Company Limited

• Aljoaib Holdings

• Enar Renewables

• Others

Market Share by Type

According to the Saudi Arabia renewable energy market analysis, the kingdom has initiated significant projects aimed at harnessing wind power. The Dumat Al Jandal wind farm, located in the Al Jouf region, stands as the first utility-scale wind project in Saudi Arabia. Developed by a consortium led by EDF Renewables and Masdar, this project symbolises the country's commitment to diversifying its energy mix.

The Dumat al-Jandal wind farm stands as the largest in the region, comprising 99 wind turbines. Each turbine has the capacity to generate electricity capable of powering approximately 70,000 households within the Kingdom of Saudi Arabia, as reported by the Saudi Arabia-based Al Arabiya.

Market Share by End-Use

The steadily developing commercial clean energy generation is expected to significantly influence the Saudi Arabia renewable energy market share in the coming years. Commercial renewable energy in Saudi Arabia has been advancing, primarily driven by the government's commitment to diversifying its energy mix and reducing dependency on fossil fuels.

The country has implemented regulatory reforms and frameworks to encourage private sector participation in the renewable energy market. This includes setting clear renewable energy targets, establishing favourable policies, and offering incentives to attract commercial investments in the sector.

Competitive Landscape

JinkoSolar is one of the largest and most innovative solar module manufacturers globally. They specialise in the production of high-quality solar panels and have a significant global presence. The company focuses on research, development, and manufacturing of solar products and solar projects, aiming to provide affordable and sustainable clean energy solutions.

EDF RE Group is a subsidiary of Électricité de France (EDF), a global leader in renewable energy. EDF RE focuses on developing, constructing, and operating renewable energy projects, including wind, solar, and storage solutions. The company has a diverse portfolio of renewable projects across several countries and is committed to sustainable energy generation and reducing carbon emissions.

Engie SA is a multinational utility company that has a strong presence in renewable energy. They are involved in various aspects of the energy sector, including electricity generation, natural gas, and energy services. Engie has been transitioning towards cleaner energy sources, investing in wind, solar, hydroelectric, and other renewable projects while also emphasising energy efficiency and sustainable solutions for their customers.

Other key players in the Saudi Arabia renewable energy market are ACWA Power, Alfanar Group, The Abu Dhabi National Energy Company, PJSC (Masdar), Mowah Company, Solar Arabia Limited, Abdul Latif Jameel IPR Company Limited, Aljoaib Holdings, and Enar Renewables, among others.

Key Highlights of the Report

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.