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Saudi Arabia Solar Photovoltaic (PV) Market Size, Share: By Technology: Thin film, Multi-Si, Mono-Si, Others; By Deployment: Ground-mounted, Rooftop Solar; By Connectivity: On-grid, Off-grid; By End Use: Residential, Commercial, Utility; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; 2024-2032
Saudi Arabia Solar Photovoltaic (PV) Market Outlook
The Saudi Arabia solar photovoltaic (PV) market size reached approximately 1.90 GW in 2023. The market is further projected to grow at a CAGR of 11.5% between 2024 and 2032, reaching a volume of 5.26 GW by 2032.
Key Trends in the Market
Solar photovoltaic refers to a method of electricity generation, directly from sunlight, through the photovoltaic effect. The photovoltaic cells convert sunlight into electricity. Photovoltaic technology generates power by using solar cells, that form a larger power generating unit known as panels or modules.
- The increase in government initiatives to support the adoption of solar energy is aiding the Saudi Arabia solar photovoltaic (PV) market growth. These initiatives include provision of monetary incentives and subsidies and increased promotion of solar rooftops.
- The growing investments towards research and development activities for photovoltaic technologies by the key players of the market, is providing lucrative growth opportunities to the market. Researchers are working on bifacial cells combined with tandem technology.
- The cost-efficient nature and easy availability of solar panels across Saudi Arabia is further supporting the market expansion. The abundance of sunshine aids the solar panels in generating high yields of electricity.
- The economic benefits associated with the utilisation of renewable sources of energy, including sunlight, due to the distinct climatic conditions and geographical location of Saudi Arabia is bolstering the product demand.
Saudi Arabia Solar Photovoltaic (PV) Market Segmentation
On the basis of technology, the market is divided into thin film, multi-Si, and mono-Si, among others. Based on deployment, the market is bifurcated into ground-mounted and rooftop solar. On the basis of connectivity, the market is segregated into on-grid and off-grid.
Based on end use, the market is categorised into residential, commercial, and utility. On the basis of region, the market is segmented into Makkah, Riyadh, Madinah, Qassim, and Eastern Province, among others.
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 solar photovoltaic (PV) market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- LONGi Green Energy Technology Co., Ltd.
- CHINT Group
- GTek Solar
- Jinko Solar Co., Ltd
- Clean Technologies Co
- Bin Omairah Holding
- Power Lines Contracting Co.
- Others
Market Share by Deployment
As per the Saudi Arabia solar photovoltaic (PV) market analysis, ground-mounted solar panels are anticipated to account for a significant share of the market. This growth can be attributed to the superior efficiency offered by the product as opposed to their rooftop counterparts. The ground-mounted panels are considered to be more efficient as they can be repaired and cleaned easily and can be easily adjusted at varying angles to determine the ideal angle for getting the maximum amount of sunlight.
Market Share by End Use
Residential sector accounts for a significant Saudi Arabia solar photovoltaic (PV) market share. The increased adoption can be attributed to the inexpensive and accessible nature of solar technology. The growing preference for solar energy among the homeowners can also be attributed to the energy independence offered by solar energy. With the adoption of solar photovoltaic, homeowners are less susceptible to grid fluctuations and bearing high costs of energy. The growing environmental concerns and rising environmental consciousness is encouraging the adoption of solar photovoltaic by the residential sector in Saudi Arabia. The dependable nature of solar energy is further boosting the Saudi Arabia solar photovoltaic (PV) market demand.
Competitive Landscape
LONGi Green Energy Technology Co., Ltd. is one of the leading renewable energy semiconductor manufacturing companies that was founded in 2000 and is headquartered in Shaanxi, China. The company specialises in solar photovoltaic, mono-crystalline solar modules, and mono-crystalline solar wafers.
CHINT Group is an appliance, electrical, and electronics manufacturing company that specialises in power transmission and distribution equipment, building electrical appliances, solar photovoltaic, and low-voltage electrical apparatus, among others. The company was founded in 1984 and is headquartered in Shanghai, China.
GTek Solar is one of the leading manufacturers of solar photovoltaic, solar water pumps, solar power generating, solar streetlight, and led light, among others. The company was founded in 1989 and is headquartered in Riyadh, Saudi Arabia.
Other Saudi Arabia solar photovoltaic (PV) market players include Jinko Solar Co., Ltd, Clean Technologies Co, Bin Omairah Holding, and Power Lines Contracting Co., among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Technology |
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| Breakup by Deployment |
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| Breakup by Connectivity |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*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.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Middle East and Africa Solar Photovoltaic (PV) Market Overview
8.1 Key Industry Highlights
8.2 Middle East and Africa Solar Photovoltaic (PV) Historical Market (2018-2023)
8.3 Middle East and Africa Solar Photovoltaic (PV) Market Forecast (2024-2032)
9 Saudi Arabia Solar Photovoltaic (PV) Market Overview
9.1 Key Industry Highlights
9.2 Saudi Arabia Solar Photovoltaic (PV) Historical Market (2018-2023)
9.3 Saudi Arabia Solar Photovoltaic (PV) Market Forecast (2024-2032)
10 Saudi Arabia Solar Photovoltaic (PV) Market by Technology
10.1 Thin film
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Multi-Si
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Mono-Si
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Others
11 Saudi Arabia Solar Photovoltaic (PV) Market by Deployment
11.1 Ground-mounted
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Rooftop Solar
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
12 Saudi Arabia Solar Photovoltaic (PV) Market by Connectivity
12.1 On-grid
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Off-grid
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 Saudi Arabia Solar Photovoltaic (PV) Market by End Use
13.1 Residential
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Commercial
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Utility
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
14 Saudi Arabia Solar Photovoltaic (PV) Market by Region
14.1 Makkah
14.1.1 Historical Trend (2018-2023)
14.1.2 Forecast Trend (2024-2032)
14.2 Riyadh
14.2.1 Historical Trend (2018-2023)
14.2.2 Forecast Trend (2024-2032)
14.3 Madinah
14.3.1 Historical Trend (2018-2023)
14.3.2 Forecast Trend (2024-2032)
14.4 Qassim
14.4.1 Historical Trend (2018-2023)
14.4.2 Forecast Trend (2024-2032)
14.5 Eastern Province
14.5.1 Historical Trend (2018-2023)
14.5.2 Forecast Trend (2024-2032)
14.6 Others
15 Market Dynamics
15.1 SWOT Analysis
15.1.1 Strengths
15.1.2 Weaknesses
15.1.3 Opportunities
15.1.4 Threats
15.2 Porter’s Five Forces Analysis
15.2.1 Supplier’s Power
15.2.2 Buyer’s Power
15.2.3 Threat of New Entrants
15.2.4 Degree of Rivalry
15.2.5 Threat of Substitutes
15.3 Key Indicators for Deman
15.4 Key Indicators for Price
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profile
16.2.1 LONGi Green Energy Technology Co., Ltd.
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 CHINT Group
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 GTek Solar
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Jinko Solar Co., Ltd
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Clean Technologies Co
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Bin Omairah Holding
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 Power Lines Contracting Co.
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Middle East and Africa Solar Photovoltaic (PV) Market: Key Industry Highlights, 2018 and 2032
2. Saudi Arabia Solar Photovoltaic (PV) Market: Key Industry Highlights, 2018 and 2032
3. Saudi Arabia Solar Photovoltaic (PV) Historical Market: Breakup by Technology (USD Million), 2018-2023
4. Saudi Arabia Solar Photovoltaic (PV) Market Forecast: Breakup by Technology (USD Million), 2024-2032
5. Saudi Arabia Solar Photovoltaic (PV) Historical Market: Breakup by Deployment (USD Million), 2018-2023
6. Saudi Arabia Solar Photovoltaic (PV) Market Forecast: Breakup by Deployment (USD Million), 2024-2032
7. Saudi Arabia Solar Photovoltaic (PV) Historical Market: Breakup by Connectivity (USD Million), 2018-2023
8. Saudi Arabia Solar Photovoltaic (PV) Market Forecast: Breakup by Connectivity (USD Million), 2024-2032
9. Saudi Arabia Solar Photovoltaic (PV) Historical Market: Breakup by End Use (USD Million), 2018-2023
10. Saudi Arabia Solar Photovoltaic (PV) Market Forecast: Breakup by End Use (USD Million), 2024-2032
11. Saudi Arabia Solar Photovoltaic (PV) Historical Market: Breakup by Region (USD Million), 2018-2023
12. Saudi Arabia Solar Photovoltaic (PV) Market Forecast: Breakup by Region (USD Million), 2024-2032
13. Saudi Arabia Solar Photovoltaic (PV) Market Structure
Key Questions Answered in the Report
The market reached a value of approximately 1.90 GW in 2023.
The market is projected to grow at a CAGR of 11.5% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach 5.26 GW by 2032.
The major market drivers include increased adoption by the residential sector and rise in government initiatives to support the adoption of solar energy.
The key trends fuelling the growth of the market include growing investments towards research and development activities for photovoltaic technologies by the key players of the market and rising environmental concerns.
The major regions in the market are Makkah, Riyadh, Madinah, Qassim, and Eastern Province, among others.
The end uses of solar photovoltaic include residential, commercial, and utility.
Who are the key market players, according to the Saudi Arabia solar photovoltaic (PV) market report?
The key players in the market are LONGi Green Energy Technology Co., Ltd., CHINT Group, GTek Solar, Jinko Solar Co., Ltd, Clean Technologies Co, Bin Omairah Holding, and Power Lines Contracting Co., among others.
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