According to a research report entitled ‘Saudi Arabia Solar Photovoltaic (PV) Market Analysis, 2020’, available with Market Study Report LLC, Saudi Arabia’s solar photovoltaic market is predicted to expand with a CAGR of 5% between 2020 and 2026.
The introduction of supportive government regulations such as the Saudi Vision 2030, which aims to achieve economic diversification, is one of the key factors driving the growth of the Kingdom’s solar photovoltaic market. For those unaware, solar photovoltaic (PV) is a technology that is used to develop electricity without employing any moving parts.
Saudi Arabia’s solar photovoltaic market is predicted to expand with a CAGR of 5% between 2020 and 2026.
As per credible reports, Saudi Arabia has planned to deploy 27.3 GW of renewable energy by 2023, out of which 20 GW is slated to be produced through solar power. Thus, a favorable regulatory outlook and deflating prices of solar panels should have boosted the demand for solar photovoltaic cells, thereby positively impacting the business dynamics in Saudi Arabia.
However, the emergence of the Covid-19 pandemic and subsequent lockdowns has resulted in an economic slowdown and disruptions in supply chain processes, which may negatively impact the growth of Saudi Arabia’s photovoltaic industry.
As per type, the market is divided into poly-crystalline, mono-crystalline, and thin-film segments. The report claims that the thin film segment accounted for the largest share in the Saudi Arabian photovoltaic market in 2019 and is expected to register significant growth throughout the forecast period. Thin-film photovoltaic cells are made using non-silicon materials and hence are also known as second-generation solar cells. It is quite flexible and can be used as rooftop tiles or shingles, thereby fueling the segmental size.
Saudi Arabia has planned to deploy 27.3 GW of renewable energy by 2023, out of which 20 GW is slated to be produced through solar power
The end-user scope of the Kingdom’s photovoltaic industry consists of commercial and residential segments. In terms of the deployment model, the market is segmented into ground-mounted and rooftop.
ACWA Power, JinkoSolar Holding Co. Ltd., SunPower Corporation, Gulf Batteries Co. Ltd., Vista Eco Solutions LLC, EGPHIL Solar Solutions, National Solar System LLC, Hanwha Q Cells Co. Ltd., Sharp Corporation, Gtek Solar, and First Solar Inc. are the key companies operating in Saudi Arabia solar photovoltaic industry.