Saudi Arabia Solar Energy Market Insights, Share & Growth Trends 2025 to 2030

The Saudi Arabia Solar Energy Market is poised for remarkable growth, with projections estimating the market value to skyrocket from approximately USD 6 billion in 2024 to USD 49 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of around 42%. This robust expansion is driven by factors such as increased electricity tariffs, supportive government initiatives, and a notable shift towards renewable energy sources as part of Saudi Arabia's Vision 2030 strategy.

Scope of the Report

This comprehensive report provides an in-depth analysis of the Saudi Arabia Solar Energy Market from 2025 to 2030. It covers various essential aspects such as market size, trends, opportunities, and competitive landscapes influenced by increasing investments in solar energy initiatives. Specific focus is given to the segmentation based on type (Solar Photovoltaic [PV] and Concentrated Solar Power [CSP]), application (Residential, Commercial, and Industrial), and end-use (Electricity Generation, Heating, Charging, Lighting). The report also highlights significant regional dynamics affecting market growth.

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Saudi Arabia Solar Energy Market Segmentation

The Saudi Arabia Solar Energy Market is broadly segmented into the following categories:

By Type:

Solar Photovoltaic (PV)
Concentrated Solar Power (CSP)

- Solar photovoltaic accounts for over 65% market share in the Saudi Arabia Solar Energy Market among both solar energy types. The large share is attributed to the benefit of the cost-effectiveness of the PV sources.

By Application:

Residential
Commercial
Industrial

By End-Use:

Electricity Generation
Heating
Charging
Lighting

By Region:

Central
South
East
West

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Saudi Arabia Solar Energy Market Drivers

The primary driver fueling the growth of the Saudi Arabia solar energy market is the increased electricity tariffs that came into effect in 2024. These rising costs have made solar photovoltaic systems an attractive investment option for both residential customers and businesses seeking to stabilize energy expenses. With payback periods reduced to 5-7 years, there is a growing trend among consumers to transition to solar energy, thus reducing dependency on conventional energy sources. Moreover, the Saudi government’s commitment to renewable energy, with an estimated expenditure of approximately USD 300 billion by 2030, reflects strong financial backing for solar energy initiatives. Alongside technological advancements in solar cell performance and production, these factors significantly enhance the prospects of solar energy adoption in the region.

List of Major Market Competitors

Key players driving the Saudi Arabia solar energy market include:

Alfanar Group
Abu Dhabi Future Energy Company (Masdar)
EDF Renewables
ACWA Power Company
Saudi Aramco Power Company (SAPCO)
Guangdong Power Engineering Company
JinkoSolar Holding Co. Ltd.
Enel Green Power S.p.A.
Desert Technologies
Baker Hughes Company
Engie SA and more…

These competitors are actively engaging in strategic alliances, partnerships, and technological collaborations to enhance their market positioning and capitalize on emerging opportunities.

Frequently Asked Questions (FAQs)

What are the expected growth rates of the Saudi Arabia solar energy market during the forecast period?
How do rising electricity tariffs influence the solar energy adoption rate in Saudi Arabia?
Which types of solar energy systems dominate the market share in the region?
What challenges does the Saudi solar energy market face in terms of competition from the oil sector?
How significant are government initiatives in promoting renewable energy projects in the Kingdom?

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