Saudi Arabia solar energy panel market is growing due to the country’s push for energy diversification, reducing fossil fuel dependence, and promoting sustainability through renewable energy.
According to a TechSci Research report, the Saudi Arabia Solar Energy Panel Market was valued at USD 350 million in 2024 and is projected to reach USD 929.37 million by 2030, growing at a CAGR of 17.5%. This strong growth is driven by the efforts of the Renewable Energy Project Development Office (REPDO), which plays a key role in expanding the market. REPDO implements competitive bidding processes for utility-scale solar projects, attracting both local and international investors. This process not only ensures cost-effective development but also fosters technological innovation, pushing the boundaries of solar efficiency and sustainability.
Major solar projects, such as the Sakaka and Sudair solar plants, have been secured through these bidding processes, showcasing the success of this approach. These projects contribute significantly to Saudi Arabia’s ambitious renewable energy targets, establishing a thriving solar energy market. REPDO’s strategic facilitation of competitive bidding is a cornerstone in realizing the kingdom’s commitment to sustainable energy and innovation.
Jeddah is emerging as the fastest-growing hub in Saudi Arabia’s solar energy panel market. As a major economic and industrial center located on the Red Sea coast, Jeddah benefits from abundant sunlight year-round, making it an ideal location for solar energy generation. The region’s high solar irradiance levels and expansive landscapes provide optimal conditions for large-scale solar installations. Jeddah’s well-developed transportation networks also facilitate the import of solar panels, equipment, and technology, making it easier for businesses and investors to access state-of-the-art solar solutions.
The city’s proactive approach to renewable energy adoption aligns with Saudi Arabia’s Vision 2030 initiative, which focuses on diversifying the economy and promoting sustainability. The government’s Renewable Energy Project Development Office (REPDO) has played a crucial role in attracting investment and encouraging the growth of the solar energy sector in Jeddah. Additionally, the city’s vibrant business ecosystem and entrepreneurial spirit have fostered a community of renewable energy startups and technology firms, which drive innovation and lower costs.
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In 2024, the commercial application segment dominated the Saudi Arabia solar energy panel market and is expected to maintain this lead through 2030. The commercial sector, which includes businesses, institutions, and government organizations, has been a major driver of solar panel installations. This growth is supported by corporate sustainability initiatives, government incentives, and the desire to reduce operational costs and carbon footprints.
Although the residential sector is also expanding, commercial projects, including rooftop installations on commercial buildings and industrial facilities, make up a significant portion of the market. As Saudi Arabia continues to prioritize sustainable development and energy diversification, the commercial sector will remain a key player in the solar energy market.
Key market players in the Saudi Arabia Solar Energy Panel Market are: –
- 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.
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“The Saudi Arabia Solar Energy Panel Market presents substantial growth opportunities, driven by the government’s Vision 2030 initiative, which emphasizes renewable energy as a key component of the nation’s diversification strategy. With abundant sunlight and a growing demand for sustainable energy solutions, the market is poised for expansion across residential, commercial, and industrial sectors. The increasing focus on reducing dependency on oil and gas, coupled with favorable regulations and subsidies, further boosts solar adoption.
Additionally, advancements in solar panel technology, such as higher efficiency and lower costs, are making solar energy more accessible. The rise in large-scale solar power projects, such as those in NEOM and the Red Sea Project, provides significant growth avenues for developers and suppliers. The growing awareness of environmental sustainability among businesses and consumers also drives the demand for clean energy alternatives, creating a promising market for solar energy solutions in the country.” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.
“Saudi Arabia Solar Energy Panel Market By Technology (Solar PV, Concentrated Solar Power), By Module Type (Thin Film, Crystalline), By Grid Connectivity (On-Grid, Off-Grid), By Application (Residential, Commercial, Industrial), By Region, Competition, Forecast and Opportunities, 2020-2030F,” has evaluated the future growth potential of Saudi Arabia Solar Energy Panel Marketand provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Saudi Arabia Solar Energy Panel Market.
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