Saudi Arabia PV Cells Market is growing as the government focuses on diversifying its economy from oil reliance, boosting the development and adoption of solar energy solutions.
According to the TechSci Research report, “Saudi Arabia PV Cells Market – By Region, Competition, Forecast, and Opportunities, 2020-2030F,” the Saudi Arabia PV Cells Market was valued at USD 98.02 million in 2023 and is projected to experience robust growth, with a CAGR of 11.34% through 2030. The market presents significant opportunities driven by the country’s ambitious renewable energy goals and favorable solar conditions. As Saudi Arabia moves away from fossil fuels, there is a growing focus on expanding solar power capacity. This shift is fueled by supportive government policies like the Saudi Vision 2030 initiative, which aims to increase the share of renewable energy in the national energy mix.
Saudi Arabia’s vast geographical area and abundant sunlight make it ideal for solar energy generation, providing ample opportunities for large-scale PV installations. Projects such as utility-scale solar farms and distributed rooftop installations offer pathways for innovation and market growth. Furthermore, advancements in PV technology, including improvements in efficiency and cost-effectiveness, enhance the attractiveness of solar energy investments in Saudi Arabia. As the market matures, partnerships between technology providers, developers, and financial institutions are expected to contribute to economic development and environmental sustainability in the Kingdom.
Based on type, the Inorganic segment led the market in 2023, driven by technological suitability, economic viability, and government support. This segment includes PV cell technologies like crystalline silicon (c-Si) and thin-film PV cells based on materials such as cadmium telluride (CdTe) and copper indium gallium selenide (CIGS). These technologies are dominant due to their high efficiency, reliability, and scalability, making them well-suited for Saudi Arabia’s renewable energy goals and environmental conditions.
Crystalline silicon (c-Si) PV cells, both monocrystalline and polycrystalline, form the backbone of the global PV industry. Their dominance in Saudi Arabia is attributed to several key advantages. First, c-Si technology offers high conversion efficiencies, essential for maximizing electricity production from the kingdom’s abundant solar irradiance. Given Saudi Arabia’s desert climate, which provides intense sunlight year-round, c-Si PV cells are particularly effective in harnessing solar energy efficiently.
The durability and long operational lifetimes of c-Si PV cells make them well-suited for Saudi Arabia’s harsh environmental conditions. These cells perform reliably in extreme temperatures and are resistant to dust and sandstorms, which are common in desert regions. This robustness ensures minimal maintenance requirements and stable energy production, reducing operational costs and enhancing economic feasibility.
In addition to c-Si technology, thin-film PV cells, such as those based on CdTe and CIGS, have also gained popularity in Saudi Arabia. These technologies offer lower manufacturing costs, flexibility in application, and potential integration into building materials. While their efficiencies tend to be lower than those of c-Si PV cells, technological improvements have made them increasingly competitive in specific applications and deployment scenarios.
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Cost competitiveness has played a significant role in driving the adoption of inorganic PV technologies in Saudi Arabia. Advancements in manufacturing, economies of scale, and global supply chain efficiencies have lowered the cost of PV cells, particularly crystalline silicon. As a result, solar energy has become more attractive compared to conventional fossil fuel sources for electricity generation. Furthermore, government initiatives under Vision 2030, such as subsidies and competitive auctions for solar projects, have created a favorable investment environment for the PV sector.
The dominance of inorganic PV technologies aligns with Saudi Arabia’s broader goals of enhancing energy security, diversifying the energy mix, and reducing dependency on oil and gas for electricity generation. By leveraging its abundant solar resources, the Kingdom aims to establish a robust renewable energy infrastructure that supports both economic growth and environmental sustainability.
Overall, the expected dominance of the inorganic segment in the Saudi Arabia PV Cells Market in 2023 highlights a transformative shift toward cleaner, more sustainable energy solutions. With technological advancements, economic competitiveness, and strong government support driving PV technology adoption, Saudi Arabia is well-positioned to harness its solar potential and lead the region in renewable energy development.
Key market players in the Saudi Arabia PV Cells Market are:-
- ACWA Power International
- Alfanar Group
- EDF Renewables
- ENGIE Group
- JinkoSolar Holding Co., Ltd.
- Enel S.p.A.
- Solar Arabia Co Ltd
- Green Technology Co., Ltd. – Gtek Solar
- Sun Capture (Aljoaib Holdings)
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“The Saudi Arabia PV Cells Market in Riyadh is poised to be the dominant region in the industry. The commercial and industrial sectors in Riyadh are increasingly adopting solar PV systems on their premises. Businesses and industries in Riyadh benefit from incentives, long-term Power Purchase Agreements (PPAs), and government support for solar installations. This trend helps reduce energy costs and aligns with Riyadh’s focus on sustainability”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.
“Saudi Arabia PV Cells Market By Type (Organic and Inorganic), By Product Type (Thin Film, Monocrystalline and Poly-crystalline), By End User (Residential, Commercial and Utility Scale), By Region, Competition, Forecast and Opportunities, 2019-2029F,” has evaluated the future growth potential of Saudi Arabia PV Cells 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 PV Cells Market.
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