Decline in the cost of the solar battery cell and surging electricity requirements are expected to drive the Saudi Arabia Solar Photovoltaics market in the forecast period
According to TechSci Research report, “Saudi Arabia Solar Photovoltaics Market By Type (Thin film, Multi-Si, Mono-Si) By Installation mode (Rooftop and Ground Mounted) By Grid Type (Grid Connected and Off-Grid) By Application (Residential, Commercial, Utility), By Region, Company Forecast & Opportunities, 2026”, The Saudi Arabia Solar Photovoltaics market is expected to grow at a steady rate in the forecast period. Solar photovoltaics is a technology that converts solar energy into electrical energy with the help of conductors. The major categories of the solar photovoltaics market are thin film, multi-silicon, and mono-silicon films. Solar photovoltaics can also be used as a solar tracking system to improve the overall performance of the systems. Solar technology is considered a better alternative to the conventional source of energy as it is more affordable and helps in the reduction of harmful gases in the environment. The initiatives taken by the leading authorities to reduce the dependency on conventional sources of energy are expected to fuel the demand for the solar photovoltaics market. The rapid urbanization of people in search of better job opportunities and quality living standards is fueling the demand for efficient energy generation techniques. The growing economy of the country and the blooming manufacturing industry is boosting the market growth.
The COVID-19 outbreak across the world which has been declared as a pandemic by World Health Organization has affected several countries adversely. Leading authorities of Saudi Arabia imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Coronavirus-affected patients started suffering from shortness of breath along with coughing and sneezing. Manufacturing units were temporarily closed, and the shortage of workforce adversely affected the solar photovoltaics market growth. Disruption in the supply chain was observed due to the restrictions imposed on the import and export activities which in turn negatively impacted the solar photovoltaics market growth.
However, the requirements for large land spaces to set up the solar plants may create a hindrance in the Saudi Arabia Solar Photovoltaics market growth.
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Saudi Arabia Solar Photovoltaics market is segmented into type, installation mode, grid type, application, regional distribution, company. Based on the installation mode, the market can be divided into rooftop and ground mounted. The ground mounted segment is expected to witness growth in the forecast period, 2022-2026 as it is widely used for commercial and utility applications. This installation type is considered more cost-effective which is the significant reason for its high demand. Based on the grid type, the market is bifurcated into grid connected and off-grid. The grid connected type segment is expected to hold a major market share in the next five years owing to the rise in the number of utility-scale projects. These can be used for small as well as large utility-scale power applications. Based on the application, the market can be divided into residential, commercial, and utility. The utility segment is expected to dominate the solar photovoltaics market in the next five years. Due to the ongoing infrastructural developments and upcoming residential construction projects the solar photovoltaics market is expected to witness growth.
Desert Technologies, EGPHIL Solar Solutions, Hanwha Q Cells Co. Ltd, National Solar Systems Company, First Solar International Middle East FZ-LLC, SunPower Corporation, Gulf Batteries Co Ltd, SNC Lavalin Kentz SAUDI ARABIA, Sharp Middle East FZE, Vista Eco Solar Solutions LLC, and others are some of the leading players operating in Saudi Arabia Solar Photovoltaics market. Companies operating in the market are using strategies such as joint ventures, product launches, mergers, and research collaborations to boost their share and increase their geographic reach.
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“Market players are investing heavily in the research and development activities related to solar energy and the rise in the efforts to make light-weight products is expected to influence the market growth. The launch of hybrid solar photovoltaic modules integrated with temperature controllers, remote sensors, adjustable arrays, amongst others is expected to fuel the solar photovoltaics market growth. The demand for safer and cleaner energy alternatives to reduce the adverse effects of using the conventional source of energy is expected to propel market growth till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Solar Photovoltaics Market By Type (Thin film, Multi-Si, Mono-Si) By Installation mode (Rooftop and Ground Mounted) By Grid Type (Grid Connected and Off-Grid) By Application (Residential, Commercial, Utility), By Region, Company Forecast & Opportunities, 2026”, has evaluated the future growth potential of Saudi Arabia Solar Photovoltaics market and 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 Photovoltaics market.
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