Solar photovoltaic (PV) is the source of a renewable source of energy that converts solar radiation into direct current electricity by using semiconductors. The inclination of consumers is growing toward the solar photovoltaic (PV) due to the published government rules.
According to MarkNtel Advisors’ research report titled “Saudi Arabia Solar Photovoltaic (PV) Market Analysis, 2020”, the Saudi Arabia Solar Photovoltaic (PV) market is expected to grow at a considerable CAGR during 2021-26. The demand for solar photovoltaic has surged in recent years in Saudi Arabia to reduce the dependence on the oil and gas sector and to expand in other sectors as well. The major growth factors aiding solar PVs are the low-cost energy generation and future plans for the reduction of the carbon footprint.
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In addition, rising consumer awareness and the introduction of cutting-edge designed solar rooftop PV are also influencing the growth of the market. Also, Saudi Arabia’s Electricity & Cogeneration Regulatory Authority has introduced new rules for distributed-generation solar installations which would encourage electricity consumers to install PV systems under the country’s net billing regime. High overall cost and maintenance cost is curtailing the growth of the market. Saudi Arabia’s Electricity & Cogeneration Regulatory Authority has published new rules for distributed-generation solar installations which is anticipated to encourage consumers to install PV systems under the country’s net billing regime.
“Saudi Arabia Solar Photovoltaic (PV) Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for Saudi Arabia Solar Photovoltaic (PV) providers across the country. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
Government Investments Aiding the Solar PV Market Growth in Saudi Arabia
In 2019, a tender contract to build a 600-megawatt solar power project in Mecca was announced the country by the country's energy ministry. The plant is a part of a wider plan to build a 2600-megawatt solar power project which would be implemented in phases in the Saudi city. Under the Saudi Vision 2030, Yellow Door Energy (YDE) signed an agreement with Arab Petroleum Investments Corporation (APOCORP) to install solar panels in Kingdom in Saudi Arabia to retrofit the building with energy-efficient buildings. The project is expected to get completed by the end of 2020 and is expected to reduce 2000 tons of carbon emissions and generate 718 MW of energy. Thus, such investments by companies and government in the company would contribute to the growth of solar photovoltaic (PV) during 2021-26 as stated in the MarkNtel Advisors’ research report “Saudi Arabia Solar Photovoltaic (PV) Market Analysis, 2020”.
According to MarkNtel Advisors, the key players with a considerable market share in the Saudi Arabia Solar Photovoltaic (PV) market include First Solar, Inc., Gtek Solar, Sharp Corporation, Hanwha Q Cells Co. Ltd, National Solar System, Egphil Solar Solutions, Vista Eco Solutions, Gulf Batteries Co Ltd, SunPower Corporation, JinkoSolar Holding Co. Ltd, etc.
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Key questions answered in the study: