Saudi Arabia Solar Energy Market Size, Share & Growth Analysis [2030]

Saudi Arabia Solar Energy Market Research Report: Forecast (2025-2030)

Saudi Arabia Solar Energy Market - By Type (Solar Photovoltaic [PV], Concentrated Solar Power [CSP]), By Application (Residential, Commercial, Industrial), By End-Use (Electricity Generation, Heating,... ... Generation, Heating, Charging, Lighting), By Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicone Cells) and Others Read more

Energy
Dec 2024
Pages 117
Report Format: PDF, Excel, PPT

Market Definition

Solar energy is the radiation from the sun capable of generating heat, causing chemical reactions, or generating electricity. The overall quantity of sun strength received on the planet is vastly greater than the world's present-day and anticipated power requirements.

Market Insights & Analysis: Saudi Arabia Solar Energy Market (2025-30):

The Saudi Arabia Solar Energy Market size was valued at around USD 6 billion in 2024 and is projected to reach USD 49 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 42% during the forecast period, i.e., 2025-30. With the need to reduce CO2 emissions, growing awareness of energy security, and retaining environmental sustainability, the inclination in the direction of using solar energy in Saudi Arabia is increasing. Therefore, awareness of lowering the cost of solar energy and favorable government initiatives are continuously driving the demand for solar energy.

Report Coverage	Details
Historical Years	2020-23
Base Years	2024
Forecast Years	2025-30
Market Value in 2024	USD 6 Billion
Market Value in 2030	USD 49 Billion
CAGR (2025-30)	42%
Top Key Players	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 others
Key Report Highlights	Market Dimensions & Projections Pricing Evaluation, Recent Strategic Moves by Companies, Primary Stakeholders, Analysis of Import and Export Trends, Competitive Landscape Assessment, Emerging Opportunities, Market Trends and Indicators

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Moreover, the capacity for solar energy in Saudi Arabia is immense, given its excessive horizontal sun irradiation, ranging between 2,000 and 2,500 kWh/m²/year, one of the highest globally. This ample solar resource positions Saudi Arabia as an excellent location for large-scale solar energy initiatives. The country's strategic move toward energy diversification, driven by the decline in global oil prices and the need for sustainable electricity sources, underscores the pivotal role solar energy will play in the country's future energy landscape.

To enhance the renewable energy capacity and to achieve the monetary benefits associated with this, is the primary aim National Renewable Energy Program of Vision 2030. To manufacture 3.45 GW of renewable energy in 2020 and 9.5 GW in 2023, the initiative demonstrates the government's determination to renewable energy, driving a huge upward push in solar energy demand. Large-scale solar adoption is shown through major projects including the 300 MW solar PV plant in Sakaka and the 2,400 MW wind power plants in Midyan and Dumat Al-Jandal, demonstrating the government's commitment. These actions encourage the utilization of solar energy and also open up possibilities for partnerships between the authorities and private sectors, attracting considerable investments and speeding up the expansion of the solar energy market in Saudi Arabia.

Market Segmentation
Research Methodology
1. Product Definition
2. Research Process
3. Assumptions
Executive Summary
Saudi Arabia Solar Energy Market Trends & Development
Saudi Arabia Solar Energy Market Industry Dynamics
1. Drivers
2. Challenges
Saudi Arabia Solar Energy Market Hotspot & Opportunities
Saudi Arabia Solar Energy Market Policies, Regulations, Product Standards
Saudi Arabia Solar Energy Market Outlook, 2020-2030F
1. Market Size & Analysis
  1. By Revenues (USD Million)
2. Market Share & Analysis
  1. By Type
    1. Solar Photovoltaic (PV) - Market Size & Forecast 2020-2030, USD Million
    2. Concentrated Solar Power (CSP)- Market Size & Forecast 2020-2030, USD Million
  2. By Application
    1. Residential- Market Size & Forecast 2020-2030, USD Million
    2. Commercial- Market Size & Forecast 2020-2030, USD Million
    3. Industrial- Market Size & Forecast 2020-2030, USD Million
  3. By End-Use
    1. Electricity Generation- Market Size & Forecast 2020-2030, USD Million
    2. Heating- Market Size & Forecast 2020-2030, USD Million
    3. Charging- Market Size & Forecast 2020-2030, USD Million
    4. Lighting- Market Size & Forecast 2020-2030, USD Million
  4. By Solar Module
    1. Monocrystalline- Market Size & Forecast 2020-2030, USD Million
    2. Polycrystalline- Market Size & Forecast 2020-2030, USD Million
    3. Cadmium Telluride- Market Size & Forecast 2020-2030, USD Million
    4. Amorphous Silicone Cells- Market Size & Forecast 2020-2030, USD Million
    5. Others- Market Size & Forecast 2020-2030, USD Million
  5. By Region
    1. Central
    2. South
    3. East
    4. West
  6. By Company
    1. Competition Characteristics
    2. Company Share & Analysis
Saudi Arabia Residential Solar Energy Market Outlook, 2020-2030F
1. Market Size & Analysis
  1. By Revenue (USD Million)
2. Market Share & Analysis
  1. By Type - Market Size & Forecast 2020-2030, USD Million
  2. By End-Use- Market Size & Forecast 2020-2030, USD Million
  3. By Solar Module- Market Size & Forecast 2020-2030, USD Million
Saudi Arabia Commercial Solar Energy Market Outlook, 2020-2030F
1. Market Size & Analysis
  1. By Revenue (USD Million)
2. Market Share & Analysis
  1. By Type - Market Size & Forecast 2020-2030, USD Million
  2. By End-Use- Market Size & Forecast 2020-2030, USD Million
  3. By Solar Module- Market Size & Forecast 2020-2030, USD Million
Saudi Arabia Industrial Solar Energy Market Outlook, 2020-2030F
1. Market Size & Analysis
  1. By Revenue (USD Million)
2. Market Share & Analysis
  1. By Type - Market Size & Forecast 2020-2030, USD Million
  2. By End-Use- Market Size & Forecast 2020-2030, USD Million
  3. By Solar Module- Market Size & Forecast 2020-2030, USD Million
Saudi Arabia Solar Energy Market Key Strategic Imperatives for Growth & Success
Competitive Outlook
1. Company Profiles
  1. Alfanar Group
    1. Business Description
    2. Type Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  2. Abu Dhabi Future Energy Company (Masdar)
    1. Business Description
    2. Type Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  3. EDF Renewables
    1. Business Description
    2. Type Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  4. ACWA Power Company
    1. Business Description
    2. Type Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  5. Saudi Aramco Power Company (SAPCO)
    1. Business Description
    2. Type Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  6. Guangdong Power Engineering Company
    1. Business Description
    2. Type Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  7. JinkoSolar Holding Co. Ltd.
    1. Business Description
    2. Type Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  8. Enel Green Power s.p.a.
    1. Business Description
    2. Type Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  9. Desert Technologies
    1. Business Description
    2. Type Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  10. Baker Hughes Company
    1. Business Description
    2. Type Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  11. Engie SA
    1. Business Description
    2. Type Portfolio
    3. Strategic Alliances or Partnerships
    4. Recent Developments
    5. Financial Details
    6. Others
  12. Others
Disclaimer

MarkNtel Advisors follows a robust and iterative research methodology designed to ensure maximum accuracy and minimize deviation in market estimates and forecasts. Our approach combines both bottom-up and top-down techniques to effectively segment and quantify various aspects of the market. A consistent feature across all our research reports is data triangulation, which examines the market from three distinct perspectives to validate findings. Key components of our research process include:

1. Scope & Research Design At the outset, MarkNtel Advisors define the research objectives and formulate pertinent questions. This phase involves determining the type of research—qualitative or quantitative—and designing a methodology that outlines data collection methods, target demographics, and analytical tools. They also establish timelines and budgets to ensure the research aligns with client goals.

2. Sample Selection and Data Collection In this stage, the firm identifies the target audience and determines the appropriate sample size to ensure representativeness. They employ various sampling methods, such as random or stratified sampling, based on the research objectives. Data collection is carried out using tools like surveys, interviews, and observations, ensuring the gathered data is reliable and relevant.

3. Data Analysis and Validation Once data is collected, MarkNtel Advisors undertake a rigorous analysis process. This includes cleaning the data to remove inconsistencies, employing statistical software for quantitative analysis, and thematic analysis for qualitative data. Validation steps are taken to ensure the accuracy and reliability of the findings, minimizing biases and errors.

4. Data Forecast and FinalizationThe final phase involves forecasting future market trends based on the analyzed data. MarkNtel Advisors utilize predictive modeling and time series analysis to anticipate market behaviors. The insights are then compiled into comprehensive reports, featuring visual aids like charts and graphs, and include strategic recommendations to inform client decision-making

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