Saudi Arabia Solar Power Market Analysis

What is the Saudi Arabia solar power market?

The Saudi Arabia Solar Power Market is Segmented by Type (Solar Photovoltaic (PV) and Concentrated Solar Energy (CSP)). The report offers the market size and forecasts for Saudi Arabia's solar energy in installed capacity (MW) for all the above segments.

Will solar energy grow in Saudi Arabia?

However, the increasing adoption of alternate clean power sources, such as wind, and the availability of fossil fuels are expected to restrain the growth of the solar energy market during the forecast period. Saudi Arabia's National Renewable Energy Program aims to achieve 40 GW of solar energy installed capacity by 2030.

How much solar energy does Saudi Arabia have in 2021?

The installed solar energy capacity for Saudi Arabia in 2021 was 439 MW, and it is expected to increase during the forecast period. The solar energy installed capacity in Saudi Arabia accounts for more than 98% of the total renewable energy mix.

How big is Saudi Arabia's renewable energy market?

Saudi Arabia wants to increase the generation capacity of renewable energy sources to about 58.7 gigawatts by 2030, of which 40GW would be from solar and 16GW from wind energy. The report also shows that the size of the renewable energy market in the countries of the Gulf Cooperation Council (GCC) stands at 17 gigawatts.

What is Saudi Arabia's solar PV future?

As the country has high solar irradiation, solar PV has been the focus area within renewables for the government. By 2030, cumulative solar PV capacity in Saudi Arabia is expected to reach 28.6GW, growing from 0.5GW in 2020.

Why is solar power important in Saudi Arabia?

Solar power in Saudi Arabia has become more important to the country as oil prices have risen. In 2021, 60.89% of energy consumed was produced by burning oil.