Saudi Arabia Rooftop Solar Market is expected to grow at a CAGR of 17.6% through 2028

Government Incentives and Declining Cost of Solar PV Systems are the factors driving the market growth in the forecast period.

According to TechSci Research report, “Saudi Arabia Rooftop Solar Market – By Region, Competition, Forecast and Opportunity, 2018-2028F”, The Saudi Arabia Rooftop Solar Market is expected to grow at an impressive CAGR.  The Kingdom's abundant sunlight makes it highly conducive for solar energy generation, presenting a vast potential for rooftop solar installations. With increasing awareness of renewable energy benefits and sustainability goals, both residential and commercial sectors are embracing rooftop solar as a viable alternative to traditional fossil fuel-based electricity.

Government support is a crucial driver for the rooftop solar market in Saudi Arabia. Initiatives such as the Saudi Vision 2030 and the National Renewable Energy Program (NREP) aim to diversify the economy away from oil dependence and promote renewable energy sources. Policies and incentives, including subsidies, net metering, and tax exemptions, encourage investments in solar energy projects and reduce financial barriers for consumers and businesses looking to adopt rooftop solar systems. Technological advancements also play a significant role in boosting the rooftop solar market. Improvements in solar panel efficiency, battery storage solutions, and smart grid integration enhance the reliability and cost-effectiveness of rooftop solar installations. Innovations in financing models, such as leasing and power purchase agreements (PPAs), further lower upfront costs and attract a broader range of consumers and businesses to invest in solar energy.

However, the rooftop solar market in Saudi Arabia faces several challenges. Grid integration and stability issues require careful planning and investment in infrastructure to accommodate fluctuating solar energy output. Ensuring compatibility with existing electricity networks and addressing technical barriers are critical for seamless integration of rooftop solar into the national grid. Moreover, despite declining costs of solar technology globally, initial investment remains a hurdle for widespread adoption in Saudi Arabia. High upfront costs for equipment and installation deter potential consumers and businesses, necessitating continued government support and innovative financing solutions to make solar energy more accessible and affordable. Regulatory complexities also pose challenges for the rooftop solar market. Streamlining permitting processes, ensuring clear regulations for grid connection, and addressing administrative barriers can accelerate deployment and reduce uncertainties for investors and stakeholders. Enhancing transparency and consistency in regulatory frameworks is essential to fostering a conducive environment for sustainable growth of the rooftop solar sector.

Browse over XX market data Figures spread through 80 Pages and an in-depth TOC on the "Saudi Arabia Rooftop Solar Market."

Saudi Arabia Rooftop Solar Market is divided into Technology, Grid-type, End-Use and Region. Based on Technology, the market is divided into Thin Film and Crystalline Silicon. Based on Grid-type, the market is divided into Grid Connected and Off-grid. Based on End Use, the market is divided into Residential, Commercial, Industrial.

Based on Technology, the market is divided into Crystalline Silicon PV and Thin Film PV. With the largest market share and projected significant growth over the foreseeable period, the crystalline silicon PV industry now dominates the market. Crystalline panels are the most common type of solar panel used in residential and commercial applications due to their higher efficiency and reliability.

Based on End Use, the Commercial and Industrial Segment is Expected to Dominate the Market. More than half of Saudi Arabia rooftop solar installations are in the commercial and industrial sectors. The development of innovative technology and supportive policies are essential for the expansion of the business and industrial sector. Instead of only considering rooftop solar systems with the grid serving as storage (net/gross metering), Saudi Arabia authorities need to plan for rooftop solar systems and storage. In comparison to the conventional grid supply and diesel generators, the combination produces electricity more affordably. Due to affordability and the demand for technology, the commercial and industrial sector in Saudi Arabia is anticipated to experience considerable market expansion over the forecast period. Due to being one of the largest energy consumers, the commercial and industrial sector typically pays higher electricity expenses. The industry has the most advantageous use profiles and stands to gain from the installation of rooftop solar PV systems across substantial roof areas. In Saudi Arabia, an increasing number of business properties choose to rent out their space with a permanent roof.

Key market players in the Saudi Arabia Rooftop Solar Market include:

• ACWA Power Company
• Alfanar Group
• Abu Dhabi Future Energy Company (Masdar)
• EDF Renewables
• Saudi Electricity Company
• Engie SA
• JinkoSolar Holding Co. Ltd
• Enel SpA

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“Over the projected period, the industry is anticipated to increase as a result of the rising demand for sources of sustainable energy generation to replace conventional energy sources. Solar energy is now more competitive in the energy generation sector thanks to solar energy system cost reductions. Due to significant investments in solar energy technologies, component costs are anticipated to continue decline in the upcoming years, making solar energy systems more affordable than currently operational coal or gas power plants. ​ Owing to that the market is expanding in the future.” Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.

“Saudi Arabia Rooftop Solar Market Segmented by Technology (Thin Film, Crystalline Silicon), by Grid-type (Grid Connected, Off-grid), by End-use (Residential, Commercial, Industrial), By Region, Competition, Forecast and Opportunities, 2028” has evaluated the future growth potential of Saudi Arabia Rooftop Solar 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 Rooftop Solar Market.

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