Saudi Arabia Concentrated Photovoltaic Market is expected to grow at a 12.68% CAGR
Saudi
Arabia Concentrated Photovoltaic Market is expected to grow owing to reducing
reliance on fossil fuels and increasing energy security throughout the forecast
period.
According
to TechSci Research report, “Saudi
Arabia Concentrated Photovoltaic Market – By Region, Competition, Forecast and Opportunities, 2018-2028F”,
the Saudi Arabia Concentrated Photovoltaic Market is expected to register 12.68% CAGR during the forecast period. The
Saudi government has been actively advocating for renewable energy as an
integral part of its Vision 2030 plan. Prominent initiatives like the National
Renewable Energy Program (NREP) strive to diversify the energy mix and decrease
the country's dependence on fossil fuels. This creates a favorable environment
for CPV projects through the provision of incentives, subsidies, and regulatory
assistance.
The Saudi
government has demonstrated a steadfast dedication to renewable energy with the
implementation of initiatives like Saudi Vision 2030 and the National Renewable
Energy Program (NREP). These initiatives provide a conducive environment for
the development of Concentrated Photovoltaic (CPV) projects, offering
incentives such as long-term power purchase agreements (PPAs), tax benefits,
and access to land and infrastructure.
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over XX market data Figures spread through XX Pages and an in-depth TOC on the "Saudi
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Based
on product, the
Refractors segment is expected to dominate the market during the forecast
period. Saudi Arabia has made substantial investments in research and
development pertaining to CPV technology, specifically refractors. Innovations
in materials and design have resulted in refractors that are more efficient and
cost-effective, increasing the competitiveness of CPV systems compared to
traditional photovoltaic technologies. Refractors play a critical role in CPV
concentrator optics, which concentrate sunlight. The seamless integration of
refractors with other optical elements is crucial for the overall performance
of CPV systems. In summary, the refractors segment in the Saudi Arabian CPV
market is experiencing significant growth, driven by technological
advancements, government support, and a growing interest in renewable energy
sources. With the nation's commitment to expanding its solar energy capacity,
the refractors segment is poised for continued expansion and innovation in the
years to come.
Based
on application, the Utilities segment is projected to dominate the market
throughout the forecast period. Saudi Arabia has been actively pursuing the
diversification of its energy mix and reducing its reliance on fossil fuels.
The utilities segment of the CPV market has emerged as a pivotal player in
achieving these objectives by providing a sustainable and clean energy source
for the country's utility-scale power generation requirements. The utilities
segment primarily focuses on large-scale CPV installations capable of
generating a substantial amount of electricity to meet the demands of the
national grid. These installations typically span vast areas in the desert
regions of Saudi Arabia, capitalizing on the abundant sunlight. To ensure a
consistent and dependable power supply, many utilities in Saudi Arabia are
integrating energy storage solutions with CPV installations. This allows for
the storage of energy during peak sunlight hours and its subsequent dispatch
during periods of high demand or when the sun is not shining, thereby enhancing
the segment's appeal to utilities. The Saudi government has implemented various
incentives and policies to attract investments in the utilities segment of the
CPV market. These initiatives encompass long-term power purchase agreements
(PPAs), favorable tariffs, and support for project financing, making it an
alluring option for both local and international investors.
Key
market players in the Saudi Arabia Concentrated Photovoltaic Market are:-
- Saudi
Electricity Company
- ACWA
Power
- National
Grid SA
- Diyar
United Company
- Energy
Systems Co.
- Abunayyan
Holding
- National
Solar Systems (NSS)
- Rafiki
Power
- Advanced
Electronics Company
- Alfanar
Group
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“The
Saudi Arabia Concentrated Photovoltaic Market in Riyadh is poised to be the
dominant force in the industry. The CPV market in Riyadh capitalizes on
continuous technological advancements in the CPV sector. Ongoing research and
development efforts in CPV technology have resulted in enhanced efficiency and
cost reduction. Riyadh is strategically positioned to leverage these
advancements, guaranteeing the competitiveness of CPV projects within the city.”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Saudi
Arabia Concentrated Photovoltaic Market Segmented By Product (Reflectors and
Refractors), By Concentration (High Concentration Photovoltaic and Low
Concentration Photovoltaic), By Application (Commercial, Utilities and Others),
By Region, and By Competition, 2018-2028F,” has evaluated the future growth
potential of Saudi Arabia Concentrated Photovoltaic 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 Concentrated Photovoltaic Market.
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