Saudi Arabia PV Cells Market is expected to grow at a 11.34% CAGR through 2029

Saudi Arabia PV Cells Market is expected to grow owing to ambitious renewable energy targets, Government Initiatives & Policy Support,  Abundant Solar Resources throughout the forecast period.

According to TechSci Research report, “Saudi Arabia PV Cells Market – By Region, Competition, Forecast and Opportunities, 2019-2029F”, the Saudi Arabia PV Cells Market was valued at USD 98.02 million in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 11.34% through 2029. The Saudi Arabia PV cells market presents promising opportunities amidst the country's ambitious renewable energy goals and favorable solar conditions. As Saudi Arabia continues to diversify its energy portfolio away from traditional fossil fuels, there is a growing emphasis on expanding solar power capacity. This shift is driven by supportive government policies, such as the Saudi Vision 2030 initiative, which aims to increase the share of renewable energy in the national energy mix. Such initiatives create a conducive environment for investment in PV cells, encouraging both domestic and international stakeholders to participate in the Kingdom's renewable energy projects.

The vast geographical area and abundant sunlight in Saudi Arabia provide ideal conditions for solar energy generation, offering substantial opportunities for large-scale PV installations. The scale of potential projects, ranging from utility-scale solar farms to distributed rooftop installations, presents avenues for innovation and growth within the PV cells market. Additionally, advancements in PV technology, including improvements in efficiency and cost-effectiveness, further enhance the attractiveness of investing in solar energy solutions in Saudi Arabia. As the market matures, partnerships between technology providers, project developers, and financial institutions are expected to drive the deployment of PV cells across the Kingdom, contributing to both economic development and environmental sustainability.

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Based on type, the Inorganic segment dominated the market in 2023, primarily driven by a confluence of technological suitability, economic viability, and strategic government initiatives. This segment encompasses PV cell technologies like crystalline silicon (c-Si) and thin-film PV cells based on materials such as cadmium telluride (CdTe) and copper indium gallium selenide (CIGS). These technologies have emerged as frontrunners due to their proven efficiency, reliability, and scalability, aligning perfectly with Saudi Arabia's ambitious renewable energy goals and the unique environmental conditions prevalent in the region.

Crystalline silicon (c-Si) PV cells, both monocrystalline and polycrystalline, represent the backbone of the global PV industry. Their dominance in Saudi Arabia stems from several key advantages. Firstly, c-Si technology boasts high conversion efficiencies, which are crucial in maximizing electricity production from abundant solar irradiance in the kingdom. Saudi Arabia's desert climate, characterized by intense sunlight year-round, makes c-Si PV cells particularly effective in harnessing solar energy consistently and efficiently.

The durability and long operational lifetimes of c-Si PV cells are well-suited to the harsh environmental conditions prevalent in Saudi Arabia. These cells demonstrate robust performance even in extreme temperatures and are resilient against dust and sandstorms, which are common challenges in desert regions. This reliability ensures minimal maintenance requirements and stable energy production over the lifespan of solar installations, thereby reducing operational costs and enhancing economic viability.

In addition to c-Si technology, thin-film PV cells based on materials like CdTe and CIGS have also gained traction in the Saudi market. These technologies offer advantages such as lower manufacturing costs, flexibility in application, and potential for integration into building materials. While they typically exhibit lower efficiencies compared to c-Si PV cells, advancements in thin-film technology have steadily improved their performance metrics, making them increasingly competitive in certain applications and deployment scenarios.

Cost competitiveness plays a pivotal role in driving the adoption of inorganic PV technologies in Saudi Arabia. Over the years, advancements in manufacturing processes, economies of scale, and global supply chain efficiencies have significantly reduced the cost of PV cells, particularly crystalline silicon. The declining costs have made solar energy increasingly attractive compared to conventional fossil fuel sources for electricity generation. In parallel, supportive government policies and incentives, as part of Saudi Arabia's Vision 2030 initiative, have further bolstered the economic feasibility of deploying inorganic PV technologies. Initiatives led by the Renewable Energy Project Development Office (REPDO), including competitive auctions and tenders for solar projects, have created a conducive environment for investment and expansion in the PV sector.

Strategically, the dominance of the inorganic PV segment aligns with Saudi Arabia's broader goals of enhancing energy security, diversifying the energy mix, and reducing dependency on oil and gas exports for electricity generation. By leveraging the abundant solar resources available, the kingdom aims to establish a robust renewable energy infrastructure that supports sustainable economic growth and environmental stewardship.

The expected dominance of the inorganic segment in the Saudi Arabia PV cells market in 2023 underscores a transformative shift towards cleaner and more sustainable energy solutions. With technological maturity, economic competitiveness, and strong governmental support driving advancements in PV technology deployment, Saudi Arabia is well-positioned to harness its solar potential and lead the region in renewable energy adoption.

Key market players in the Saudi Arabia PV Cells Market are:-

• ACWA Power International
• Alfanar Group
• EDF Renewables
• ENGIE Group
• JinkoSolar Holding Co., Ltd.
• Enel S.p.A.
• Solar Arabia Co Ltd
• Green Technology Co., Ltd. - Gtek Solar
• Sun Capture (Aljoaib Holdings)

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“The Saudi Arabia PV Cells Market in Riyadh is poised to be the dominant region in the industry. The commercial and industrial sectors in Riyadh are increasingly adopting solar PV systems on their premises. Businesses and industries in Riyadh benefit from incentives, long-term Power Purchase Agreements (PPAs), and government support for solar installations. This trend helps reduce energy costs and aligns with Riyadh's focus on sustainability”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.

“Saudi Arabia PV Cells Market By Type (Organic and Inorganic), By Product Type (Thin Film, Monocrystalline and Poly-crystalline), By End User (Residential, Commercial and Utility Scale), By Region, Competition, Forecast and Opportunities, 2019-2029F,” has evaluated the future growth potential of Saudi Arabia PV Cells 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 PV Cells Market.

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