Saudi Arabia Onshore Floating Solar Market is expected to grow at a robust at CAGR of 27.5% through 2029

The Saudi Arabia Onshore Floating Solar Market is rising due to increasing focus on renewable energy sources to diversify the energy mix and reduce dependence on traditional fossil fuels during the forecast period 2025-2029F

According to TechSci Research report, “Saudi Arabia Onshore Floating Solar Market – By Region, Competition, Forecast and Opportunities, 2029F”, The rapid growth of Saudi Arabia's onshore floating solar market is driven by ambitious renewable energy goals and favorable geographical conditions. As the world's largest oil producer, Saudi Arabia seeks to diversify its energy sources and minimize environmental impact. Abundant sunlight year-round makes solar energy a perfect fit, with onshore floating solar projects leveraging desert land and repurposing reservoirs, dams, and lakes to host installations. This approach optimizes land use and reduces environmental disruption by utilizing existing infrastructure.

Vision 2030 initiatives aim to stimulate economic growth and job creation through renewable energy projects, positioning onshore floating solar as a catalyst for sustainable development. Government support and incentives attract investment and facilitate project implementation, fostering collaboration among local authorities, international investors, and technology providers. Despite promising growth, challenges like water management in arid regions and logistical complexities in remote desert locations must be addressed. Efficient technologies and strategic planning are crucial to balance energy production benefits with water conservation and mitigate environmental impact.

Streamlining regulatory frameworks and permitting processes is essential to expedite project approvals and reduce bureaucratic delays. Collaborative efforts among government, private sectors, and international partners are vital to overcome these challenges and maximize the potential of Saudi Arabia's onshore floating solar market.

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The Jeddah region is emerging as the fastest-growing region in the Saudi Arabia onshore floating solar market due to several key factors that uniquely position it for rapid development. Located on the western coast of Saudi Arabia along the Red Sea, Jeddah benefits from abundant sunlight and access to suitable water bodies, making it an ideal location for solar energy projects. The region's proximity to major urban centers and industrial hubs further enhances its appeal for renewable energy investments. One of the primary drivers of Jeddah's growth in the onshore floating solar market is its extensive coastline and artificial water bodies, such as reservoirs and dams. These water bodies provide ample space for deploying floating solar installations, leveraging the dual benefits of solar energy generation and water conservation. By utilizing these water surfaces for solar panels, Jeddah minimizes land use conflicts and maximizes the efficiency of energy production per square meter. Jeddah's strategic location near major population centers like Mecca and Medina, as well as industrial zones, creates substantial demand for electricity.

The integration of onshore floating solar projects in Jeddah's energy infrastructure supports local energy needs while reducing reliance on fossil fuels, aligning with Saudi Arabia's Vision 2030 goals for sustainability and economic diversification. Government support and favorable policies also play a crucial role in Jeddah's accelerated growth in the onshore floating solar market. Saudi Arabia's commitment to renewable energy development, as outlined in Vision 2030 and the National Renewable Energy Program (NREP), includes incentives for renewable projects and streamlined regulatory processes. These initiatives attract both local and international investors to Jeddah, fostering a conducive environment for project financing and implementation. Technological advancements in floating solar technology contribute to Jeddah's attractiveness as a hub for solar innovation. The adaptation of floating PV systems designed to withstand the region's environmental conditions, such as high temperatures and saline water, demonstrates ongoing advancements tailored to local requirements. Collaborations between local authorities, international technology providers, and research institutions drive continuous improvements in efficiency, durability, and cost-effectiveness of floating solar solutions in Jeddah. Despite these advantages, Jeddah's rapid growth in the onshore floating solar market also faces challenges. The region must navigate complexities related to water resource management and environmental sustainability, ensuring that solar projects do not compromise delicate ecosystems or exacerbate water scarcity issues. Additionally, infrastructure development, including transportation and grid connectivity, requires ongoing investment to support the expansion of solar energy capacity in Jeddah.

Based on Component, the PV Modules segment emerged as the dominant force in the Saudi Arabia Onshore Floating Solar Market, asserting its prominence within the market landscape. PV Modules, encompassing solar panels that convert sunlight into electricity, have played a pivotal role in shaping the dynamics of the market. The dominance of this segment can be attributed to the fundamental role PV Modules play in the energy generation process, serving as the cornerstone technology responsible for harnessing solar power. With advancements in photovoltaic technology, the efficiency and reliability of PV Modules have significantly improved, establishing them as indispensable components of onshore floating solar installations in the region. As Saudi Arabia aggressively pursues its renewable energy goals, the PV Modules segment is poised to maintain its dominance throughout the forecast period. The sustained leadership of PV Modules is anticipated due to ongoing innovations, economies of scale, and continuous enhancements in solar cell efficiencies, which enhance the overall performance of onshore floating solar projects. Furthermore, technological advancements and strategic investments in PV Module manufacturing contribute to the segment's continued stronghold, ensuring its forefront position in the Saudi Arabia Onshore Floating Solar Market. The significance of PV Modules in driving market growth is underscored by their critical role in converting the kingdom's abundant sunlight into a sustainable and reliable source of clean energy, aligning with Saudi Arabia's vision for a diversified and sustainable energy mix. As the demand for onshore floating solar projects continues to rise, driven by both economic and environmental considerations, the PV Modules segment is well-positioned to maintain its dominance, playing a pivotal role in shaping the trajectory of the Saudi Arabia Onshore Floating Solar Market in the foreseeable future.

Key market players in the Saudi Arabia Onshore Floating Solar Market are: -

• First Solar Inc.
• Yellow Tropus Pvt. Ltd.
• Ocean Sun AS
• Waaree Energies Ltd
• Akuo Energy SAS
• Kyocera TCL Solar LLC
• Duke Energy Corporation
• BELECTRIC GmbH

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“The Saudi Arabia Onshore Floating Solar Market is undergoing a significant transformation driven by strategic initiatives and technological advancements. Aligned with Saudi Vision 2030 goals, the country is actively diversifying its energy sources, with onshore floating solar playing a pivotal role in this transition. These solar installations not only generate clean energy but also help conserve water by reducing evaporation from reservoirs. Continuous innovation in floating platforms and solar panel technology enhances project feasibility and economic sustainability. Saudi Arabia's commitment to global sustainability goals positions it as a leader in adopting advanced renewable energy solutions. As global solar technology costs decline, the kingdom capitalizes on these trends to make onshore floating solar projects increasingly attractive to investors, solidifying its pioneering role in advancing renewable energy adoption. The onshore floating solar market in Saudi Arabia symbolizes a strategic blend of environmental responsibility, economic opportunity, and technological progress, steering the nation toward a sustainable and diversified energy future”, said Mr. Karan Chechi, Research Director of TechSci Research, a research-based global management consulting firm.

“Saudi Arabia Onshore Floating Solar Market By Component (PV Modules, Lightning Protection System, Anchoring System, Inverter, Others), By Type (Stationary, Tracking), By Application (Irrigation, Hydroelectric Dam, Water Treatment, Quarry, Mining), By Region, Competition, Forecast and Opportunities 2019-2029F”, has evaluated the future growth potential of Saudi Arabia Onshore Floating 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 Onshore Floating Solar Market.

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