Mono-Si segment to dominate the Saudi Arabia Solar Photovoltaics market till 2026
Decline in the cost of the
solar battery cell and surging electricity requirements are expected to drive
the Saudi Arabia Solar Photovoltaics market in the forecast period
According
to TechSci Research report, “Saudi
Arabia Solar Photovoltaics Market By Type (Thin film, Multi-Si, Mono-Si) By
Installation mode (Rooftop and Ground Mounted) By Grid Type (Grid Connected and
Off-Grid) By Application (Residential, Commercial, Utility), By Region, Company
Forecast & Opportunities, 2026”, The Saudi Arabia Solar Photovoltaics market is expected
to grow at a steady rate in the forecast period. Solar photovoltaics is a
technology that converts solar energy into electrical energy with the help of
conductors. The major categories of the solar photovoltaics market are thin
film, multi-silicon, and mono-silicon films. Solar photovoltaics can also be
used as a solar tracking system to improve the overall performance of the
systems. Solar technology is considered a better alternative to the conventional
source of energy as it is more affordable and helps in the reduction of harmful
gases in the environment. The initiatives taken by the leading authorities to
reduce the dependency on conventional sources of energy are expected to fuel
the demand for the solar photovoltaics market. The rapid urbanization of people
in search of better job opportunities and quality living standards is fueling
the demand for efficient energy generation techniques. The growing economy of
the country and the blooming manufacturing industry is boosting the market
growth.
The COVID-19 outbreak across the world which has been
declared as a pandemic by World Health Organization has affected several
countries adversely. Leading authorities of Saudi Arabia imposed lockdown
restrictions and released a set of precautionary measures to contain the spread
of novel coronavirus. Coronavirus-affected patients started suffering from
shortness of breath along with coughing and sneezing. Manufacturing units were
temporarily closed, and the shortage of workforce adversely affected the solar
photovoltaics market growth. Disruption in the supply chain was observed due to
the restrictions imposed on the import and export activities which in turn
negatively impacted the solar photovoltaics market growth.
However, the requirements for large land spaces to set
up the solar plants may create a hindrance in the Saudi Arabia Solar
Photovoltaics market growth.
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Saudi
Arabia Solar Photovoltaics market is segmented into type, installation mode,
grid type, application, regional distribution, company. Based on the
installation mode, the market can be divided into rooftop and ground mounted.
The ground mounted segment is expected to witness growth in the forecast
period, 2022-2026 as it is widely used for commercial and utility applications.
This installation type is considered more cost-effective which is the
significant reason for its high demand. Based on the grid type, the market is
bifurcated into grid connected and off-grid. The grid connected type segment is
expected to hold a major market share in the next five years owing to the rise
in the number of utility-scale projects. These can be used for small as well as
large utility-scale power applications. Based on the application, the market
can be divided into residential, commercial, and utility. The utility segment
is expected to dominate the solar photovoltaics market in the next five years.
Due to the ongoing infrastructural developments and upcoming residential
construction projects the solar photovoltaics market is expected to witness
growth.
Desert Technologies, EGPHIL Solar
Solutions, Hanwha Q Cells Co. Ltd, National Solar Systems Company, First Solar
International Middle East FZ-LLC, SunPower Corporation, Gulf Batteries Co Ltd,
SNC Lavalin Kentz SAUDI ARABIA, Sharp Middle East FZE, Vista Eco Solar
Solutions LLC, and others are some of the leading players operating in Saudi
Arabia Solar Photovoltaics market. Companies operating in the market are using
strategies such as joint ventures, product launches, mergers, and research collaborations
to boost their share and increase their geographic reach.
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“Market
players are investing heavily in the research and development activities
related to solar energy and the rise in the efforts to make light-weight
products is expected to influence the market growth. The launch of hybrid solar
photovoltaic modules integrated with temperature controllers, remote sensors, adjustable
arrays, amongst others is expected to fuel the solar photovoltaics market
growth. The demand for safer and cleaner energy alternatives to reduce the
adverse effects of using the conventional source of energy is expected to
propel market growth till 2026” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Saudi Arabia Solar Photovoltaics Market By Type
(Thin film, Multi-Si, Mono-Si) By Installation mode (Rooftop and Ground Mounted)
By Grid Type (Grid Connected and Off-Grid) By Application (Residential,
Commercial, Utility), By Region, Company Forecast & Opportunities, 2026”, has evaluated the future growth potential of Saudi
Arabia Solar Photovoltaics 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 Solar
Photovoltaics market.
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