Saudi Arabia Solar Energy Market To Be Dominate By Photovoltaic Systems During The Forecast Period
Favorable
government policies and increasing adoption of solar PV systems are fueling the
growth of Saudi Arabia Solar Energy Market .
According to
TechSci Research report, “Saudi Arabia Solar Energy Market - By Region,
Competition Forecast & Opportunities, 2018-2028”, the Saudi Arabia
Solar Energy Market is expected to register robust growth during the forecast
period, 2024-2028.
The demand for
renewable energy and its sources has increased as a result of the growing
desire to lessen our reliance on fossil fuels and reduce the carbon emissions
that result from burning them. This aspect is anticipated to fuel the growth of
the market during the forecast period.
By 2030,
Saudi Arabia's National Renewable Energy Program wants to install 40 GW of
solar power. This is anticipated to generate considerable market
potential, during the forecast period
The Saudi Green
Initiative reaffirmed the nation's pledge in 2021 to produce 50% of its primary
energy mix from renewable sources and the remaining 50% from natural gas by
2030. By 2030, it is anticipated that the country would have developed more
than 40 GW of solar photovoltaic (PV) capacity and 2.7 GW of concentrated solar
power (CSP) capacity. The National Renewable Energy Program (NREP) targets must
be met in accordance with Vision 2030, and this responsibility falls under the
purview of the Ministry of Energy's Renewable Energy Project Development Office
(REPDO), which was founded in 2017. The International Renewable Energy Agency
(IRENA) reports that Saudi Arabia's total installed solar capacity was 14 MW in
2012 and increased to 439 MW at the end of 2013.
The National
Renewable Energy Program in Saudi Arabia, which set a goal to develop 35
renewable projects with 58.7 GW of installed capacity by 2030, is responsible
for the country's increase in solar energy installed capacity.
Saudi Arabia
had 439 MW of introduced sun based energy capacity in 2021, and more capacity
is expected amid the anticipated period. Around 98% of Saudi Arabia's add up to
introduced sun powered vitality capacity makes to the country's renewable
energy mix.
Browse over XX
market data Figures spread through XX Pages and an in-depth TOC on “Saudi Arabia Solar Energy Market."
The Saudi
Arabia Solar Energy Market is segmented into technology, solar module,
application, and end-use. Based on well technology, the market is segmented into
photovoltaic systems and concentrated solar power systems. Based on solar
module, the market is divided into monocrystalline, polycrystalline, cadmium
telluride, amorphous silicon cells, and others. Based on application, the
market is split into residential, commercial, and industrial. Based on end-use,
the market is split into electricity generation, heating, charging, and
lighting.
The solar
PV segment dominated the Saudi Arabia Market in 2022 due to high efficiency,
growing investments in solar photovoltaic projects and rising power consumption
worldwide, Calculators, wristwatches, and other small electronic gadgets can
all be powered by mini solar panels (small PV) when only a small amount of
power is needed. Solar PV frameworks have a long life expectancy, require small
upkeep, and do not require fuel. Profound charge and sped up sun oriented PV
sending might account for 21% of the CO2 emanation diminishments by 2050. Too,
by 2050, the world's capacity must be 18 times higher than it is presently, or more
than 8,000 gigawatts. When there are not sufficient renewable vitality sources,
CSP frameworks store vitality utilizing Warm Vitality Capacity (TES)
innovations. By the by, since PV frameworks utilize coordinate daylight instead
of warm, they are incapable to store warm vitality. CSP frameworks are
predominant for vitality capacity since of this. Thus, this component is
expected to fuel the request for CSP. systems during the forecast period.
Major market
players in the Saudi Arabia Solar Energy Market are: -
- 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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“During 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 due to solar energy system cost reductions. Due to
significant investments in solar energy technologies, component costs are
anticipated to continue decline in the coming years, making solar energy
systems more affordable than currently operational coal or gas power
plants" said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
Saudi Arabia
Solar Energy Market By Technology (Photovoltaic Systems and Concentrated Solar
Power Systems), By Solar Module (Monocrystalline, Polycrystalline, Cadmium
Telluride, Amorphous Silicon Cells, Others), By Application (Residential,
Commercial and Industrial) and By End-Use (Electricity Generation, Heating,
Charging and Lighting), ByRegion, Competition, Forecast and Opportunities, 2028 has evaluated the future growth
potential of the Saudi Arabia Solar Energy 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 identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
of the Saudi Arabia Solar Energy Market.
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