The solar panel market is at the nascent stage in Saudi Arabia. Several upcoming infrastructure projects in the country along with increasing on-grid power tariffs are expected to drive the demand for solar panels in Saudi Arabia over the coming years. Additionally, construction activities in the commercial, industrial, government and residential sectors are expected to further fuel the demand for solar panels in the region. Moreover, to reduce the current fiscal deficit and to increase the non-oil based revenues of the Kingdom, the government is planning to invest heavily in renewable energy sources such as solar and wind energy.
According to 6Wresearch, Saudi Arabia Solar Panel Market revenues are projected to grow at a CAGR of 30.2% during 2018-24. Upcoming projects such as $200 billion 200 GW solar power plant and the $130 million Al-Khafji solar powered water desalination plant would increase the demand for solar panels in the Kingdom. Additionally, in the FY2019 national budget, the Saudi government has allocated $7 billion for the development of renewable energy projects. This significant spending on renewable energy projects would also drive the growth of the solar panel market in Saudi Arabia during the forecast period.
According to Ravi Bhandari, Assistant Manager Research and Consulting, 6Wresearch, "Polycrystalline Solar Panel is the key revenue generating segment in the overall Saudi Arabia solar panel market on account of their affordable prices and thus high utilization across several projects."
"Other major segments include monocrystalline and thin-film solar panels. Monocrystalline solar panels have a higher power efficiency than their polycrystalline counterparts. As a result, their market is expected to grow significantly in the years to come," Ravi further added.
According to Devesh Kumar, Research Associate, Research and Consulting, 6Wresearch, "By regions, the Central region holds the highest revenue share in the overall Saudi Arabia Solar Panel Market and is projected to maintain its dominance during the forecast period as well on the back of several upcoming projects such as Sakaka 300 MW Solar Project and Duba-1 Integrated Solar Combined Cycle Plant Project."
"With leading players enlarging their fleets through new and innovative products and due to declining prices of solar panels, the market for solar panels in the Kingdom would grow at a healthy rate over the next six years," Devesh further added.
Some of the major companies in Saudi Arabia Solar Panel Market include- Gtek Solar, Desert Technologies, Canadian Solar, Solar Frontier and Jinko Solar.
Saudi Arabia Solar Panel Market (2018-2024) provides in-depth analysis with 47 figures and 15 tables covered in more than 120 pages. The report estimates and forecast the overall Saudi Arabia Solar Panel Market by types, end-user applications and regions. The report also offer insights on competitive landscape, market share by companies, companies benchmarking, company profiles, market drivers, high growth areas and restraints which would help the stakeholders to device and align their market strategies according to the current and future market dynamics.
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