As per MarkNtel Advisors the Saudi Arabia Solar Energy Market size was valued at around USD 6 billion in 2024 and is projected to reach USD 49 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 42% during the forecast period, i.e., 2025-30. With the need to reduce CO2 emissions, growing awareness of energy security, and retaining environmental sustainability, the inclination in the direction of using solar energy in Saudi Arabia is increasing. Therefore, awareness of lowering the cost of solar energy and favorable government initiatives are continuously driving the demand for solar energy.

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Saudi Arabia Solar Energy Market Systems Market Segmentation:

By Type

• Solar Photovoltaic (PV) - Market Size & Forecast 2020-2030, USD Million
• Concentrated Solar Power (CSP)- Market Size & Forecast 2020-2030, USD Million

By Application

• Residential- Market Size & Forecast 2020-2030, USD Million
• Commercial- Market Size & Forecast 2020-2030, USD Million
• Industrial- Market Size & Forecast 2020-2030, USD Million

By End-Use

• Electricity Generation- Market Size & Forecast 2020-2030, USD Million
• Heating- Market Size & Forecast 2020-2030, USD Million
• Charging- Market Size & Forecast 2020-2030, USD Million
• Lighting- Market Size & Forecast 2020-2030, USD Million

By Solar Module

• Monocrystalline- Market Size & Forecast 2020-2030, USD Million
• Polycrystalline- Market Size & Forecast 2020-2030, USD Million
• Cadmium Telluride- Market Size & Forecast 2020-2030, USD Million
• Amorphous Silicone Cells- Market Size & Forecast 2020-2030, USD Million
• Others- Market Size & Forecast 2020-2030, USD Million

 By Region

• Central
• South
• East
• West

Saudi Arabia Solar Energy Market Recent Development:

• November 2024: Engie SA will develop a solar power project of 22 MW for Al Jouf Cement Company. The two companies have signed a power purchase agreement for 25 years.

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Saudi Arabia Solar Energy Market Drivers:

Increased Electricity Tariffs Driving Demand for Solar Energy – The increase in electricity tariffs as of 2024, has significantly boosted the attractiveness of solar energy investments in Saudi Arabia. With the increase in electricity tariffs for residential customers, solar PV structures presenting shorter payback intervals of 5-7 years are becoming a popular choice. This monetary encouragement is leading to a notable transition to solar power, reducing dependence on conventional energy sources and advocating for environmentally friendly behaviors. The government of Saudi Arabia is projected to spend around USD 300 billion by 2030 on renewable energy projects. Therefore, it is anticipated that the solar energy market will experience a sturdy increase due to a combination of higher tariffs, government support, and ongoing technological advancements in solar cell performance and power storage. As a result, purchasers and organizations are displaying interest in solar solutions, and the market is anticipated to develop notably due to effective monetary and regulatory elements.

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Report Highlights Essential Insights for Strategic Decision-Making

• Detailed market size, share, and forecast analysis
  • In-depth pricing trends and segment-wise cost evaluations
  • Key industry strategies, including innovation, partnerships, and acquisitions
  • Critical value chain analysis and stakeholder profiling
  • Regional import-export market insights and trade flow assessment
  • Thorough competitive benchmarking of top hearing aid manufacturers
  • Identification of new growth opportunities and niche market segments
  • Overview of market trends, drivers, and challenges shaping future demand

Some of the leading players in the Saudi Arabia Solar Energy Market are:

• Alfanar Group
• Abu Dhabi Future Energy Company (Masdar)
• EDF Renewables
• ACWA Power Company
• Saudi Aramco Power Company (SAPCO)
• Guangdong Power Engineering Company
• JinkoSolar Holding Co. Ltd.
• Enel Green Power s.p.a.
• Desert Technologies
• Baker Hughes Company
• Engie SA
• Others

Research Methodology Summary

A systematic approach is used to ensure accurate market insights, combining both bottom-up and top-down methods. Data triangulation validates findings from multiple angles.

Key Steps:

• Define objectives and research design
• Collect data through surveys and interviews
• Analyze and validate data using reliable tools
• Forecast trends and deliver actionable insights

About us:

MarkNtel Advisors is a global research and advisory firm with expertise across the energy industry, covering renewable energy, oil & gas, energy storage, and power generation. We deliver data-backed insights that assist energy producers, utilities, and investors in navigating regulatory transitions and emerging technologies. With Consulting Services, we help clients interpret market intelligence and design actionable strategies that accelerate decarbonization, enhance energy resilience, and ensure sustainable growth across global markets.

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