The GCC solar panel market size reached around USD 12.40 Billion in 2024. The market is projected to grow at a CAGR of 8.20% between 2025 and 2034 to reach nearly USD 27.27 Billion by 2034. The market growth can be attributed to rapid technological advancements, declining costs of PV installation, economies of scale and labour cost advantages.
Base Year
Historical Year
Forecast Year
Technologies like the Internet of things (IoT) and artificial intelligence (AI) are enabling homeowners to increase their energy savings and predict potential issues with solar panels to ensure timely maintenance and repairs. By integrating solar modules with smart home technologies, consumers are optimising power generation as per their needs.
Sustainability has emerged as one of the key GCC solar panel market trends, with manufacturers focusing on designing solar panels with eco-friendly materials. Technological advancements have allowed manufacturers to recycle up to 95% of a solar panel’s materials, thereby minimising their carbon footprint and aligning with green goals to accelerate the market growth.
As per industry reports, the development of perovskite and tandem solar cells is revolutionising the GCC solar panel market growth. Tandem solar cells, which possess a layer of perovskite over silicon, are 30% more efficient than conventional solar cells, which has substantially enhanced their appeal among businesses and homeowners alike.
Value in USD Billion
2025-2034
GCC Solar Panel Market Outlook
*this image is indicative*
|
GCC Solar Panel Market Report Summary |
Description |
Value |
|
Base Year |
USD Billion |
2024 |
|
Historical Period |
USD Billion |
2018-2024 |
|
Forecast Period |
USD Billion |
2025-2034 |
|
Market Size 2024 |
USD Billion |
12.40 |
|
Market Size 2034 |
USD Billion |
27.27 |
|
CAGR 2018-2024 |
Percentage |
XX% |
|
CAGR 2025-2034 |
Percentage |
8.20% |
|
CAGR 2025-2034 - Market by Country |
Kuwait |
9.3% |
|
CAGR 2025-2034 - Market by Country |
Saudi Arabia |
8.8% |
|
CAGR 2025-2034 - Market by Deployment |
Rooftop Solar |
9.0% |
|
CAGR 2025-2034 - Market by End Use |
Commercial |
9.2% |
|
Market Share by Country 2024 |
Kuwait |
5.3% |
Historically, oil and gas have accounted for 97% of the total electricity consumption in GCC countries. However, to meet its commitments under the Paris Agreement and diversify its revenue sources, governments are shifting towards the adoption of cleaner energy resources.
Many GCC countries receive solar irradiation of 2 MWh/m² and 2.5 MWh/m² annually due to the presence of large deserts. Under the Vision 2030 policy, Saudi Arabia aims to meet around 50% of its domestic energy requirements through renewables by creating supportive regulatory frameworks, including auction-based project allocation. This is expected to promote solar power projects in the region, thereby shaping the GCC solar panel market dynamics favourably.
To reduce susceptibility to fossil fuel price volatility, GCC nations with over 60% dependence on oil and gas exports for government revenues are focusing on expanding their solar power capacity for meeting domestic and international energy requirements. With the introduction of the European Union’s “Risk of Energy Availability: Common Corridors for Europe Supply Security” project, GCC nations are expected to account for 20% of Europe’s electricity needs by 2050, thereby necessitating the development of solar energy projects. This is expected to drive the GCC solar panel market development in the coming years.
Rising investments by Chinese companies; improvements in the efficiency of solar panels; the development of solar panels with enhanced durability; and increasing adoption of lightweight and flexible solar panels are the major factors driving the GCC solar panel market growth.
Multiple Chinese sovereign wealth funds are channelling investments into different renewable energy projects in the region. Moreover, energy companies like Trina Solar are expected to develop the region’s largest PV plant in the UAE by 2027 to facilitate the transition towards clean energy. This is creating a favourable GCC solar panel market outlook.
Bifacial solar panels are an ideal choice for maximising solar power generation by nearly 30% in snowy and sandy areas. They can be optimised in different ways for maximising solar power production and are ideally suited for ground-mounted systems. These panels capture both direct and reflected sunlight, which makes them suitable for urban households as well. Hence, the rising demand for bifacial solar panels is expected to contribute to the market growth.
Many solar panel manufacturers are designing new power equipment with graphene coatings, which make it resilient to extreme weather conditions such as hailstorms, heatwaves, and heavy snowfall. Moreover, the integration of self-cleaning technology into new solar panels is bolstering the GCC solar panel market development, as it increases the lifespan of solar installations and makes them a better long-term investment.
Flexible solar panels can be easily integrated with unconventional surfaces like curved roofs and vehicle exteriors. This has made them an aesthetic choice for both commercial and residential applications. They can be easily integrated into solar windows and solar shingles without much hassle, which is further contributing to the market growth.
Rising investments by Chinese companies in Oman
Oman has become an attractive destination for Chinese solar module producers due to its geographical advantage and burgeoning energy demand. For instance, in March 2024, Oman received an investment of around USD 1.3 billion from United Solar Polysilicon (FZC) SPC for the construction of a polysilicon production plant with an annual capacity of 100, 000 tons. Besides, in June 2024, the Oman Investment Authority approved Junda Technology’s solar cell plant project worth a total investment of USD 700 million. This is favourably shaping the GCC solar panel market dynamics.
Improvements in efficiency
Bifacial panels are generally built with glass and are designed to capture sunlight during both sunrise and sunset. Unlike monofacial panels, they can be installed vertically, which makes them extremely resilient to different environmental pressures like wind, hail, and snow which can hamper electricity generation. As a part of the ground-mounted installation system, bifacial panels can produce 11% more electricity as compared to standard panels, thereby boosting its large-scale residential and industrial adoption. This is creating a favourable GCC solar panel market outlook.
The EMR’s report titled “GCC Solar Panel Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
Breakup by Type
Breakup by Deployment
Breakup by End Use
Breakup by Region
Based on country, the market is segmented into Saudi Arabia, the United Arab Emirates, Kuwait, Oman, Qatar, and Bahrain. Kuwait is projected to dominate the market, representing 5.3% of the overall market share. Over the forecast period of 2025-2034, the demand for solar panels in Saudi Arabia and Bahrain is expected to grow at a CAGR of 8.8% and 7.8% respectively, due to increasing investments by governments in renewable energy projects. Moreover, the immense solar potential of the region is creating exciting opportunities for companies, thereby contributing to the GCC solar panel market expansion.
Based on deployment, the market is segmented into ground-mounted and rooftop solar. The demand for rooftop solar is expected to grow at a CAGR of 9% between 2025 and 2034 due to increasing consumer awareness of the benefits of solar power in driving sustainable growth.
|
CAGR 2025-2034 - Market by |
Deployment |
|
Rooftop Solar |
9.0% |
|
Ground-Mounted |
XX% |
Major players are focusing on expanding their respective GCC solar panel market share by increasing their investments in Saudi Arabia and bolstering their PV module production capacity. Over the forecast period, rapid technological advancements in PV materials and designs are expected to increase the market growth rate.
First Solar, Inc. was founded in 1999 and is headquartered in Arizona, United States. It specialises in manufacturing thin-film solar panels at its state-of-the-art facilities in Ohio and California. It aims to provide high-performance, competitive, and low-carbon alternative to conventional crystalline silicon PV panels to consumers and businesses.
Canadian Solar Inc. was founded in 2001 and is headquartered in Ontario, Canada. It has delivered over 125 GW of premium-quality solar photovoltaic modules to its customers over the last 23 years globally.
Trina Solar Co. Ltd. was founded in 1997 and is headquartered in Changzhou, China. It specialises in producing solar PV modules and was ranked as world’s topmost “Bankable” PV Module Manufacturer by Bloomberg New Energy Finance in 2019.
Renevolt was founded in March 2023 and is headquartered in Dubai, United Arab Emirates (UAE). Its innovative solar PV production facility in Ras Al-Khaimah has a total capacity of 200 MW and is focusing on accelerating the nation’s transition towards clean energy.
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other players included in the GCC solar panel market report are JinkoSolar Holding Co. Ltd. and Echo Solar Panels Manufacturing LLC, among others.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2024, the market reached an approximate value of USD 12.40 Billion.
The market is projected to grow at a CAGR of 8.20% between 2025 and 2034.
The market is estimated to witness healthy growth in the forecast period of 2025-2034 to reach a value of around USD 27.27 Billion by 2034.
The different countries considered in the market report include Saudi Arabia, the United Arab Emirates, Kuwait, Oman, Qatar, and Bahrain.
The different types of solar panels in the market are monocrystalline silicon, polycrystalline silicon, and thin film, among others.
The different segments considered in the market report are ground-mounted and rooftop solar.
The different end uses of solar panels are residential, commercial, and industrial.
Key players in the market are First Solar, Inc., Canadian Solar Inc., JinkoSolar Holding Co. Ltd., Trina Solar Co. Ltd., Echo Solar Panels Manufacturing LLC, and Renevolt, among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2024 |
| Historical Period | 2018-2024 |
| Forecast Period | 2025-2034 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
|
| Breakup by Deployment |
|
| Breakup by End Use |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
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30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-723-689-1189
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124
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