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Report Overview
The Saudi Arabia renewable energy market was volume at 1.55 Gigawatt in 2024. The industry is expected to grow at a CAGR of 44.00% during the forecast period of 2025-2034. An increase in public-private partnerships (PPPs) is primarily boosting the market. PPPs ensure cooperation between governments and the private sector, enhancing the acceleration of renewable energy projects, foreign direct investment, and ensuring the successful implementation of large-scale efforts on solar and wind, including hydrogen. In turn, all these factors have resulted in the market attaining a volume of 59.42 Gigawatt by 2034.
2024
Base Year
2018-2024
Historical Year
2025-2034
Forecast Year
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Saudi Arabia has set ambitious renewable energy targets to diversify its energy mix. As part of Vision 2030, the country aims to generate 50% of its energy from renewables by 2030, with specific emphasis on solar and wind energy.
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The Saudi Arabia renewable energy market growth is supported by the government’s initiation of various projects and investments in renewable energy. The Renewable Energy Project Development Office (REPDO) has been instrumental in implementing auctions and tenders for large-scale renewable energy projects, attracting both local and international investors.
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Saudi Arabia has engaged in collaborations with international entities and companies to leverage expertise and technology in renewable energy development. Partnerships with various nations and organizations have helped in knowledge transfer and project execution.
Saudi Arabia Renewable Energy Market Report Snapshots
Saudi Arabia Renewable Energy Market Size
*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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Key Questions Answered in the Report
In 2024, the market reached an approximate volume of 1.55 Gigawatt.
The Saudi Arabia renewable energy market is assessed to grow at a CAGR of 44.00% between 2025 and 2034.
The market is estimated to witness healthy growth in the forecast period of 2025-2034 to reach a volume of around 59.42 Gigawatt by 2034.
The market is driven by the government’s initiation of various projects and investments in renewable energy and aim to transition from fossil fuels.
The growing collaborations with international entities and companies is likely to be a major factor propelling the market.
The major types include solar and wind.
The different end-uses are residential, commercial, and industrial.
The key players in the market include JinkoSolar Holding Co. Ltd., EDF RE Group, Engie SA, ACWA Power, Alfanar Group, The Abu Dhabi National Energy Company, PJSC (Masdar), Mowah Company, Solar Arabia Limited, Abdul Latif Jameel IPR Company Limited, Aljoaib Holdings, and Enar Renewables, among others.
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