Saudi Arabia Solar Photovoltaic (PV) Market Report and Forecast 2025-2034

Saudi Arabia Solar Photovoltaic (PV) Market Outlook

The Saudi Arabia solar photovoltaic (PV) market size reached approximately 1.90 GW in 2023. The market is further projected to grow at a CAGR of 11.5% between 2024 and 2032, reaching a volume of 5.26 GW by 2032.

Key Trends in the Market

Solar photovoltaic refers to a method of electricity generation, directly from sunlight, through the photovoltaic effect. The photovoltaic cells convert sunlight into electricity. Photovoltaic technology generates power by using solar cells, that form a larger power generating unit known as panels or modules.

• The increase in government initiatives to support the adoption of solar energy is aiding the Saudi Arabia solar photovoltaic (PV) market growth. These initiatives include provision of monetary incentives and subsidies and increased promotion of solar rooftops.

• The growing investments towards research and development activities for photovoltaic technologies by the key players of the market, is providing lucrative growth opportunities to the market. Researchers are working on bifacial cells combined with tandem technology.

• The cost-efficient nature and easy availability of solar panels across Saudi Arabia is further supporting the market expansion. The abundance of sunshine aids the solar panels in generating high yields of electricity.

• The economic benefits associated with the utilisation of renewable sources of energy, including sunlight, due to the distinct climatic conditions and geographical location of Saudi Arabia is bolstering the product demand.

Saudi Arabia Solar Photovoltaic (PV) Market Segmentation

On the basis of technology, the market is divided into thin film, multi-Si, and mono-Si, among others. Based on deployment, the market is bifurcated into ground-mounted and rooftop solar. On the basis of connectivity, the market is segregated into on-grid and off-grid.

Based on end use, the market is categorised into residential, commercial, and utility. On the basis of region, the market is segmented into Makkah, Riyadh, Madinah, Qassim, and Eastern Province, among others.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the Saudi Arabia solar photovoltaic (PV) market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• LONGi Green Energy Technology Co., Ltd.

• CHINT Group

• GTek Solar

• Jinko Solar Co., Ltd

• Clean Technologies Co

• Bin Omairah Holding

• Power Lines Contracting Co.

• Others

Market Share by Deployment

As per the Saudi Arabia solar photovoltaic (PV) market analysis, ground-mounted solar panels are anticipated to account for a significant share of the market. This growth can be attributed to the superior efficiency offered by the product as opposed to their rooftop counterparts. The ground-mounted panels are considered to be more efficient as they can be repaired and cleaned easily and can be easily adjusted at varying angles to determine the ideal angle for getting the maximum amount of sunlight.

Market Share by End Use

Residential sector accounts for a significant Saudi Arabia solar photovoltaic (PV) market share. The increased adoption can be attributed to the inexpensive and accessible nature of solar technology. The growing preference for solar energy among the homeowners can also be attributed to the energy independence offered by solar energy. With the adoption of solar photovoltaic, homeowners are less susceptible to grid fluctuations and bearing high costs of energy. The growing environmental concerns and rising environmental consciousness is encouraging the adoption of solar photovoltaic by the residential sector in Saudi Arabia. The dependable nature of solar energy is further boosting the Saudi Arabia solar photovoltaic (PV) market demand.

Competitive Landscape

LONGi Green Energy Technology Co., Ltd. is one of the leading renewable energy semiconductor manufacturing companies that was founded in 2000 and is headquartered in Shaanxi, China. The company specialises in solar photovoltaic, mono-crystalline solar modules, and mono-crystalline solar wafers.

CHINT Group is an appliance, electrical, and electronics manufacturing company that specialises in power transmission and distribution equipment, building electrical appliances, solar photovoltaic, and low-voltage electrical apparatus, among others. The company was founded in 1984 and is headquartered in Shanghai, China.

GTek Solar is one of the leading manufacturers of solar photovoltaic, solar water pumps, solar power generating, solar streetlight, and led light, among others. The company was founded in 1989 and is headquartered in Riyadh, Saudi Arabia.

Other Saudi Arabia solar photovoltaic (PV) market players include Jinko Solar Co., Ltd, Clean Technologies Co, Bin Omairah Holding, and Power Lines Contracting Co., among others.

Key Highlights of the Report