Saudi Arabia Solar Energy Market Overview: 2025-2030
Base Year: 2024
Historical Years: 2020–23
Forecast Years: 2025-2030
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.
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Saudi Arabia Solar Energy Market Dynamics: 2025-2030
Saudi Arabia Solar Energy Market Driver:
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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Saudi Arabia Solar Energy Market (2025-30): Segmentation Outlook
The market report has segmented the market into the following categories:
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.
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Top Companies Operating in the Saudi Arabia Solar Energy Market:
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, and others.
Saudi Arabia Solar Energy Industry 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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