Saudi Arabia Pv Inverter Market Size & Outlook, 2023-2030
Saudi Arabia pv inverter market, 2018-2030 (US$M)
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Saudi Arabia pv inverter market highlights
- The Saudi Arabia pv inverter market generated a revenue of USD 121.7 million in 2023 and is expected to reach USD 333.2 million by 2030.
- The Saudi Arabia market is expected to grow at a CAGR of 15.5% from 2024 to 2030.
- In terms of segment, central pv inverter was the largest revenue generating product in 2023.
Pv inverter market data book summary
| Market revenue in 2023 | USD 121.7 million |
| Market revenue in 2030 | USD 333.2 million |
| Growth rate | 15.5% (CAGR from 2023 to 2030) |
| Largest segment | Central pv inverter |
| Fastest growing segment | Other |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | String PV inverter, Central PV inverter, Micro PV inverter, Other |
| Key market players worldwide | Delta Electronics Inc DR, Eaton Corp PLC, Emerson Electric Co, Hitachi Ltd, OMRON Corp, Siemens Energy AG ADR, SunPower Corp, SMA Solar Technology AG, Power Electronics, Fimer |
Other key industry trends
- In terms of revenue, Saudi Arabia accounted for 0.9% of the global pv inverter market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In Middle East & Africa, UAE pv inverter market is projected to lead the regional market in terms of revenue in 2030.
- UAE is the fastest growing regional market in Middle East & Africa and is projected to reach USD 554.4 million by 2030.
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PV Inverter Market Scope
PV Inverter Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Saudi Arabia pv inverter market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to pv inverter market will help companies and investors design strategic landscapes.
Central pv inverter was the largest segment with a revenue share of 49.3% in 2023. Horizon Databook has segmented the Saudi Arabia pv inverter market based on string pv inverter, central pv inverter, micro pv inverter, other covering the revenue growth of each sub-segment from 2018 to 2030.
The government of Saudi Arabia announced various solar installation plans in its Saudi Vision 2030 program. This included a 300 MW solar power generation plant consisting of 1.2 million solar panels. The solar PV plant is expected to span six square kilometers and will be the cheapest solar panel installation costing USD 0.023 per KWh.
Factors such as the rising adoption of renewable energy generation and abundant solar radiance are driving the market. For instance, in April 2021, the Crown Prince of Saudi Arabia, Mohammed bin Salman, announced that seven utility-scale solar power plant contracts had been signed with a combined capacity of almost 3.7 GW.
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Horizon Databook provides a detailed overview of country-level data and insights on the Saudi Arabia pv inverter market , including forecasts for subscribers. This country databook contains high-level insights into Saudi Arabia pv inverter market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Saudi Arabia pv inverters market size, by product, 2018-2030 (US$M)
Saudi Arabia PV Inverter Market Outlook Share, 2023 & 2030 (US$M)
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