Market revenue in 2023 | USD 36.4 million |
Market revenue in 2030 | USD 202.6 million |
Growth rate | 27.8% (CAGR from 2023 to 2030) |
Largest segment | 3 kw to 5 kw |
Fastest growing segment | Less than 3kW |
Historical data | 2018 - 2022 |
Base year | 2023 |
Forecast period | 2024 - 2030 |
Quantitative units | Revenue in USD million |
Market segmentation | Less than 3kW, 3 kW to 5 kW |
Key market players worldwide | Enphase Energy Inc, Panasonic Holdings Corp, Tesla Inc, Hitachi Ltd, Pylon Technologies, LG Chem, Haikai, E3/DC, Sonnen, GoodWe |
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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 residential lithium-ion battery energy storage systems market will help companies and investors design strategic landscapes.
3 kw to 5 kw was the largest segment with a revenue share of 62.09% in 2023. Horizon Databook has segmented the Saudi Arabia residential lithium-ion battery energy storage systems market based on less than 3kw, 3 kw to 5 kw covering the revenue growth of each sub-segment from 2018 to 2030.
Saudi Arabia is the largest economy in the Middle East and has a significant demand for energy, driven by a growing population and a thriving industrial sector. The country is also making significant investments in renewable energy, with the aim of generating 50% of its electricity from renewable sources by 2030.
The residential BESS market in Saudi Arabia is expected to grow significantly in the coming years, driven by the increasing adoption of solar PV systems and the need for energy security.
The government of Saudi Arabia has not instituted any large scale incentive schemes or subsidies for residential instillation. Saudi Arabia also has one of the lowest electricity costs in the world further reducing the adoption of battery energy storage systems.
Horizon Databook provides a detailed overview of country-level data and insights on the Saudi Arabia residential lithium-ion battery energy storage systems market , including forecasts for subscribers. This country databook contains high-level insights into Saudi Arabia residential lithium-ion battery energy storage systems market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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