Saudi Arabia Solar Pv Panels Market Size & Outlook
Saudi Arabia solar pv panels market, 2018-2030 (US$M)
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Saudi Arabia solar pv panels market highlights
- The Saudi Arabia solar pv panels market generated a revenue of USD 1,023.5 million in 2023 and is expected to reach USD 1,123.1 million by 2030.
- The Saudi Arabia market is expected to grow at a CAGR of 1.3% from 2024 to 2030.
- In terms of segment, thin film was the largest revenue generating technology in 2023.
- Thin Film is the most lucrative technology segment registering the fastest growth during the forecast period.
Solar pv panels market data book summary
| Market revenue in 2023 | USD 1,023.5 million |
| Market revenue in 2030 | USD 1,123.1 million |
| Growth rate | 1.3% (CAGR from 2023 to 2030) |
| Largest segment | Thin film |
| Fastest growing segment | Thin Film |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Thin Film, Crystalline Silicon |
| Key market players worldwide | JinkoSolar Holding Co Ltd DR, Canadian Solar Inc, Hanwha, GCL Technology Holdings Ltd, First Solar Inc, SunPower Corp |
Other key industry trends
- In terms of revenue, Saudi Arabia accounted for 0.6% of the global solar pv panels market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Middle East & Africa, UAE solar pv panels market is projected to lead the regional market in terms of revenue in 2030.
- Egypt is the fastest growing regional market in Middle East & Africa and is projected to reach USD 771.2 million by 2030.
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Solar PV Panels Market Scope
Solar PV Panels Market Companies
| Name | Profile | # Employees | HQ | Website |
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Saudi Arabia solar pv panels 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 solar pv panels market will help companies and investors design strategic landscapes.
Thin film was the largest segment with a revenue share of 35.27% in 2023. Horizon Databook has segmented the Saudi Arabia solar pv panels market based on thin film, crystalline silicon covering the revenue growth of each sub-segment from 2018 to 2030.
The government of Saudi Arabia announced various ambition 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 across six square kilometers and will be the cheapest solar panels 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 have been signed with a combined capacity of almost 3.7 GW. The planned construction of these seven utility-scale solar power plants is a part of the Vision 2030 project.
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Horizon Databook provides a detailed overview of country-level data and insights on the Saudi Arabia solar pv panels market , including forecasts for subscribers. This country databook contains high-level insights into Saudi Arabia solar pv panels market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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Saudi Arabia solar pv panels market size, by technology, 2018-2030 (US$M)
Saudi Arabia Solar PV Panels Market Outlook Share, 2023 & 2030 (US$M)
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