Renewable Energy Market in Saudi Arabia 2024:
How Big is the Saudi Arabia Renewable Energy Industry?
The Saudi Arabia renewable energy market reached 1.5 Gigawatt in 2023. Looking forward, IMARC Group expects the market to reach 29.1 Gigawatt by 2032, exhibiting a growth rate (CAGR) of 38.97% during 2024-2032.
Base Year: 2023
Historical Years: 2018–2023
Forecast Years: 2024–2032
Market Size in 2023: 1.5 Gigawatt
Market Forecast in 2032: 29.1 Gigawatt
Market Growth Rate: 38.97% (2024-2032)
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Saudi Arabia Renewable Energy Market Trends:
The Saudi Arabia market is primarily driven by the government’s Vision 2030 initiative, diversifying the energy mix, and reducing dependence on oil by promoting renewable energy sources. In line with this, the increasing global and domestic focus on reducing carbon emissions leading to significant investments in solar and wind energy projects, is propelling the market growth. Similarly, continual technological advancements in solar photovoltaic (PV) technology are improving efficiency and reducing costs, further driving market expansion.
Furthermore, the abundance of sunlight and wind resources in the Kingdom making renewable energy a viable alternative, particularly in desert regions, is enhancing the market appeal. Additionally, growing energy demand, driven by urbanization and industrialization, is increasing the need for sustainable energy solutions, and impelling the market. Moreover, the favorable government incentives and regulatory frameworks, including tax benefits and subsidies, is providing an impetus to the market.
Saudi Arabia Renewable Energy Market Scope and Growth Analysis:
The scope of the market is extensive, covering solar, wind, and other alternative energy sources such as geothermal and waste-to-energy projects. The market scope is poised for significant growth, driven by the government’s commitment to generating a substantial portion of its energy from renewable sources by 2030. According to market analysis, large-scale solar projects, such as the development of photovoltaic plants and concentrated solar power systems, are dominating the market. In addition to this, the wind energy sector is gaining momentum, particularly in coastal areas where wind resources are abundant.
The market scope is also benefiting from technological innovations that enhance the efficiency and storage capabilities of renewable energy systems. Moreover, increasing investments in energy storage solutions, such as battery systems, is playing a crucial role in ensuring the stability and reliability of renewable energy supply. International collaborations with global renewable energy firms are accelerating the development of large-scale projects.
Saudi Arabia Renewable Energy Market Report and Segmentation:
The Saudi Arabia Renewable Energy Market is segmented based on type.
Breakup by Type:
- Solar
- Wind
- Others
Breakup by Region:
- Western Region
- Northern and Central Region
- Eastern Region
- Southern Region
Competitive Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant. Some of the key players in the market include:
- ACWA Power
- Alfanar Group
- EDF Renewables
- ENGIE Middle East
- Masdar
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Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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