Saudi Arabia Renewable Energy Market Report by Type (Solar, Wind, and Others), and Region 2024-2032

Saudi Arabia Renewable Energy Market Report by Type (Solar, Wind, and Others), and Region 2024-2032

Report Format: PDF+Excel | Report ID: SR112024A10817
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Market Overview:

The Saudi Arabia renewable energy market size 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. The easy availability of abundant renewable resources, the implementation of favorable government policies, the growing environmental awareness among the masses, and numerous technological advancements in the renewable energy sector represent some of the key factors propelling the market.

Report Attribute
Key Statistics
Base Year
Forecast Years
Historical Years
Market Size in 2023 1.5 Gigawatt
Market Forecast in 2032 29.1 Gigawatt
Market Growth Rate (2024-2032) 38.97%    

Renewable energy refers to sustainable and environmentally friendly sources of power that can be naturally replenished. Some commonly known renewable energy include solar energy, harnessed from the sun through photovoltaic cells, wind power, obtained from wind turbines, hydroelectric energy derived from flowing water, and geothermal energy generated from the Earth's heat. It is essential in combating climate change by reducing greenhouse gas (GHG) emissions and mitigating environmental impact. It offers various benefits, such as energy independence, job creation, and economic growth, while fostering a cleaner and healthier planet for future generations.

The market is primarily driven by the country's vision for a sustainable future. In addition, the abundant solar resources, with vast areas of desert receiving intense sunlight throughout the year are influencing the market growth. Also, Saudi Arabia has made significant investments in solar power projects, resulting in competitive pricing for solar energy, making it an attractive option for meeting the nation's energy needs, thus augmenting market growth. Moreover, the implementation of government-supportive policies, streamlined regulations, and providing attractive incentives to local and international investors to develop renewable energy infrastructure represents another major growth-inducing factor. This proactive approach has fostered a conducive environment for energy projects, drawing interest from domestic and foreign companies. Besides this, the growing environmental awareness is leading toward extensive investment in renewable energy infrastructure to combat climate change, thus accelerating market growth.

Saudi Arabia Renewable Energy Market Trends/Drivers:

The availability of abundant renewable resources

The easy availability of renewable energy resources, particularly in the form of solar and wind energy is influencing the market growth. The country's geographical location places it in the Sunbelt region, where it receives ample sunlight throughout the year. The vast expanses of desert make Saudi Arabia an ideal location for large-scale solar energy projects, offering high solar irradiation and consistent sunlight. As a result, solar photovoltaic (PV) and concentrated solar power (CSP) projects are gaining prominence in the country's renewable energy landscape. Moreover, Saudi Arabia has significant wind energy potential, particularly along its western coast experiencing consistent and strong winds, providing favorable conditions for wind power generation which represents another major growth-inducing factor.

The implementation of favorable government policies

The government launched the national renewable energy program (NREP) with ambitious targets to install 58.7 gigawatts (GW) of renewable energy capacity by 2030. The NREP aims to diversify the Kingdom's energy mix and reduce greenhouse gas (GHG) emissions, in line with its commitment to the Paris Agreement on climate change, thus influencing market growth. Moreover, they are providing attractive incentives and financial support to attract private investment in the renewable energy sector representing another major growth-inducing factor. Along with this, these incentives include long-term power purchase agreements (PPAs) with guaranteed prices for renewable energy producers, favorable land lease agreements, and exemption from import duties on renewable energy equipment, thus propelling the market growth. Furthermore, the government is establishing a clear regulatory framework for renewable energy projects, ensuring transparent and streamlined processes for permitting, licensing, and project approvals that provide certainty to investors and promote further growth in the market.

The emerging technological advancements in renewable energy

The increasing technological advancements are leading to increased efficiency, lower costs, and improved performance of renewable energy technologies, making them more competitive with conventional energy sources thus influencing the market growth. Moreover, the development of advanced photovoltaic (PV) technologies, such as bifacial solar panels and floating solar farms are improving energy capture and land utilization, representing another major growth-inducing factor. Along with this, concentrated solar power (CSP) projects are benefitting from thermal storage solutions, enabling power generation even during non-sunlight hours, thus propelling market growth. Besides this, several advancements in wind turbine design are resulting in larger and more efficient turbines, capable of generating higher output from wind resources, thus accelerating the market growth. Apart from this, numerous innovations in energy storage technologies, such as batteries and pumped hydro storage, enable better integration of intermittent renewable energy into the grid, ensuring grid stability and reliability, thus providing a positive thrust to the market growth.

Saudi Arabia Renewable Energy Industry Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the Saudi Arabia renewable energy market report, along with forecasts at the country levels from 2024-2032. Our report has categorized the market based on type.

Breakup by Type:

  • Solar
  • Wind
  • Others

Solar energy represents the most popular type

The report has provided a detailed breakup and analysis of the market based on the type. This includes solar, wind, and others. According to the report, solar accounted for the largest market share.

Solar energy holds a prominent share in the Saudi Arabian renewable energy market. The country's vast desert regions receive abundant sunlight throughout the year, making solar photovoltaic (PV) and concentrated solar power (CSP) technologies highly attractive for electricity generation. In addition, large-scale solar projects, such as PV solar farms and CSP plants are contributing significantly to the renewable energy capacity in the country, thus providing a positive thrust to the market growth.

Moreover, wind energy is driven by the coastal regions along the Red Sea experiencing consistent and strong winds, creating favorable conditions for wind power generation. In addition, the development of wind farms with modern and efficient turbines to harness renewable resources is propelling market growth. Besides this, other renewable sources such as biomass, geothermal, and small-scale hydropower projects are accelerating market growth.

Breakup by Region:

  • Western Region
  • Northern and Central Region
  • Eastern Region
  • Southern Region

The report has also provided a comprehensive analysis of all the major regional markets, which include the Western Region, Northern and Central Region, Eastern Region, and Southern Region.

The Western region of Saudi Arabia holds immense potential for solar energy projects due to its vast desert expanses and high solar irradiation. It provides the country's largest solar farms, including concentrated solar power (CSP) and photovoltaic (PV) installations. In addition, the extensive solar resources are attracting significant investments, thus contributing to the market growth.

The Northern and Central region is witnessing notable developments in solar and wind energy. The region's central location makes it a strategic area for renewable energy projects. In addition, solar PV installations are gaining momentum in urban centers, while wind energy projects are being explored along the coast and inland areas where wind resources are favorable. Also, favorable government policies and initiatives are propelling the energy development market growth.

Besides this, the Eastern region is also witnessing strides in renewable energy. In addition, the increasing solar PV projects are being deployed on a smaller scale, primarily in industrial and commercial facilities, contributing to the region's renewable energy mix. Along with this, the Southern region has significant potential for wind energy, especially along its red seacoast, which is propelling the market growth. This region experiences consistent and strong winds, making it ideal for large-scale wind power projects.

Competitive Landscape:

Nowadays, key players in the market are taking various strategic measures to strengthen their positions and remain competitive in the growing market. They are actively involved in project development and investments in renewable energy projects. They participate in competitive bidding rounds organized by the Saudi government and secure power purchase agreements (PPAs) to develop and operate renewable energy facilities, such as solar and wind farms. Moreover, companies are investing in research and development (R&D) to continuously improve renewable energy technologies and optimize energy production. They explore innovations in solar photovoltaics, concentrated solar power, wind turbines, and energy storage solutions to enhance efficiency and reduce costs. Besides this, companies are focusing on expanding their renewable energy capacity to cater to the increasing demand for clean energy in the region. They explore opportunities for acquiring existing projects or entering long-term PPAs with project developers to expand their footprint in the market.

The report has provided a comprehensive analysis of the competitive landscape in the market. Detailed profiles of all major companies have also been provided. Some of the key players in the market include:

  • ACWA Power
  • Alfanar Group
  • EDF Renewables 
  • ENGIE Middle East
  • Masdar           

Saudi Arabia Renewable Energy Market Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units Gigawatt
Scope of the Report Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment: 
  • Type
  • Region 
Types Covered Solar, Wind, Others
Regions Covered Western Region, Northern and Central Region, Eastern Region, Southern Region
Companies Covered ACWA Power, Alfanar Group, EDF Renewables, ENGIE Middle East, Masdar, etc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3699
Five User License: US$ 4699
Corporate License: US$ 5699
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report:

  • How has the Saudi Arabia renewable energy market performed so far, and how will it perform in the coming years?
  • What are the drivers, restraints, and opportunities in the Saudi Arabia renewable energy market?
  • What is the impact of each driver, restraint, and opportunity on the Saudi Arabia renewable energy market?
  • What are the key regional markets?
  • Which countries represent the most attractive Saudi Arabia renewable energy market?
  • What is the breakup of the market based on the type?
  • Which is the most attractive type in the Saudi Arabia renewable energy market?
  • What is the competitive structure of Saudi Arabia renewable energy market?
  • Who are the key players/companies in the Saudi Arabia renewable energy market?

Key Benefits for Stakeholders:

  • IMARC’s report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Saudi Arabia renewable energy market from 2018-2032.
  • The research study provides the latest information on the market drivers, challenges, and opportunities in the Saudi Arabia renewable energy market.
  • The study maps the leading, as well as the fastest-growing, regional markets. It further enables stakeholders to identify the key country-level markets within each region.
  • Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Saudi Arabia renewable energy industry and its attractiveness.
  • Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
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Saudi Arabia Renewable Energy Market Report by Type (Solar, Wind, and Others), and Region 2024-2032
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