The Saudi Arabia solar PV module market is expected to exhibit a growth rate (CAGR) of 5% during 2023-2028.
A solar PV module is an assembly of photovoltaic (PV) cells that are arranged in a framework for installation. This module stimulates the power output and converts sunlight into direct current (DC). Solar PV modules are wired together in series and/or parallel to deliver voltage and current depending upon the requirement of a particular system. Some of the common variants of PV modules include monocrystalline, polycrystalline, cadmium telluride, amorphous silicon, copper indium gallium diselenide, etc.
In Saudi Arabia, the rising environmental concerns towards greenhouse gas (GHG) emissions are primarily driving the adoption of renewable energy sources, such as solar power. As a result, there is an increasing installation of solar PV modules across the residential, commercial, and industrial sectors. Additionally, the wide presence of high-capacity solar power plants in Saudi Arabia is also propelling the market growth. Furthermore, the Saudi Arabia government is heavily investing in the development of cleaner and sustainable energy infrastructure under numerous initiatives, such as Saudi Arabia Vision 2030. In line with this, the government organizations are focusing on reducing the dependency on conventional energy sources, such as oil and gas, thereby augmenting the demand for safer and cleaner alternatives. Additionally, the increasing penetration of international key players in the market has led to the introduction of highly efficient and lightweight product variants. Moreover, the extensive R&D activities for the launch of hybrid solar PV modules integrated with remote sensors, temperature controllers, adjustable arrays, etc., will continue to drive the market growth in Saudi Arabia during the forecast period.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the Saudi Arabia solar PV module market report, along with forecasts for the period 2023-2028. Our report has categorized the market based on technology, product type, connectivity, mounting and end use.
Breakup by Technology:
Breakup by Product Type:
Breakup by Connectivity:
Breakup by Mounting:
Breakup by End Use:
The competitive landscape of the industry has also been examined with some of the key players being Desert Technologies, Egphil Solar Solutions, Haala Energy, Hanwha Group, Meeco AG, National Solar Systems, Saudi American Solar, Sharp Middle East (Sharp Corporation), Sun Capture and Vista Eco.
Base Year of the Analysis
Technology, Product Type, Connectivity, Mounting, End Use
Desert Technologies, Egphil Solar Solutions, Haala Energy, Hanwha Group, Meeco AG, National Solar Systems, Saudi American Solar, Sharp Middle East (Sharp Corporation), Sun Capture and Vista Eco
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Key Questions Answered in This Report
We expect the Saudi Arabia solar PV module market to exhibit a CAGR of 5% during 2023-2028.
The increasing environmental concern towards Greenhouse Gas (GHG) emissions, along with the rising focus on reducing the dependency on conventional energy sources, such as oil and gas, is primarily driving the Saudi Arabia solar PV module market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across the nation resulting in temporary closure of numerous manufacturing units for solar PV modules.
Based on the technology, the Saudi Arabia solar PV module market can be segmented into thin film, crystalline silicon, and others. Currently, thin film holds the majority of the total market share.
Based on the product type, the Saudi Arabia solar PV module market has been divided into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon, and others. Among these, monocrystalline currently exhibits a clear dominance in the market.
Based on the connectivity, the Saudi Arabia solar PV module market can be categorized into on-grid and off-grid. Currently, on-grid accounts for the majority of the global market share.
Based on the mounting, the Saudi Arabia solar PV module market has been segregated into ground mounted and roof-top, where ground mounted currently holds the largest market share.
Based on the end use, the Saudi Arabia solar PV module market can be bifurcated into residential, commercial, and industrial. Currently, the residential sector exhibits a clear dominance in the market.
Some of the major players in the Saudi Arabia solar PV module market include Desert Technologies, Egphil Solar Solutions, Haala Energy, Hanwha Group, Meeco AG, National Solar Systems, Saudi American Solar, Sharp Middle East (Sharp Corporation), Sun Capture, and Vista Eco.
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