Saudi Arabia Solar PV Module Market

Market Overview 2024-2032:

The Saudi Arabia solar PV module market size reached 17.8 GW in 2023. Looking forward, IMARC Group expects the market to reach 44.4 GW by 2032, exhibiting a growth rate (CAGR) of 10.65% during 2024-2032.

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 segment of the Saudi Arabia solar PV module market report, along with forecasts for the period 2024-2032. Our report has categorized the market based on technology, product type, connectivity, mounting and end use.

Breakup by Technology:

• Thin Film
• Crystalline Silicon
• Others
   

Breakup by Product Type:

• Monocrystalline
• Polycrystalline
• Cadmium Telluride
• Amorphous Silicon
• Others
   

Breakup by Connectivity:

• On-Grid
• Off-Grid
   

Breakup by Mounting:

• Ground Mounted
• Roof-Top
   

Breakup by End Use:

• Residential
• Commercial
• Industrial
   

Competitive Landscape:

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.

Report Coverage: