Saudi Arabia Wind Energy Market

Saudi Arabia Wind Energy Market Overview:

The Saudi Arabia wind energy market size reached USD 2.07 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 3.74 Billion by 2033, exhibiting a growth rate (CAGR) of 6.80% during 2025-2033. The availability of vast wind resources, increased environmental commitment, rising private sector participation, implementation of various government initiatives, and significant growth in energy consumption are some of the major factors positively impacting Saudi Arabia wind energy market share.

Saudi Arabia Wind Energy Market Trends:

Diversification Goals

Saudi Arabia's Vision 2030 serves as the strategic blueprint for transforming its economy, reducing its dependence on oil, and promoting renewable energy as a cornerstone of its future energy mix. This ambitious national framework outlines specific objectives for renewable energy, with wind energy playing a crucial role in achieving sustainable development and economic diversification. To meet these goals, the government is creating a conducive environment for local and international investors by simplifying regulations, reducing bureaucratic barriers, and providing clear frameworks for project development and funding. Moreover, Vision 2030 is designed to stimulate new industries, create job opportunities, and foster innovation within the Kingdom, which adds a long-term commitment to sustainable energy sources and facilitates the Saudi Arabia wind energy market growth.

Abundant Wind Resources

Saudi Arabia boasts huge wind resources, especially in its western and northern regions, making wind power advantageous and viable. Certain regions, such as Red Sea coastal areas and various desert terrains, possess high sustained winds, which are ideal for high-capacity wind turbines with excursions in energy output. Notably, the average wind speed in Saudi Arabia's Al-Jouf region ranges from 3.88 to 4.99 meters per second, with an average of 4.38 meters per second. The most common wind speed recorded was 3.9 m/s, with an approximate chance of 20%. This geographic advantage reduces reliance on fuel imports and complements the Kingdom's other renewable resources, like solar energy. The abundance of wind energy potential also makes Saudi Arabia a cost-effective location for wind power projects. The consistent wind in the area allows for optimal working conditions for the turbines to produce less energy and thus give more economically viable wind projects.

Environmental Commitment and Climate Goals

Saudi Arabia's commitment to reducing its carbon footprint and addressing climate change is positively influencing the Saudi Arabia wind energy market outlook. As a signatory to the Paris Agreement, Saudi Arabia has also pledged to cut its greenhouse gas emissions and has set ambitious renewable energy targets to transition to cleaner energy sources. By 2030, Saudi Arabia aims to cut its annual carbon emissions by 278 million tons. Also, by 2060, the Kingdom hopes to have zero net greenhouse gas emissions. This environmental commitment is reflected in policies and regulations that incentivize renewable energy production and penalize emissions from traditional energy sources. The Kingdom's insistence on a move towards a sustainable energy model mandates favors renewable projects, including wind, and running them against any new fossil fuel-based plants. By investing in wind energy, Saudi Arabia can make significant strides toward achieving its climate goals while meeting rising domestic energy demands in an environmentally responsible way.

Saudi Arabia Wind Energy Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the regional level for 2025-2033. Our report has categorized the market based on component, rating, installation, turbine type, and application.

Component Insights:

• Turbine
• Support Structure
• Electrical Infrastructure
• Others

The report has provided a detailed breakup and analysis of the market based on the component. This includes turbine, support structure, electrical infrastructure, and others.

Rating Insights:

• ≤ 2 MW
• >2 ≤ 5 MW
• >5 ≤ 8 MW
• >8 ≤ 10 MW
• >10 ≤ 12 MW
• >12 MW

A detailed breakup and analysis of the market based on the rating have also been provided in the report. This ≤ 2 MW, >2 ≤ 5 MW, >5 ≤ 8 MW, >8 ≤ 10 MW, >10 ≤ 12 MW, and >12 MW

Installation Insights:

• Offshore
• Onshore

The report has provided a detailed breakup and analysis of the market based on the installation. This includes offshore and onshore.

Turbine Type Insights:

• Horizontal Axis
• Vertical Axis

A detailed breakup and analysis of the market based on the turbine type have also been provided in the report. This includes horizontal axis and vertical axis.

Application Insights:

• Utility
• Industrial
• Commercial
• Residential

The report has provided a detailed breakup and analysis of the market based on the application. This includes utility, industrial, commercial and residential.

Regional Insights:

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

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

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Saudi Arabia Wind Energy Market News:

• On June 2024, for the building of the 500 MW Wa'ad Alshamal Wing Project in Saudi Arabia, PowerChina was awarded an engineering, procurement, and construction (EPC) contract. This project contributes to the Kingdom's "Saudi Vision 2030" goal of increasing the nation's proportion of renewable energy resources to about 50%. 
• On May 2024, Marubeni Corporation and Ajlan & Bros inked a power sales deal with Saudi Power Procurement Company to create two large-scale wind power projects in Saudi Arabia, 600 MW Al-Ghat and 500 MW Waad Al-Shamal.

Saudi Arabia Wind Energy Market Report Coverage:

Key Questions Answered in This Report:

• How has the Saudi Arabia wind energy market performed so far and how will it perform in the coming years?
• What is the breakup of the Saudi Arabia wind energy market on the basis of component?
• What is the breakup of the Saudi Arabia wind energy market on the basis of rating?
• What is the breakup of the Saudi Arabia wind energy market on the basis of installation?
• What is the breakup of the Saudi Arabia wind energy market on the basis of turbine type?
• What is the breakup of the Saudi Arabia wind energy market on the basis of application?
• What is the breakup of the Saudi Arabia wind energy market on the basis of region?
• What are the various stages in the value chain of the Saudi Arabia wind energy market? 
• What are the key driving factors and challenges in the Saudi Arabia wind energy market?
• What is the structure of the Saudi Arabia wind energy market and who are the key players?
• What is the degree of competition in the Saudi Arabia wind energy market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Saudi Arabia wind energy market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Saudi Arabia wind energy market.
• 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 wind 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.