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Saudi Arabia Solar PV Module Market to Grow at 5.2% During 2022-2027, Propelled by Rising Environmental Concerns

Published on Sep 30, 2022

IMARC Group’s latest report, titled “Saudi Arabia Solar PV Module Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the Saudi Arabia solar PV module market is expected to exhibit a CAGR of 5.2% during the forecast period (2022-2027). Solar PV module refers to an assembly of photovoltaic (PV) cells, or solar cells, that are connected in a series for installation. Some commonly used PV module variants include monocrystalline, polycrystalline, cadmium telluride, amorphous silicon, and copper indium gallium diselenide. It is an essential component of any PV system that captures sunlight and converts it into direct current (DC) electricity, stimulating the power output. These modules are wired together in series or parallel to deliver voltage and current depending upon the system’s requirement. As a result, solar PV module is gaining immense traction in Saudi Arabia to produce sustainable energy. 

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.                          

Saudi Arabia Solar PV Module Market Trends:

In Saudi Arabia, the surging environmental concerns due to the rising greenhouse gas (GHG) emissions represent the primary factor driving the market growth. Moreover, there has been a substantial shift toward renewable energy sources, such as solar power, to meet the escalating power demand and reduce the dependency on fossils. This, in turn, has accelerated the installation of solar PV modules across the residential, commercial, and industrial sectors. Besides this, the availability of high-capacity solar power plants across the country is another major growth-inducing factor. Additionally, the Government of Saudi Arabia is taking favorable initiatives to promote the adoption of safer and cleaner alternatives, thereby minimizing the reliance on conventional energy sources, including oil and gas. In line with this, the surging government funding for developing cleaner and sustainable energy infrastructure under numerous initiatives, such as Saudi Arabia Vision 2030, to achieve the country’s renewable energy target, has propelled the market growth. Furthermore, several regional and international key players are investing in research and development (R&D) activities to introduce highly efficient and lightweight product variants. Along with this, the launch of hybrid solar PV modules equipped with remote sensors, temperature controllers, and adjustable arrays is contributing to the market growth. Other factors, including the significant developments in the renewable energy sector, depleting fossil fuels, and technological advancements, are also providing a positive thrust to the market growth. 

Market Summary:

  • Based on technology, the market has been segmented into thin film, crystalline silicon, and others. 
  • The market has been divided based on the product type into monocrystalline, polycrystalline, cadmium telluride, amorphous silicon, and others. 
  • On the basis of connectivity, the market has been bifurcated into on-grid and off-grid.
  • Based on the mounting, the market has been classified as ground mounted and roof-top. 
  • The market has been categorized based on the end use into residential, commercial, and industrial. 
  • The competitive landscape of the market has also been analyzed, 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.
     

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