Saudi Arabia Solar PV Module Market Overview:
The Saudi Arabia solar pv module market was worth US$ XX Billion in 2022, expanding at a CAGR of X% during 2017-2022. Looking forward, the market is projected to grow at a CAGR of around X% during 2023-2028, reaching a value of US$ XX Billion by 2028. The Saudi Arabia Solar Photovoltaic (PV) Module market has been witnessing significant growth over the past few years, shaped by several key market drivers and trends. The primary driver is the Kingdom's substantial investment in the renewable energy sector, backed by its Vision 2030 initiative, aiming to diversify its energy resources and reduce dependence on oil. As per the targets set in Vision 2030, Saudi Arabia intends to deploy 58.7 GW of renewable energy capacity by 2030, with solar PV contributing a substantial part. This ambition has attracted various global solar PV manufacturers and service providers, making it a vibrant, competitive market.
Alongside policy-level drivers, technological advancements have also played a significant role in the market's expansion. Advancements in PV module technology have led to increased module efficiency and reduced costs, making solar energy more viable. The emergence of bifacial solar modules, which can produce electricity from both sides, has further increased potential output and system efficiency, resulting in higher market adoption. Furthermore, the trend of moving towards monocrystalline technology due to its high efficiency and long lifespan is also driving the market.
A third major driver is the geographical advantage of Saudi Arabia. The country's high solar irradiation levels (an average of 2,200 kWh/m2/year) mean high energy yields from solar PV modules. The increased demand for electricity due to rapid urbanization and industrialization is further driving the adoption of renewable energy sources. On the trends side, an important element is the evolving business models in the solar industry. The rise in Power Purchase Agreements (PPAs) and the establishment of local manufacturing units are among the significant market trends. PPAs have encouraged the growth of the solar market by providing long-term electricity cost stability, while local manufacturing helps in cost reduction and increases the speed of project execution. These market drivers and trends are collectively shaping the future of the Saudi Arabia Solar PV Module Market.
Beginning with a regional overview, the report explores the dynamics that have a strong influence on the Saudi Arabia solar pv module market and can also impact its future growth. Taking 2022 as the base year, the report covers historical market scenario from 2017-2022 and provides forecasts till 2028. This includes the study of value and volume trends and pricing history. Growth inducing factors, market restraints and recent developments have also been analysed in the report in order to provide a deeper knowledge about the industry.
The report analyses the competitive structure of the Saudi Arabia solar pv module market industry and provides the profiles of major players operating in the market. The price margins for the products along with the various success and risk factors for manufacturers have also been covered in the report. Moreover, in order to determine market attractiveness, the report analyses the Saudi Arabia solar pv module market industry along the parameters of the Porter’s Five Forces model. This model examines the degree of competition in the Saudi Arabia solar pv module market industry by analysing the threat posed by new entrants and substitutes, and the bargaining power of suppliers and buyers. SWOT analysis of the market has also been presented in the report which highlights the strengths, weaknesses, opportunities and threats pertaining to the Saudi Arabia solar pv module market industry. Furthermore, the value chain analysis of the Saudi Arabia solar pv module market industry has also been covered in the report. This comprises of all the activities in the value chain, such as the procurement of various raw materials, manufacturing, sales and distribution.
Saudi Arabia Solar PV Module Market Segment Insights:
The Saudi Arabia solar pv module market has been analysed as followed:
By Product Type:
By End Use:
The competitive landscape of the market has been analyzed in the report, along with the detailed profiles of the major players operating in the industry. Some of the leading players operating in the market are:
Highlights of the Saudi Arabia Solar PV Module Market Report:
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