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Compare market size and growth of Saudi Arabia Solar Energy Market with other markets in Energy & Power Industry
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The Saudi Arabian solar energy market is expected to reach 1,028 MW by the end of the current year, and it is projected to register a CAGR of 51% during the forecast period.
Although the COVID-19 pandemic affected the market studied in 2020, it has been recovering and reached pre-pandemic levels. Over the forecast period, factors such as supportive government policies, increasing efforts to meet power demand using solar energy, and decreased fossil-fuel dependency are expected to drive the market''s growth. However, the increasing adoption of alternate clean power sources, such as wind, and the availability of fossil fuels are expected to restrain the growth of the solar energy market during the forecast period.
Saudi Arabia''s National Renewable Energy Program aims to achieve 40 GW of solar energy installed capacity by 2030. This is expected to create significant opportunities for the market in the near future.
Solar energy is a type of renewable energy where solar panels are used to generate electricity. Solar panels deployed on rooftops or mounted on the grounds are utilized effectively by energy consumers.
Saudi Arabia''s solar energy market is segmented by type into solar photovoltaic (PV) and concentrated solar energy (CSP). For each segment, the market sizing and forecasts have been done based on the installed capacity (MW).
The distinct geographical and climatic location of Saudi Arabia makes utilizing renewable energy sources, especially solar energy sources, economically attractive, supporting Saudi efforts to diversify the domestic energy mix. The solar PV segment is expected to hold the largest market share during the forecast period, owing to the declining costs of solar modules and the versatility of these systems for various applications, like electricity generation and water heating.
With such upcoming and large-scale projects and increasing government initiatives, the solar PV segment is expected to grow during the forecast period.
In September 2022, a tender was launched by the Saudi Power Procurement Company (SPPC) for the deployment of 3.3 GW of renewable energy capacity. The Saudi authorities intend to build three wind power plants with a combined capacity of 1.8 GW and two solar parks with a combined capacity of 1.5 GW. One of the two solar plants is expected to have an installed capacity of 1.1 GW and be constructed in Al Hanakia, Medina province, in west-central Saudi Arabia. A 400 MW solar plant will be constructed in Tabarjal, a town in the northern part of the country. In line with the National Renewable Energy Program (NREP), the tender is the fourth in a series of renewable energy procurement schemes.
In August 2022, Clenergysecured an order to develop Solar PV and provided a 44 MW PV-ezRacksolar installation solution for ACWA Power''s 3A Independent Seawater Desalination Project in Jubail, Saudi Arabia. This project utilizes PV-ezRack SolarTerraceMAC, a magnesium, aluminum, and zinc-coated steel ground mounting system. In August 2022, a joint venture between TotalEnergies, AltaaqaAlternative Solutions, and King Abdullah Economic City (KAEC) entered into an agreement to develop a hybrid solar farm at KAEC. A strategic plan for the city calls for the development of 25,000 solar panels (ground-mounted motorized systems) with a capacity of 12.5 megawatts peak (MWp).
Therefore, due to the above-mentioned factors, the upcoming and ongoing solar projects are expected to drive the solar energy market''s growth during the forecast period.
The Saudi Arabian solar energy market is moderately fragmented. Some of the major players in the market (in no particular order) are ACWA Power Company, Alfanar Group, Abu Dhabi Future Energy Company (Masdar), EDF Renewables, and Saudi Electricity Company.
In June 2022, China Energy Engineering Group, Guangdong Power Engineering Company (GPEC) awarded the LONGia module supply contract for the 400 MW (DC) Rabigh Solar PV IPP project in Saudi Arabia. LONGiHi-MO 5(72C) solar modules are expected to be installed in this solar PV project under construction. The project site is located in Rabigh Industrial City in the western Makkah Province of the country, approximately 150 kilometers west of Jeddah.
In March 2022, under the third round of Saudi Arabia''s National Renewable Energy Programme(NREP), a contract was awarded to China-based Jinko Power to develop the 300MW Saad photovoltaic (PV) solar project. As part of the competitive tendering process, Jinko Power and Jinko Power Dhafra Holding signed a 25-year power purchase agreement (PPA) with Saudi Power Procurement Company (SPPC). The consortium submitted a tariff of SAR 5.56255/kWh for the project.
Abu Dhabi Future Energy Company (Masdar)
Saudi Electricity Company
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