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Saudi Arabia is one of the most abundant countries in the world when it comes to solar energy potential. In just six years, the country has managed to install over 3 gigawatts (GW) of photovoltaic (PV) capacity. This is enough to power over 600,000 homes. According to a new report from Bloomberg New Energy Finance (BNEF), Saudi Arabia is on track to install an additional 7.2 GW of PV capacity by 2022. This would bring the total installed capacity up to 10.2 GW.
The Saudi Solar Market
The Saudi Solar Market is expected to grow significantly in the next few years. Currently, there is a lot of interest in solar energy in Saudi Arabia, and the government is supportive of its development. The Saudi Solar Market is expected to grow at a compound annual growth rate (CAGR) of 19.8% from 2016 to 2021.
The high growth rate of the Saudi Solar Market is due to a number of factors. First, the cost of solar panels has been falling rapidly in recent years, making them more affordable for consumers. Second, the Saudi government has been investing heavily in renewable energy, including solar. The government has set a goal of having 9.5 gigawatts (GW) of renewable energy capacity by 2023, and solar will play a big role in achieving this target. Third, there is a growing awareness of the environmental benefits of solar energy. As more people become concerned about climate change, they are looking for ways to reduce their carbon footprint. Solar energy is a great way to do this.
The Saudi Solar Market offers great opportunities for companies that are involved in the manufacture or installation of solar panels. There is a large potential market for solar panels in Saudi Arabia, and the government is supportive of their development
The Solar Market Outlook for 2022
The Saudi Arabian solar market is expected to grow significantly over the next few years. In 2022, the market is expected to be worth $2.4 billion, an increase of nearly 300% from 2019. This growth is being driven by a number of factors, including the increasing cost-competitiveness of solar, the country’s ambitious renewable energy targets, and strong government support.
As the Saudi Arabian solar market grows, so too will the demand for solar PV products and services. This presents a huge opportunity for companies operating in the sector.
If you’re looking to enter the Saudi Arabian solar market, or expand your existing operations there, then this report is for you. It contains detailed analysis of the current state of the market and provides insights into the key trends that will shape its future development.
Key Drivers of the Solar Market in Saudi Arabia
There are several key drivers of the solar market in Saudi Arabia.
One of the most important drivers is the government’s commitment to renewable energy. The Saudi government has set a goal of generating 9.5 gigawatts (GW) of renewable energy by 2023. Solar power will play a major role in meeting this target. The government has also created financial incentives for companies to invest in solar power.
Another key driver is the high cost of electricity in Saudi Arabia. Electricity prices are some of the highest in the world, making solar power an attractive option for businesses and consumers alike.
Finally, the availability of sunny days makes Saudi Arabia an ideal location for solar power generation. The country gets an average of 2,500 hours of sunlight per year, making it one of the sunniest countries in the world.
These drivers are expected to lead to strong growth in the Saudi Arabian solar market in the coming years.
In conclusion, Saudi Arabia’s Solar Market Outlook for 2022 is very positive. The country has made great strides in recent years to increase its renewable energy output, and solar power will play a big role in meeting its future energy needs. With continued government support and private sector investment, the Saudi Arabian solar market is expected to grow significantly in the coming years.