Market Research Reports - Ken Research Saudi Arabia Future Solar Energy

Saudi Arabia Future Solar Energy Market Outlook to 2021
The report titled “Saudi Arabia Cleantech Energy Market Outlook to 2021 - Use of Renewable
Energy Resources and Reductions in the Electricity Subsidies to Support Growth” provides a
comprehensive analysis of Saudi Arabia cleantech energy market. The report focuses on overall
market size for cleantech energy market by installed capacity, segmentation on the basis of
type of energy source (solar and wind). Detailed analysis of solar and wind energy market in
Saudi Arabia is also done covering the market size by installed capacity, EPC market size,
completed and future projects. The report also covers competitive landscape of major players,
growth drivers, rules and regulations. The report further includes market projections for future
and analyst recommendations highlighting the major opportunities and threats in the cleantech
energy market.
Saudi Arabia Cleantech Energy Market
Saudi Arabia is diversifying its energy mix to cut on its green house gas emissions. It has been
producing the electricity by using clean energy resources and is now increasing the capacity to
generate more power by using these natural resources. The country has set a target of
generating 9.5 GW of energy by using renewable sources of energy by 2023. An interim target
of producing 3.45 GW by using renewable sources of energy is set to be achieved by 2020
under the National Transformation Program (NTP). The photovoltaic solar energy segment
leads the generation of electricity from renewable energy with the installed capacity of ~MW at
the end of 2016. However wind energy sector is still under the development phase and the
government is introducing various projects to expand this sector.
Saudi Arabia Solar Energy Market
At the end of 2016, the total installed capacity of solar photovoltaic technology was ~MW
whereas there was no installation of the CSP based solar technology. The solar segment of the
country grew by more than ~ times from the year 2011 to 2016. The solar projects
commissioned in the country were Princess Noura University Solar Water Heating Project, Saudi
Aramco North Park PV and many more. Over the past few years, the solar PV has started
becoming more efficient and cost effective. The cost of solar PV has declined by almost 80.0%
from the year 2009 to 2016.
The EPC market size of solar energy market in the year 2016 was USD ~ million. The market of
EPC for solar segment grew at a CAGR of ~% from 2011 to 2016. The reduction in the subsidies
for the electricity generated by the conventional sources of energy has led to the increase in
the investments of renewable sources sector which has increased the size of EPC market.