The Crystalline Silicon segment is expected to dominate the market in the forecast period.
Government Incentives and Declining
Cost of Solar PV Systems are the factors driving the market growth in the
forecast period.
According
to TechSci Research report, “Saudi Arabia Rooftop
Solar Market – By Region, Competition, Forecast and Opportunity, 2018-2028F”,
The Saudi Arabia Rooftop Solar Market is expected to grow at an impressive
CAGR. The market is anticipated to grow
as a result of Government incentives and ambitious renewable energy goals are
pivotal drivers of the Saudi Arabia Rooftop Solar market. With Vision 2030's
commitment to diversify the energy mix and reduce carbon emissions, coupled
with subsidies, tax breaks, and favorable financing options, rooftop solar
installations become economically attractive. This government support
encourages businesses and individuals to invest in solar, accelerating the
transition to clean and sustainable energy sources.
Small-scale
rooftop solar PV systems are a crucial component of the market under
investigation, despite utility-scale solar PV projects in Saudi Arabia having
gained ground. Additionally, the rooftop solar PV system provides households
without access to electricity with the advantages of contemporary electricity
services. As a result, it aids in lowering the cost of electricity in distant
areas and islands that rely on oil-fired generating while also enabling
homeowners and small companies to produce their own electricity.
Browse
over XX market data Figures spread through 80 Pages and an in-depth TOC on the "Saudi Arabia Rooftop Solar Market."
Saudi Arabia Rooftop Solar Market is divided into Technology, Grid-type, End-Use
and Region. Based on Technology, the market is divided into Thin Film and
Crystalline Silicon. Based on Grid-type, the market is divided into Grid
Connected and Off-grid. Based on End Use, the market is divided into
Residential, Commercial, Industrial.
Based on
Technology, the market is divided into Crystalline Silicon PV and Thin Film PV.
With the largest market share and projected significant growth over the
foreseeable period, the crystalline silicon PV industry now dominates the
market. Crystalline panels are the most common type of solar panel used in
residential and commercial applications due to their higher efficiency and
reliability.
Based on
End Use, the Commercial and Industrial Segment is Expected to Dominate the
Market. More than half of Saudi Arabia rooftop solar installations are in the
commercial and industrial sectors. The development of innovative technology and
supportive policies are essential for the expansion of the business and
industrial sector. Instead of only considering rooftop solar systems with the
grid serving as storage (net/gross metering), Saudi Arabia authorities need to
plan for rooftop solar systems and storage. In comparison to the conventional
grid supply and diesel generators, the combination produces electricity more
affordably. Due to affordability and the demand for technology, the commercial
and industrial sector in Saudi Arabia is anticipated to experience considerable
market expansion over the forecast period. Due to being one of the largest
energy consumers, the commercial and industrial sector typically pays higher
electricity expenses. The industry has the most advantageous use profiles and
stands to gain from the installation of rooftop solar PV systems across
substantial roof areas. In Saudi Arabia, an increasing number of business
properties choose to rent out their space with a permanent roof.
Key
market players in the Saudi Arabia Rooftop Solar Market include:
- ACWA Power Company
- Alfanar Group
- Abu Dhabi Future Energy Company (Masdar)
- EDF Renewables
- Saudi Electricity Company
- Engie SA
- JinkoSolar Holding Co. Ltd
- Enel SpA
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“Over
the projected period, the industry is anticipated to increase as a result of
the rising demand for sources of sustainable energy generation to replace
conventional energy sources. Solar energy is now more competitive in the energy
generation sector thanks to solar energy system cost reductions. Due to
significant investments in solar energy technologies, component costs are
anticipated to continue decline in the upcoming years, making solar energy
systems more affordable than currently operational coal or gas power plants.
Owing to that the market is expanding in the future.” Mr. Karan Chechi,
Research Director with TechSci Research, a research-based Global management
consulting firm.
“Saudi Arabia Rooftop Solar Market
Segmented by Technology (Thin Film, Crystalline Silicon), by Grid-type (Grid
Connected, Off-grid), by End-use (Residential, Commercial, Industrial), By
Region, Competition, Forecast and Opportunities, 2028” has evaluated the future
growth potential of Saudi Arabia Rooftop Solar Market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Saudi Arabia Rooftop Solar Market.
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