Press Release

Saudi Arabia PV Cells Market to Witness Significant Growth During Forecast Period

Rise in global energy consumption and growing awareness towards green energy is expected to drive growth of Saudi Arabia PV cells market through 2024

According to TechSci Research report, Saudi Arabia PV Cells Market By Type, By Product Type, By End Use, Competition, Forecast & Opportunities, 2024, Saudi Arabia PV cells market is expected to grow at a CAGR of around 12% during the forecast period. The PV cells are witnessing adoption owing to the growing investments in the energy sector. Moreover, increasing demand for electricity is further driving the demand for PV cells market. Additionally, rising demand for clean, reliable and environment-friendly energy source is anticipated to accelerate the growth of market in the coming years. Furthermore, stringent government regulations to limit environmental impacts are expected to propel the use of renewable energy sources, which thereby would fuel the demand for PV cells as well. However, high initial manufacturing cost and technological complexity is likely to hamper the Saudi Arabia PV cells market during the forecast period.

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The Saudi Arabia PV cells market is segmented based on type, product type, end use, region and company. Based on product type, the market can be categorized into thin film, monocrystalline and poly crystalline. The poly crystalline segment is expected to register the highest CAGR during the forecast period attributable to the technological simplicity associated with their production process as a result of which the overall production cost becomes lesser than the other counterparts. Additionally, these cells have superior efficiency as compared to the other types of PV cells. Based on application, the market can be fragmented into residential, commercial and utility scale. The utility scale segment is expected to grow during forecast period. This can be attributed to the increasing installation of large-scale projects along with growing research and development expenditure to reduce installation and maintenance cost.

Canadian Solar Middle East Limited, Desert Technologies,  First Solar International Middle East FZ-LLC, Green Technology Company (GTek Solar), Hanwha Q CELLS Co., Ltd., Jinko Solar, Solar Frontier K.K, SunPower, Trina Solar Middle East Ltd, Yingli Green Energy Holding Co., Ltd. and others are some of the leading players operating in Saudi Arabia PV cells market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share.

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“The Saudi Arabia PV cells market is expected to witness significant growth during the forecast period owing to the rising oil prices and increasing electricity demand in the region. Additionally, Saudi Arabia is suitable geographically as it is in the so-called sun belt, which has led it to become one of the largest solar energy producers. Further, Saudi Arabia is building advanced solar power systems along with Dubai which they hope will be a major part of the two countries' move to diversify its energy sector over the next decade.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Saudi Arabia PV Cells Market By Type, By Product Type, By End Use, Competition, Forecast & Opportunities, 2024 has evaluated the future growth potential of Saudi Arabia PV cells 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 PV cells market.

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Rise in global energy consumption and growing awareness towards green energy is expected to drive growth of Saudi Arabia PV cells market through 2024

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