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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