Saudi Arabia Solar Energy Market Size & Insights

The Saudi Arabia Solar Energy Market size was valued at around USD 6 billion in 2024 and is projected to reach USD 49 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 42% during the forecast period, i.e., 2025-30. The Global Saudi Arabia Solar Energy Market is significantly growing due to several growth factors, including the rapidly growing gaming industry, the rising demand for electronic devices, including TVs, smartphones, monitors, wearables, etc., the infrastructural development & expansion of production facilities, and the integration of artificial intelligence in Saudi Arabia Solar Energy. 

What are the Key DROs in the Saudi Arabia Solar Energy Market??

Increased Electricity Tariffs Driving Demand for Solar Energy – The increase in electricity tariffs as of 2024, has significantly boosted the attractiveness of solar energy investments in Saudi Arabia. With the increase in electricity tariffs for residential customers, solar PV structures presenting shorter payback intervals of 5-7 years are becoming a popular choice. This monetary encouragement is leading to a notable transition to solar power, reducing dependence on conventional energy sources and advocating for environmentally friendly behaviors. The government of Saudi Arabia is projected to spend around USD 300 billion by 2030 on renewable energy projects. Therefore, it is anticipated that the solar energy market will experience a sturdy increase due to a combination of higher tariffs, government support, and ongoing technological advancements in solar cell performance and power storage. As a result, purchasers and organizations are displaying interest in solar solutions, and the market is anticipated to develop notably due to effective monetary and regulatory elements.

What are the Key Segments in the Saudi Arabia Solar Energy Market?

The Saudi Arabia Solar Energy is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:

By Type

-Solar Photovoltaic (PV) - Market Size & Forecast 2020-2030, USD Million

-Concentrated Solar Power (CSP)- Market Size & Forecast 2020-2030, USD Million

By Application

-Residential- Market Size & Forecast 2020-2030, USD Million

-Commercial- Market Size & Forecast 2020-2030, USD Million

-Industrial- Market Size & Forecast 2020-2030, USD Million

By End-Use

-Electricity Generation- Market Size & Forecast 2020-2030, USD Million

-Heating- Market Size & Forecast 2020-2030, USD Million

-Charging- Market Size & Forecast 2020-2030, USD Million

-Lighting- Market Size & Forecast 2020-2030, USD Million

By Solar Module

-Monocrystalline- Market Size & Forecast 2020-2030, USD Million

-Polycrystalline- Market Size & Forecast 2020-2030, USD Million

-Cadmium Telluride- Market Size & Forecast 2020-2030, USD Million

-Amorphous Silicone Cells- Market Size & Forecast 2020-2030, USD Million

-Others- Market Size & Forecast 2020-2030, USD Million

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By Region

-Central

-South

-East

-West.

Who are the Key Players in Saudi Arabia Solar Energy Market?

Alfanar Group, Abu Dhabi Future Energy Company (Masdar), EDF Renewables, ACWA Power Company, Saudi Aramco Power Company (SAPCO), Guangdong Power Engineering Company, JinkoSolar Holding Co. Ltd., Enel Green Power s.p.a., Desert Technologies, Baker Hughes Company, Engie SA, and others.

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Saudi Arabia Solar Energy Market News

• 2025: BOE Technology Group showcased curved and foldable automotive displays up to 17 inches, featuring a unique “breathing display” design. The company also planned curved Mini LED monitors, including a 34″ (1500R, 165Hz) and a 39.7″ (1400R, 144Hz) model with high resolutions and over 1,000 dimming zones. These products began launching in late 2023 and continued into 2025.

• 2025: LG Display launched the LG UltraFine 40U990A-W is a 40-inch curved business monitor. It features a sharp 5K2K resolution (5120×2160), Thunderbolt 5 connectivity, and a smooth 120Hz refresh rate. With a 1000R curve, it offers an immersive viewing experience.

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