The Saudi Arabia Renewable Energy Market Report is Segmented by Technology (Solar Energy, Wind Energy, Hydropower, Bioenergy, Geothermal, and Ocean Energy) and End-User (Utilities, Commercial and Industrial, and Residential). The Market Sizes and Forecasts are Provided in Terms of Installed Capacity (GW).

The Saudi Arabia renewable energy market was volume at 1.55 Gigawatt in 2024. The industry is expected to grow at a CAGR of 44.00% during the forecast period of 2025-2034. An increase in public-private partnerships (PPPs) is primarily boosting the market. PPPs ensure cooperation between governments and the private sector, enhancing the acceleration of renewable energy projects, foreign direct investment, and ensuring the successful implementation of large-scale efforts on solar and wind, including hydrogen. In turn, all these factors have resulted in the market attaining a volume of 59.42 Gigawatt by 2034.

The Saudi Arabia Solar Energy Market Report is Segmented by Technology (Solar Photovoltaic and Concentrated Solar Power), Grid Type (On-Grid and Off-Grid), and End-User (Utility-Scale, Commercial and Industrial, and Residential). The Market Sizes and Forecasts are Provided in Terms of Installed Capacity (GW).

Gain detailed insights into KSA Renewable Energy Market, size at USD 340 million in 2023, showcasing revenue forecast and major industry trends.

Saudi Arabia renewable energy market is forecast to soar from USD 996.8M in 2025 to USD 12,111.8M by 2032, growing at a remarkable 42.9% CAGR during 2026–2032.

The Renewable Energy Companies in Middle East is Segmented by Type (Hydro, Solar, Wind, Other Types) and Geography (United Arab Emirates (UAE), Saudi Arabia, Oman, Iran, Israel, Jordon, Rest of Middle East). The report offers the market size and forecasts in terms of capacity in gigawatts for all the above segments

The size of the Saudi Arabia Renewable Energy Market was valued at USD 12.5 Billion in 2023 and is projected to reach USD 25.95 Billion by 2032, with an expected CAGR of 11% during the forecast period. Recent developments include: February 2022:GADING Kencana Sdn Bhd, one of the largest solar farm operators in Malaysia, signed a MoU with March Global LLC of Saudi Arabia to collaborate in developing solar farms in the MEA and the ASEAN region. The first collaborative effort between them is to create a solar farm in Khulais, Saudi Arabia, with a capacity of 100 MW., January 2021:ACWA Power agreed to a USD 125 million corporate facility to support its future growth pipeline of renewable energy projects. ACWA Power has had this facility for five years under a newly signed deal with APICORP (The Arab Petroleum Investments Corporation). . Notable trends are: Growing environmental concerns are driving the market growth.

Saudi Arabia Solar Energy Panel Market was valued at USD 350 million in 2024 and is expected to reach at USD 929.37 Million in 2030 and project robust growth in the forecast period with a CAGR of 17.5% through 2030.

The size of the Saudi Arabia Power Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 5.80% during the forecast period. Recent developments include: November 2022: ACWA Power signed an agreement with Water and Electricity Holding Company (Badeel) to build the world's largest single-site solar-power plant in Al Shuaibah, Mecca province. The plant was projected to have a generation capacity of 2,060 MW and commissioned in 2025., December 2022: The development of 10 new renewable energy projects was announced by Saudi Arabia. According to reports, the new renewable energy projects aimed to increase the power produced by solar and wind sources while lowering the usage of fossil fuels, particularly oil, to produce electricity. The announced renewable energy projects would have a combined power generation capacity of 7 GW. The Kingdom of Saudi Arabia's General Authority of Statistics reports that the nation intends to produce a staggering 15.1 TWh of renewable energy by 2024.. Key drivers for this market are: Increasing Diversification of Energy Sources from Oil and Gas to Cleaner Energy Sources4., Supportive Government Policies for Increasing Renewable Power Capacity. Potential restraints include: The Unstable Geopolitics of the Country. Notable trends are: Thermal Power Source to Dominate the Market.

Discover the booming Saudi Arabia renewable energy market! Explore a CAGR of 23.30%, key drivers, major players like ACWA Power and Masdar, and the projected market size to 2033. Learn about solar, wind, and other renewable energy sources shaping the Kingdom's energy future. Recent developments include: July 2023: Saudi developer ACWA Power inked financing agreements with a group of investors to build two solar projects, Al Shuaibah 1 and Al Shuaibah 2, with estimated investments of USD 2.2 billion, which could likely help the renewable energy market to grow at a rapid pace., November 2023: The NEOM Green Hydrogen Company (NGHC) noted the receiving of wind turbines at the Port of NEOM. The NGHC’s Wind Garden would consist of approximately 250 wind turbines that would energize electricity to green hydrogen power plants in Saudi Arabia.. Key drivers for this market are: 4., Supportive Government Policies and Incentives4.; Rising Demand for Water and Renewable-Powered Desalination. Potential restraints include: 4., Supportive Government Policies and Incentives4.; Rising Demand for Water and Renewable-Powered Desalination. Notable trends are: Solar Energy to Dominate the Market.

The size of the Saudi Arabian solar power market will be an estimated USD 5,923.4 million in 2024 and, advancing at a CAGR of 50.1% over the during 2024-2030.

Saudi Arabia Renewable Energy Market size was valued at USD 0.68 Billion in 2024 and is projected to reach USD 109.11 Billion by 2032, growing at a CAGR of 42.40% during the forecast period 2026-2032.

Saudi Arabia Renewable Energy Market Drivers

1. The National Renewable Energy Program (NREP) and Vision 2030 Saudi Arabia wants to diversify its economy and lessen its reliance on oil earnings as part of its Vision 2030 strategy. The growth of renewable energy is a key element of this vision, with the goal of obtaining at least 50% of its power from renewable sources by 2030. This includes plans to install 40 GW of wind energy and 58.7 GW of solar electricity. ​

2. Adoptimal Climate and Geographical Conditions The nation is perfect for producing solar energy because of its large deserts and high levels of solar irradiation. Large-scale solar projects are supported by these circumstances, which make solar power generation efficient and affordable.

The global renewable energy market size is projected to grow from USD 1101.27 billion in 2025 to USD 2271.2 billion by 2033, exhibiting a CAGR of 9.47%.
Report Scope:

Saudi Arabia Solar Energy Solutions Market has valued at USD 2.5 Billion in 2024 and is expected to reach at USD 7.72 Billion in 2030 and to project robust growth in the forecast period with a CAGR of 20.5% through 2030.

Discover the booming Saudi Arabia solar energy market! This analysis reveals a CAGR exceeding 51%, driven by Vision 2030 and major players like ACWA Power and Masdar. Explore market size projections, key trends, and challenges in this rapidly expanding sector. Recent developments include: In June 2022, China Energy Engineering Group, Guangdong Power Engineering Company (GPEC) awarded the LONGia module supply contract for the 400 MW (DC) Rabigh Solar PV IPP project in Saudi Arabia. LONGiHi-MO 5(72C) solar modules are expected to be installed in this solar PV project under construction. The project site is located in Rabigh Industrial City in the western Makkah Province of the country, approximately 150 kilometers west of Jeddah., In March 2022, under the third round of Saudi Arabia's National Renewable Energy Programme(NREP), a contract was awarded to China-based Jinko Power to develop the 300MW Saad photovoltaic (PV) solar project. As part of the competitive tendering process, Jinko Power and Jinko Power Dhafra Holding signed a 25-year power purchase agreement (PPA) with Saudi Power Procurement Company (SPPC). The consortium submitted a tariff of SAR 5.56255/kWh for the project.. Notable trends are: Solar Photovoltaic (PV) Type Expected to Dominate the Market.

Saudi Arabia Power Market size was valued at $ 81.70 Bn in 2024 and is expected to reach $ 101.58 Bn by 2032, growing at a CAGR of 2.8% from 2026 to 2032.Saudi Arabia Power Market DynamicsThe key market dynamics that are shaping the Saudi Arabia power market include:Key Market DriversGovernment Initiatives and Investments: The Saudi government's active investments in renewable energy are a primary driver of the power market, in line with the larger Vision 2030 aim to diversify the economy and lessen reliance on oil. A prominent example of this commitment is the signing of $3.28 billion agreements for three large-scale solar photovoltaic projects with a combined capacity of 5.5 GW. These programs promote the market by hastening the transition to sustainable energy, improving energy security, and generating new economic opportunities. Furthermore, government-backed projects provide regulatory support and financial stability, promoting private sector engagement and technological innovation in the power sector.

The size of the Renewable Energy Market was valued at USD 1.45 Trillion in 2024 and is projected to reach USD 2.84 Trillion by 2033, with an expected CAGR of 10.10% during the forecast period. The Renewable Energy Market is the most dynamic, fast-growing, and emerging sector based on energy resources harnessed from naturally replenished sources including solar, wind, hydro, geothermal, and biomass. Renewable energy is defined as energy obtained from sources that are replenished within a human timescale; therefore, this offers a sustainable alternative for fossil fuels. Key features include very low greenhouse gas emissions, high sustainability, and scalability, across applications ranging from power generation to heating, as well as to transportation and various industrial processes. The market entails photovoltaic (PV) systems, wind turbines, hydropower plants, bioenergy systems, and geothermal heat pumps among others. Technologies are being advanced and government policies are encouraging these integrations so that the need for decarbonization, security in energy production, and economy of energy utilization are met. One major propeller is the falling cost of solar and wind energy, pushing these 'green' energies closer to traditional energy prices. Renewable energy impacts the reduction in reliance on finite resources, the mitigation of climate change, and the enhancement of economic growth in terms of greener jobs. The advantages of renewable energy are environmental sustainability, energy diversification, and its fuel price immunity. It will be exponential in growth as the nations try to achieve ambitious climate targets; renewable energy would play a major role in a sustainable future. Recent developments include: May 2024- Correlate Energy Corp. has disclosed a collaboration with Energetic Capital to get renewable energy resources to underserved communities. The movement combines Energetic Capital's advanced financing with Correlate Energy's expertise in renewable energy projects. The collaboration will allow access to programs such as the EPA Greenhouse Gas Reduction Fund (GGRF), making it simpler to deploy renewable energy projects in low-income areas. Apart from the established cost-effectiveness of renewable energy for businesses, households, and utilities, these advantages have widely been restricted to higher-income areas, leaving low-income communities behind. Deprived communities usually face disputes with energy access and higher costs. Two new revelations from the EPA's Greenhouse Gas Reduction Fund (GGRF) stress the significance of raising renewable energy in these areas. , August 2023- Israel's SolarEdge Technologies Inc. has authorized a joint venture with Saudi Arabia's Ajlan & Bros Holding to employ "smart renewable energy solutions" in the region, as per the Israeli organization. The joint venture is "coordinated with the Saudi Vision 2030 programme that focuses on lowering the nation's dependency on oil by the end of this decade," the Herzliya-based company said in a press release. The joint venture will be founded in the kingdom's capital, Riyadh, where the private sector corporation is established. SolarEdge CEO Zvi Lando said they are pleased to collaborate with Ajlan & Bros Holding and back Saudi Arabia's journey towards' Vision 2030'. SolarEdge is devoted to pouring the clean energy transition on a global scale, verified by this JV, which will offer local businesses in Saudi Arabia the support they require to quickly change away from fossil fuels to clean solar energy and fulfill their violent renewable energy goals. The joint venture will be managed by groups from both organizations, with Ajlan & Bros Holding as the majority shareholder. The deal's revelation comes supplemented by reports of probable progress on a U.S.-brokered negotiate between Riyadh and Jerusalem that would see the Saudis join the Abraham Accords. , August 2023- Adani Energy Solutions, on 7th August, declared the successful financial closure for its USD1 billion Green HVDC link project, which will allow the supply of more renewable power to the city and support it's ascending electricity demand. The credit facility is part of the USD 700 million revolving project finance initiative tied up in October 2021 for AESL's continuing transmission assets portfolio. This unique platform infrastructure financing framework guarantees consistent access to capital for future projects in AESL's transmission portfolio by utilizing funds paid back by other projects. , April 2021: Walmart said that it had installed 6.5 MW of solar power systems, created by Sol Customer Solutions, at seven of its stores in California. Additionally, Bank of America (BOA) was the tax-equity partner, and the portfolio included a combination of solar power systems installed on parking lot rooftops and carports that cost around US$10 million. April 2020: Engie and Eocycle-XANT formed a collaboration so that Engie could offer wind turbines in Belgium. Engie is tasked for gathering customer demands and requirements and transmitting them to Eocycle-XANT, who will handle the installation and upkeep of the wind turbines the customer is provided. . Notable trends are: Rising investments by government of various countries to propel the renewable energy growth.

The Saudi Arabian solar energy industry is poised for extraordinary expansion, driven by ambitious national diversification strategies and a relentless pursuit of renewable energy targets. With an estimated market size of USD 4,500 million in 2025, the sector is set to witness a staggering Compound Annual Growth Rate (CAGR) exceeding 51.00% during the 2025-2033 forecast period. This rapid ascent is primarily fueled by significant government investment, a growing appetite for clean energy solutions to reduce reliance on fossil fuels, and the nation's abundant solar irradiation. Key drivers include Vision 2030 initiatives, which prioritize the development of renewable energy sources, and the increasing adoption of solar photovoltaic (PV) technology for both utility-scale projects and distributed generation. Furthermore, a strong focus on developing local manufacturing capabilities for solar components and a supportive regulatory framework are creating a fertile ground for sustained growth and attracting substantial foreign and domestic investment. The industry's robust growth trajectory is further bolstered by critical trends such as the increasing efficiency and decreasing cost of solar PV panels, making them more competitive than ever. Innovations in solar technology, including advancements in energy storage solutions, are also addressing intermittency concerns and enhancing the overall reliability of solar power integration into the grid. While the sheer scale of investment and favorable natural resources present immense opportunities, the industry faces challenges such as the need for extensive grid infrastructure upgrades to accommodate the influx of solar power and the development of a skilled workforce to support the burgeoning sector. Nevertheless, the strategic importance of solar energy in Saudi Arabia's energy transition, coupled with the proactive involvement of major global and local players like JinkoSolar, Enel, Saudi Electricity Company, Engie, Alfanar Group, Masdar, EDF Renewables, and ACWA Power, strongly indicates a future dominated by solar power, transforming the nation's energy landscape. Key drivers for this market are: 4., Increasing Diversification of Energy Sources from Oil and Gas to Cleaner Energy Sources4.; Supportive Government Policies for Increasing Renewable Power Capacity. Potential restraints include: 4., The Unstable Geopolitics of the Country. Notable trends are: Solar Photovoltaic (PV) Type Expected to Dominate the Market.

Saudi Arabia Solar Energy Market By Size, Share, Trends, Growth, Forecast 2028, Segmented By Technology, By Solar Module, By Application, By End-Use, By Region, Competition Forecast and Opportunities

The size of the Saudi Arabia Solar Energy Industry market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 51.00">> 51.00% during the forecast period. Key drivers for this market are: 4., Increasing Diversification of Energy Sources from Oil and Gas to Cleaner Energy Sources4.; Supportive Government Policies for Increasing Renewable Power Capacity. Potential restraints include: 4., The Unstable Geopolitics of the Country. Notable trends are: Solar Photovoltaic (PV) Type Expected to Dominate the Market.