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 Power Generation Market is segmented by Power Generation (Thermal and Renewables) and Power Transmission and Distribution (T&D). The report offers the market size and forecasts in installed capacity (gigawatts) for all the above segments except power transmission and distribution.

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.

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 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).

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 wind energy market is expected to grow from USD 2.1 billion in 2025 to USD 3.4 billion by 2032, advancing at a steady 7.1% CAGR during 2026–2032.

The Saudi Arabia Energy Storage Market is projected to grow at a CAGR of around 24.80% during the forecast period, i.e., 2026-30.

Saudi Arabia Waste to Energy Market size was valued at around USD 406.8 million in 2024 and is projected to reach USD 568.94 million by 2030. Along with this, the market is estimated to grow at a CAGR of around 5.75% by 2025-30.

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.

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.

The Saudi Arabia grid energy storage market is projected at USD 147.2 million in 2025 and expected to surge at a 25.8% CAGR, reaching USD 732.8 million by 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

Saudi Arabian Oil Company, also referred to as Saudi Aramco, generated more revenue than any other company within the global energy sector in the financial year 2024. The Saudi Arabian company reported revenues of *** billion U.S. dollars. China Petroleum and Chemical Corporation (Sinopec) ranked second, with *** billion U.S. dollars in revenue. Global energy sources In 2024, oil and gas multinational corporations dominated as the leading companies in terms of energy sales. Oil, natural gas, and coal are still the leading sources of primary energy consumption worldwide. By comparison, the revenue of the largest renewable energy companies in the world was below ** billion U.S. dollars. Their headquarters are mostly located in the United States and Europe. Global energy demand China not only boasted some of the world's largest energy conglomerates, but it also led the world in terms of energy consumption. However, per capita energy consumption was highest in the Middle Eastern countries of Qatar and the United Arab Emirates. Global energy consumption was projected to increase by ** percent by 2050, after growing by ** percent between 1990 and 2022.

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.

The Saudi Arabian power EPC (Engineering, Procurement, and Construction) industry is experiencing robust growth, driven by the nation's ambitious Vision 2030 plan, which prioritizes diversification of its economy and significant investments in renewable energy sources. With a current market size exceeding $XX million in 2025 and a projected Compound Annual Growth Rate (CAGR) of over 7.5%, the industry is poised for significant expansion throughout the forecast period (2025-2033). Key drivers include the increasing demand for electricity to support population growth and industrial development, coupled with the Kingdom's commitment to expanding its renewable energy capacity, particularly solar and wind power. The shift towards renewable energy sources is creating new opportunities for EPC companies specializing in solar and wind farm construction, alongside the continued need for maintaining and expanding existing thermal and oil & gas power infrastructure. However, challenges such as the volatile global energy market, potential supply chain disruptions, and the need for skilled labor can act as restraints on growth. The market is segmented by power generation type (Thermal, Oil & Gas, Renewable, Nuclear, Others), with Renewable energy experiencing the fastest growth. Major players such as Doosan Heavy Industries, Power Construction Corporation of China, and Larsen & Toubro are actively engaged in securing projects within this dynamic market. The projected growth of the Saudi Arabian power EPC market is expected to significantly impact the industry landscape. We anticipate continued investment from both domestic and international EPC companies, fostering competition and driving innovation. The successful execution of Vision 2030's energy goals will be pivotal in shaping the future of the sector. The ongoing focus on energy efficiency and the adoption of smart grid technologies will present additional opportunities for EPC companies specializing in these areas. Furthermore, the Saudi Arabian government's focus on developing local talent and expertise within the EPC sector is likely to positively influence the long-term sustainability and competitiveness of the industry. Maintaining a balance between the development of renewable energy infrastructure and the continued operation of existing power plants will be key to ensuring a reliable and sustainable energy supply for the Kingdom. Notable trends are: The Renewable Energy is Expected to Dominate Market.

Explore the dynamic Saudi Arabia Power Market with insights on its USD 38.6 billion size in 2025, 5.80% CAGR, key drivers like Vision 2030, renewable energy adoption, and market trends. 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.

Explore the comprehensive analysis of the Saudi Arabia New Energy Vehicle market, including size, share, and growth forecasts for 2030. Get insights now!

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.

Saudi Arabia Energy Efficient Motor Market is projected to register strong growth due to the rising need for energy conservation with the rapid industrialization.