Government Incentives and Declining Cost of Solar PV Systems are the factors driving the Saudi Arabia Rooftop Solar Market growth in the forecast period.
According to TechSci Research report, “Saudi Arabia Rooftop Solar Market – By Region, Competition, Forecast and Opportunity, 2018-2028F”, The Saudi Arabia rooftop solar market achieved a valuation of USD 968.24 million in 2022 and is poised for substantial growth throughout the forecast period, with a projected Compound Annual Growth Rate (CAGR) of 17.6% until 2028. The Saudi Arabia Rooftop Solar market is poised for growth driven by government incentives and ambitious renewable energy targets. Vision 2030’s commitment to diversifying the energy mix and reducing carbon emissions, along with subsidies, tax incentives, and favorable financing options, makes rooftop solar installations economically viable. These initiatives encourage businesses and individuals to invest in solar energy, accelerating the adoption of clean and sustainable power sources.
Despite the increasing prominence of utility-scale solar PV projects in Saudi Arabia, small-scale rooftop solar PV systems play a critical role in the market. These systems provide modern electricity services to households without access to the grid, particularly in remote areas and islands reliant on oil-fired generators. They also empower homeowners and small businesses to generate their own electricity, thereby reducing dependence on conventional energy sources.
The Saudi Arabia Rooftop Solar Market is categorized into Technology, Grid Type, End Use, and Region. By Technology, it includes Thin Film and Crystalline Silicon. Grid Type segments into Grid Connected and Off-grid systems. End Use categories encompass Residential, Commercial, and Industrial sectors.
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Based on Technology, the Saudi Arabia rooftop solar market is segmented into Crystalline Silicon PV and Thin Film PV. Crystalline Silicon PV holds the largest market share and is expected to grow significantly in the foreseeable future. Known for their efficiency and reliability, crystalline silicon panels are widely used in residential and commercial applications.
In terms of End Use, the Commercial and Industrial segment is poised to dominate the market. More than half of Saudi Arabia’s rooftop solar installations are in the commercial and industrial sectors. The sector’s growth is supported by innovative technologies and favorable policies. Saudi Arabia is moving towards integrating rooftop solar systems with storage, moving beyond conventional grid supply and diesel generators to achieve more affordable electricity production.
Given their status as major energy consumers, the commercial and industrial sectors in Saudi Arabia face high electricity costs. These sectors stand to benefit greatly from rooftop solar PV installations on extensive roof spaces. Increasingly, commercial properties in Saudi Arabia are opting to utilize their rooftops by installing permanent solar PV systems.
Key market players in the Saudi Arabia Rooftop Solar Market include:
- ACWA Power Company
- Alfanar Group
- Abu Dhabi Future Energy Company (Masdar)
- EDF Renewables
- Saudi Electricity Company
- Engie SA
- JinkoSolar Holding Co. Ltd
- Enel SpA
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“Over the projected period, the industry is anticipated to increase as a result of the rising demand for sources of sustainable energy generation to replace conventional energy sources. Solar energy is now more competitive in the energy generation sector thanks to solar energy system cost reductions.
Due to significant investments in solar energy technologies, component costs are anticipated to continue decline in the upcoming years, making solar energy systems more affordable than currently operational coal or gas power plants. Owing to that the market is expanding in the future.” Mr. Karan Chechi, Research Director with TechSci Research, a research-based Global management consulting firm.
“Saudi Arabia Rooftop Solar Market Segmented by Technology (Thin Film, Crystalline Silicon), by Grid-type (Grid Connected, Off-grid), by End-use (Residential, Commercial, Industrial), By Region, Competition, Forecast and Opportunities, 2028” has evaluated the future growth potential of Saudi Arabia Rooftop Solar 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 Rooftop Solar Market.
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