IMARC Group, a leading market research company, has recently releases report titled “Saudi Arabia Renewable Energy Market Report by Type (Solar, Wind, and Others), and Region 2024-2032”. The study provides a detailed analysis of the industry, including the Saudi Arabia renewable energy market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Saudi Arabia Renewable Energy Market?
The Saudi Arabia renewable energy market size reached 1.5 Gigawatt in 2023. Looking forward, IMARC Group expects the market to reach 29.1 Gigawatt by 2032, exhibiting a growth rate (CAGR) of 38.97% during 2024-2032.
Report Attribute | Key Statistics |
Base Year | 2023 |
Forecast Years | 2024-2032 |
Historical Years | 2018-2023 |
Market Size in 2023 | 1.5 Gigawatt |
Market Forecast in 2032 | 29.1 Gigawatt |
Market Growth Rate (2024-2032) | 38.97% |
Saudi Arabia Renewable Energy Market Growth:
The growing focus on widening its energy sources and reducing its dependency on fossil fuels is one of the factors responsible for the growth of Saudi Arabia renewable energy market. Additionally, the aim to enhance economic sustainability and reduce the impact of environmental factors on energy consumption is further propelling the market. Besides this, Saudi Arabia has set ambitious targets to develop renewable energy capabilities, particularly in solar and wind power, because of the abundant natural resources for these technologies, which is bolstering the market.
Furthermore, the government authorities have announced large-scale projects and investments to boost the generation capacity from renewable sources, which not only helps meet domestic energy demands but also positions the country as a leading player in renewable energy.
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Saudi Arabia Renewable Energy Market Trends:
Advancements in technologies and decreasing costs of renewable energy production are augmenting the market. In addition to this, as solar and wind technologies become more cost-effective, they are increasingly integrated into the national grid, supporting a more diversified and resilient energy infrastructure, which is acting as another growth-inducing factor.
The government authorities are also fostering a supportive regulatory and financial environment to attract private investments from both domestic and international stakeholders. Furthermore, public awareness of environmental issues is rising, leading to higher consumer and business demand for renewable energy, which is anticipated to drive the Saudi Arabia renewable energy market over the forecasted period.
Saudi Arabia Renewable Energy Market Segmentation:
Breakup by Type:
Solar
Wind
Others
Breakup by Region:
Western Region
Northern and Central Region
Eastern Region
Southern Region
Competitive Landscape:
The competitive landscape of the Saudi Arabia renewable energy market has been studied in the report with the detailed profiles of the key players operating in the market.
ACWA Power
Alfanar Group
EDF Renewables
ENGIE Middle East
Masdar
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Key Highlights of the Report:
Market Performance (2018-2023)
Market Outlook (2024-2032)
Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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