Saudi Arabia Renewable Energy Market Growth, Trends, Size, Opportunities and Future Outlook

Saudi Arabia Renewable Energy Market Size- By Type, By Application, By End Use- Regional Outlook, Competitive Strategies and Segment Forecast to 2033

Saudi Arabia Renewable Energy Market Size- By Type, By Application, By End Use- Regional Outlook, Competitive Strategies and Segment Forecast to 2033

Published: Feb 2024 Report ID: POAE2418 Pages: 1 - 108 Formats*:     
Category : Power & Energy
Saudi Arabia Renewable Energy Market Introduction and Overview 

According to SPER Market Research, the Saudi Arabia Renewable Energy Market is estimated to reach USD XX Billion by 2033 with a CAGR of XX%.

The report includes an in-depth analysis of the Saudi Arabia Renewable Energy Market, including market size and trends, product mix, applications, and supplier analysis. Renewable energy is defined as naturally replenishable power sources that are sustainable and beneficial to the environment. A few well-known sources of renewable energy are solar energy, which is captured by photovoltaic cells in the sun; wind power, which is produced by wind turbines; hydroelectric energy, which is produced by water moving; and geothermal energy, which is produced by the heat from the Earth. It is crucial for lowering greenhouse gas (GHG) emissions and lessening the negative effects on the environment in the fight against climate change. Energy independence, job development, economic progress, and the preservation of the environment for future generations are just a few of the advantages it provides.

  • November 2022: The Public Investment Fund (PIF) of the Kingdom and Saudi developer ACWA Power revealed plans to build a 2 gigawatt solar facility, which would be the biggest in Saudi Arabia and one of the largest planned in the Middle East.
  • September 2022:  Five new renewable energy projects, comprising two solar and three wind, were announced by Saudi Arabia. The National Renewable Energy Programme (NREP) funded these projects, which together had a 3,300 MW capacity. Energy Minister Prince Abdulaziz unveiled three further projects at COP27, in addition to a 2023 greenhouse gas credit programme and the establishment of a "Circular Carbon Economy Knowledge Hub."
Saudi Arabia Renewable Energy Market
Market Opportunities and Challenges
The primary driver of the market is Saudi Arabia's dedication to attaining a sustainable future. Furthermore, the abundance of solar resources, especially in large desert areas with continuous sunshine, is greatly propelling market growth. Moreover, significant investments in solar power projects have resulted in competitive pricing, making solar energy a desirable option for meeting the country's energy needs and promoting market expansion. Market development is further propelled by government activities such as appealing incentives for both local and foreign investors, regulatory streamlining, and supportive policies. This proactive approach has created an atmosphere that is conducive to energy enterprises and has drawn attention from both domestic and international businesses. Furthermore, growing environmental awareness is driving significant expenditures in renewable energy infrastructure to mitigate climate change, which is driving market growth.

Despite having a huge potential for solar power generation, Saudi Arabia lacks a domestic power generation business with experience in the renewable energy sector. Due to the power industry's privatisation, international businesses with extensive solar energy experience—especially those from China and Europe—are now able to build solar power plants. This will present Saudi Arabia's market players with a plethora of opportunities in the near future.

However, since the nation's need for electricity increases quickly, it is expected that its energy production capacity will be improved. Natural gas offers the ideal substitute for diesel-fired generators, which are becoming increasingly outdated and environmentally harmful. As a result, natural gas is anticipated to make up close to 50% of the primary energy mix as part of Vision 2030. Therefore, it is anticipated that a significant element impeding the country's renewable energy market's growth will be the growing usage of natural gas.

Saudi Arabia Renewable Energy Market


Market Competitive Landscape
The major key players in the Saudi Arabia Renewable Energy Market are: Abu Dhabi Future Energy Company (Masdar), ACWA Power, Alfanar Energy, Electricite de France SA, Engie SA, Enel SpA, Vestas Wind Systems A/S, Others. Prominent industry participants are actively involved in the development of renewable energy projects by means of investments and competitive bidding rounds participation. They provide top priority to research and development in order to improve renewable energy technology and investigate advancements in solar, wind, and energy storage technologies. In order to remain competitive in the developing market, businesses also concentrate on increasing the capacity of renewable energy sources to satisfy growing demand. This is frequently accomplished through acquisitions or long-term contracts with project developers.

Scope of the Report:
 Report Metric Details
 Market size available for years 2020-2033
 Base year considered 2023
 Forecast period 2024-2033
 Segments coveredBy Type, By Application, By End Use
 Regions coveredEastern Region, Northern and Central Region, Southern Region, Western Region
 Companies CoveredAbu Dhabi Future Energy Company (Masdar), ACWA Power, Alfanar Energy, Electricite de France SA, Engie SA, Enel SpA, Vestas Wind Systems A/S, Others
COVID-19 Impact on Saudi Arabia Renewable Energy Market
The COVID-19 epidemic has caused supply chain disruptions and project timeline delays, which have had an effect on the Saudi Arabian renewable energy market. The implementation of travel restrictions and social distancing measures has impeded both the development of projects and the delivery of necessary components for renewable energy projects. The pandemic's economic downturn has also resulted in budgetary restrictions and a decrease in funding for renewable energy projects. Nonetheless, there is a growing understanding of the value of renewable energy for bolstering economic resilience, which could propel further industry expansion.

Key Target Audience
  • Governments and policymakers
  • Energy companies and utilities
  • Investors and financial institutions
  • Technology providers
  • Industrial and commercial sectors
  • Residential consumers
  • Environmental organizations and advocacy groups
  • Educational institutions and research organizations
  • Others
Our in-depth analysis of the Saudi Arabia Renewable Energy Market includes the following segments:
By Type:
  • Solar
  • Wind
  • Other Types (Hydro, Biomass, etc.)
  • By Application:
  • Heating & Cooling
  • Power Generation
  • Others
  • By End Use:
  • Commercial
  • Industrial
  • Residential
  • Utilities
  • By Region:
  • Eastern Region
  • Northern and Central Region
  • Southern Region
  • Western Region
  • Key Topics Covered in the Report
    • Saudi Arabia Renewable Energy Market Size (FY’2024-FY’2033)
    • Overview of Saudi Arabia Renewable Energy Market
    • Segmentation of Saudi Arabia Renewable Energy Market By Type (Solar, Wind, Other Types)
    • Segmentation of Saudi Arabia Renewable Energy Market By Application (Heating & Cooling, Power Generation, Others)
    • Segmentation of Saudi Arabia Renewable Energy Market By End Use (Commercial, Industrial, Residential, Utilities)
    • Statistical Snap of Saudi Arabia Renewable Energy Market 
    • Expansion Analysis of Saudi Arabia Renewable Energy Market 
    • Problems and Obstacles in Saudi Arabia Renewable Energy Market
    • Competitive Landscape in the Saudi Arabia Renewable Energy Market
    • Impact of COVID-19 and Demonetization on Saudi Arabia Renewable Energy Market 
    • Details on Current Investment in Saudi Arabia Renewable Energy Market
    • Competitive Analysis of Saudi Arabia Renewable Energy Market 
    • Prominent Players in the Saudi Arabia Renewable Energy Market 
    • SWOT Analysis of Saudi Arabia Renewable Energy Market 
    • Saudi Arabia Renewable Energy Market Future Outlook and Projections (FY’2024-FY’2033)
    • Recommendations from Analyst
    1. Introduction
    1.1. Scope of the report
    1.2. Market segment analysis

    2. Research Methodology
    2.1. Research data source
    2.1.1. Secondary Data
    2.1.2. Primary Data
    2.1.3. SPER’s internal database
    2.1.4. Premium insight from KOL’s
    2.2. Market size estimation
    2.2.1. Top-down and Bottom-up approach
    2.3. Data triangulation

    3. Executive Summary

    4. Market Dynamics
    4.1. Driver, Restraint, Opportunity and Challenges analysis
    4.1.1. Drivers
    4.1.2. Restraints
    4.1.3. Opportunities
    4.1.4. Challenges
    4.2. COVID-19 Impacts of the Saudi Arabia Renewable Energy Market 

    5. Market variable and outlook
    5.1. SWOT Analysis
    5.1.1. Strengths
    5.1.2. Weaknesses
    5.1.3. Opportunities
    5.1.4. Threats
    5.2. PESTEL Analysis
    5.2.1. Political Landscape
    5.2.2. Economic Landscape
    5.2.3. Social Landscape
    5.2.4. Technological Landscape
    5.2.5. Environmental Landscape
    5.2.6. Legal Landscape
    5.3. PORTER’s Five Forces 
    5.3.1. Bargaining power of suppliers
    5.3.2. Bargaining power of buyers
    5.3.3. Threat of Substitute
    5.3.4. Threat of new entrant
    5.3.5. Competitive rivalry
    5.4. Heat Map Analysis

    6. Competitive Landscape
    6.1. Saudi Arabia Renewable Energy Market Manufacturing Base Distribution, Sales Area, Product Type 
    6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Saudi Arabia Renewable Energy Market 

    7. Saudi Arabia Renewable Energy Market, By Type (USD Million)
    7.1. Saudi Arabia Renewable Energy Market Value Share and Forecast, By Type, 2024-2033
    7.2. Solar
    7.3. Wind
    7.4. Other Types (Hydro, Biomass, etc.) 

    8. Saudi Arabia Renewable Energy Market, By Application (USD Million)
    8.1. Saudi Arabia Renewable Energy Market Value Share and Forecast, By Application, 2024-2033
    8.2. Heating & Cooling
    8.3. Power Generation
    8.4. Others

    9. Saudi Arabia Renewable Energy Market, By End Use (USD Million)
    9.1. Saudi Arabia Renewable Energy Market Value Share and Forecast, By End Use, 2024-2033
    9.2. Commercial
    9.3. Industrial
    9.4. Residential
    9.5. Utilities

    10. Saudi Arabia Renewable Energy Market Forecast, 2020-2033 (USD Million)
    10.1. Saudi Arabia Renewable Energy Market Size and Market Share

    11. Saudi Arabia Renewable Energy Market, By Type, 2020-2033 (USD Million)
    11.1. Saudi Arabia Renewable Energy Market Size and Market Share By Type (2020-2026)
    11.2. Saudi Arabia Renewable Energy Market Size and Market Share By Type (2027-2033)

    12. Saudi Arabia Renewable Energy Market, By Application, 2020-2033 (USD Million)
    12.1. Saudi Arabia Renewable Energy Market Size and Market Share By Application (2020-2026)
    12.2. Saudi Arabia Renewable Energy Market Size and Market Share By Application (2027-2033)

    13. Saudi Arabia Renewable Energy Market, By End Use, 2020-2033 (USD Million)
    13.1. Saudi Arabia Renewable Energy Market Size and Market Share By End Use (2020-2026)
    13.2. Saudi Arabia Renewable Energy Market Size and Market Share By End Use (2027-2033)

    14. Saudi Arabia Renewable Energy Market, By Region, 2020-2033 (USD Million)
    14.1. Saudi Arabia Renewable Energy Market Size and Market Share By Region (2020-2026)
    14.2. Saudi Arabia Renewable Energy Market Size and Market Share By Region (2027-2033)
    14.3. Eastern Region
    14.4. Northern and Central Region
    14.5. Southern Region
    14.6. Western Region

    15. Company Profile
    15.1. Abu Dhabi Future Energy Company (Masdar)
    15.1.1. Company details
    15.1.2. Financial outlook
    15.1.3. Product summary 
    15.1.4. Recent developments
    15.2. ACWA Power
    15.2.1. Company details
    15.2.2. Financial outlook
    15.2.3. Product summary 
    15.2.4. Recent developments
    15.3. Alfanar Energy
    15.3.1. Company details
    15.3.2. Financial outlook
    15.3.3. Product summary 
    15.3.4. Recent developments
    15.4. Electricite de France SA
    15.4.1. Company details
    15.4.2. Financial outlook
    15.4.3. Product summary 
    15.4.4. Recent developments
    15.5. Engie SA
    15.5.1. Company details
    15.5.2. Financial outlook
    15.5.3. Product summary 
    15.5.4. Recent developments
    15.6. Enel SpA
    15.6.1. Company details
    15.6.2. Financial outlook
    15.6.3. Product summary 
    15.6.4. Recent developments
    15.7. Vestas Wind Systems A/S
    15.7.1. Company details
    15.7.2. Financial outlook
    15.7.3. Product summary 
    15.7.4. Recent developments
    15.8. Others 
     
    16. List of Abbreviations

    17. Reference Links

    18. Conclusion

    19. Research Scope

    SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.

    The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings.  The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.

    SPER-Methodology-1

    SPER-Methodology-2

    SPER-Methodology-3


    Frequently Asked Questions About This Report
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