Saudi Arabia Renewable Energy Market to Reach 29.27 GW by 2030, Driven by Ambitious Vision 2030 Initiatives

Mordor Intelligence has published a new report on the Saudi Arabia Renewable Energy Market, offering a comprehensive analysis of trends, growth drivers, and future projections.

The Saudi Arabia Renewable Energy Market is projected to grow from 10.27 gigawatts in 2025 to 29.27 gigawatts by 2030, reflecting a compound annual growth rate (CAGR) of 23.3% during the forecast period (2025-2030).

Saudi Arabia's renewable energy sector is experiencing a significant transformation, fueled by the nation's Vision 2030 strategy aimed at diversifying its energy mix.

Report Overview - https://www.mordorintelligence.com/industry-reports/saudi-arabia-renewable-energy-market

Key Trends:

1. Government Initiatives and Investments
The Saudi government has launched several initiatives to promote renewable energy, most notably the National Renewable Energy Program (NREP). This program aims to achieve 50% of the country's electricity generation from renewable sources by 2030. Significant investments are being made to develop large-scale solar and wind projects, with the Public Investment Fund (PIF) playing a pivotal role in financing these ventures.

2. Strategic International Partnerships
Saudi Arabia is actively collaborating with international energy companies to enhance its renewable energy infrastructure. In December 2024, French companies TotalEnergies and EDF Renewables were awarded contracts to develop solar projects totaling 1.7 GW. These partnerships not only bring in foreign investment but also facilitate the transfer of technology and expertise to the Kingdom.

3. Technological Advancements and Innovation
The Kingdom is embracing cutting-edge technologies to optimize its renewable energy production. Projects like the 5 GW solar plant in the UAE, featuring 19 GWh of battery storage, serve as benchmarks for Saudi Arabia's own initiatives. The integration of advanced energy storage solutions ensures a stable and reliable power supply, addressing intermittency challenges associated with renewable sources.

Market Segmentation

The Saudi Arabian renewable energy market is segmented based on energy type and end-use sectors.

By Energy Type:

• Solar Energy: Saudi Arabia's abundant sunlight makes solar energy the most prominent segment. The country is investing heavily in photovoltaic (PV) and concentrated solar power (CSP) projects. For instance, a 2 GW solar power plant is under development in partnership with China Energy Engineering and local entities.
• Wind Energy: Regions with high wind potential, such as the Red Sea coast, are being developed for wind farms. These projects complement the solar initiatives, contributing to a balanced renewable energy mix.
• Other Sources: While hydro and biomass energy are less prevalent due to geographical constraints, there is ongoing research into harnessing these sources where feasible.

By End-Use Sector:

• Residential: There is a growing trend of rooftop solar installations in urban areas, encouraged by government incentives and net metering policies.
• Commercial and Industrial: Businesses are increasingly adopting renewable energy solutions to reduce operational costs and meet sustainability goals. Large industrial players are investing in dedicated renewable energy plants to power their operations.
• Utility-Scale Projects: Major utility companies are spearheading large-scale renewable energy projects, contributing significantly to the national grid and ensuring energy security.

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Key Players

Several key players are driving the growth of Saudi Arabia's renewable energy market:

• ACWA Power: A leading Saudi developer, investor, and operator of power generation and desalinated water plants, actively involved in numerous renewable energy projects across the Kingdom.
• Alfanar Group: A diversified conglomerate with significant investments in renewable energy, including wind and solar projects.
• Abu Dhabi Future Energy Company (Masdar): A global leader in renewable energy, Masdar has partnered with Saudi entities to develop large-scale renewable projects.
• ENGIE SA: A French multinational utility company, ENGIE is expanding its footprint in Saudi Arabia through various renewable energy ventures.
• Electricité de France (EDF) SA: EDF Renewables is actively participating in Saudi Arabia's renewable energy sector, recently securing contracts for significant solar projects.

Residential Solar Energy Market:

The report covers the Residential Solar Energy Market Size & Share and segments it by geography, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa. It provides market size and forecasts based on installed capacity for all the mentioned segments.

To know more visit this link: https://www.mordorintelligence.com/industry-reports/residential-solar-energy-market

Renewable Aviation Fuel Market:

Global Renewable Aviation Fuel Market Report Covers Renewable Jet Fuel Companies and is Segmented by Technology (Fischer-Tropsch (FT), Hydroprocessed Esters and Fatty Acids (HEFA), Synthesized Iso-Paraffinic (SIP), and Alcohol-to-Jet (AtJ)), Application (Commercial and Defense), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa).

To know more visit this link: https://www.mordorintelligence.com/industry-reports/renewable-aviation-fuel-market

Solar Power Panel Windows Market:

The market report covers global solar window companies and is segmented by application, including residential, commercial, and other applications such as agriculture and automotive. It also categorizes the market by geography, encompassing North America (United States, Canada, and the Rest of North America), Europe (Germany, United Kingdom, Spain, Italy, and the Rest of Europe), Asia-Pacific (China, India, Japan, and the Rest of Asia-Pacific), and the Rest of the World, which includes countries like Brazil, Argentina, Saudi Arabia, United Arab Emirates, South Africa, and others. The report provides insights into market trends, size, and forecasts.

To know more visit this link: https://www.mordorintelligence.com/industry-reports/solar-power-window-market

Conclusion:

Saudi Arabia's commitment to transforming its energy landscape is evident through its ambitious targets, substantial investments, and strategic partnerships in the renewable energy sector. The projected growth to 29.27 GW by 2030 underscores the Kingdom's dedication to sustainable development and economic diversification. As these initiatives progress, Saudi Arabia is poised to emerge as a regional leader in renewable energy, setting a benchmark for other nations in the Middle East and beyond.

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This release was published on openPR.