Saudi Arabia Solar Energy Storage Market Size to Hit US$ 728.01 Million by 2033 | With a 17.10% CAGR

Saudi Arabia Solar Energy Storage Market Overview

Base Year: 2024
Historical Years: 2019-2024
Forecast Years: 2025-2033
Market Growth Rate: 17.10% (2025-2033)

Saudi Arabia's solar energy storage market is poised for exponential growth, driven by Vision 2030's renewable energy ambitions, with projections to exceed 10 GWh of installed capacity by 2030, supported by mega-projects like NEOM and innovative hybrid solutions integrating PV with green hydrogen. According to the latest report by IMARC Group, The Saudi Arabia solar energy storage market size reached USD 160.43 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 728.01 Million by 2033, exhibiting a growth rate (CAGR) of 17.10% during 2025-2033.

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Saudi Arabia Solar Energy Storage Industry Trends and Drivers:

Saudi Arabia's solar energy storage market is growing rapidly in tandem with the country's favourable levels of sunlight and ambitious renewable energy vision in Vision 2030. The push away from oil has prompted significant investment in battery technologies, along with lithium-ion and flow batteries, to help make solar more reliable when excess energy is captured during the day to use for peak demand. The expansion of government incentives and initiatives, the National Renewable Energy Program, etc., is encouraging the growth of advanced storage solutions in Costa Rica to help stabilize the grid and accommodate renewable energy produced from large-scale solar projects. The movement towards sustainable practices, and abundant levels of solar irradiance, positions Saudi Arabia to be a leader in the shift towards renewable energy innovation.

Solar energy storage is increasingly going to be more efficient and affordable due to emerging technology. This will allow both residential and commercial solar users to adopt solar energy. The NEOM off-grid battery energy storage project, for example, demonstrates how the country plans to combine storage with solar photovoltaic systems for predictable energy supply. The government's collaborations with international companies, funding of research and development programs, and regulatory frameworks that support the adoption of clean energy sources are now creating an ideal market for solar energy. As Saudi continues to develop infrastructure in smart grids and advanced control centers, the solar energy storage market will be critical to achieving a sustainable and diverse energy future.

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Saudi Arabia Solar Energy Storage Industry Segmentation:

The report has segmented the market into the following categories:

Type Insights:

● Lead Acid
● Lithium Ion
● Flow Battery
● Others

Installation Insights:

● On grid
● Off grid

Regional Analysis:

● Northern and Central Region
● Western Region
● Eastern Region
● Southern Region

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Key highlights of the Report:

● Market Performance (2019-2024)
● Market Outlook (2025-2033)
● COVID-19 Impact on the Market
● Porter's Five Forces Analysis
● Strategic Recommendations
● Historical, Current and Future Market Trends
● Market Drivers and Success Factors
● SWOT Analysis
● Structure of the Market
● Value Chain Analysis
● Comprehensive Mapping of the Competitive Landscape

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IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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This release was published on openPR.