Saudi Arabia Solar PV Panels Market Surges to US$3.51 Billion by 2031 - Key Developments & Growth Outlook | Top Companies are ABB, Huawei, Mitsubishi Electric, Sharp.

Saudi Arabia Solar PV Panels Market reached US$ 1.60 billion in 2023 and is expected to reach US$ 3.51 billion by 2031, growing with a CAGR of 10.3% during the forecast period 2024-2031.

According to DataM Intelligence has published a new research report on "Saudi Arabia Solar PV Panels Market Size 2025". The report explores comprehensive and insightful Information about various key factors like Regional Growth, Segmentation, CAGR, Business Revenue Status of Top Key Players and Drivers. The purpose of this report is to provide a telescopic view of the current market size by value and volume, opportunities, and development status.

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➣ Recent Developments:

✅ In August 2025, the Kingdom initiated construction of a 2 GW solar PV complex in Al Shuaiba, led by ACWA Power. The project will feature high-efficiency bifacial panels and is expected to become one of the largest PV installations in the region, supporting the national target of 50% renewable energy by 2030.

✅ In July 2025, the Saudi Ministry of Energy announced the deployment of rooftop solar PV systems across 12 major government facilities. The program integrates smart metering and energy-storage readiness, enabling buildings to offset grid demand and reduce operational emissions.

✅ In June 2025, Aramco expanded its industrial-scale solar PV program by installing utility-grade PV arrays at several upstream sites. These installations will supply clean electricity for field operations, reducing diesel consumption and lowering Scope 1 emissions.

✅ In May 2025, the Public Investment Fund (PIF) invested in a new solar PV manufacturing line at the Sudair Industrial City, aimed at boosting local production of modules, inverters, and mounting structures. The initiative supports Saudi Arabia's goal of becoming a regional hub for solar technology manufacturing.

➣ Top Industry Players:

ABB, Huawei, Mitsubishi Electric, Sharp, GTek Solar and JinkoSolar.

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➣ Key Segments:

By Technology
Solar PV panels are categorized by their underlying technologies, including monocrystalline silicon panels, which offer high efficiency and excellent performance in limited spaces. Polycrystalline silicon panels provide a cost-effective alternative with moderate efficiency, making them suitable for diverse applications. Thin-film technology panels are lightweight, flexible, and ideal for large installations or unconventional surfaces. Other emerging and specialized technologies also contribute to innovation within the solar PV industry.

By Grid Type
The market is segmented into on-grid systems, which are connected to the main power grid and allow consumers to export excess electricity. Off-grid solar systems operate independently and are widely used in remote locations with limited grid access. Hybrid systems combine both on-grid and off-grid capabilities, offering reliability, better energy storage integration, and uninterrupted power supply.

By Installation
Solar PV installations include ground-mounted systems, commonly used in utility-scale and large commercial projects due to their ability to host higher-capacity arrays. Rooftop solar panels are suited for residential, commercial, and industrial buildings where available roof space can be utilized for power generation. Floating solar panels are an emerging category installed on water bodies to save land, reduce water evaporation, and enhance panel efficiency. Other installation models also exist depending on project requirements and site conditions.

By Application
Solar PV panels are adopted across residential homes for household electricity needs, commercial establishments seeking cost savings and sustainability benefits, and industrial plants requiring stable, large-scale renewable power. Utility-scale applications dominate the market with large solar farms feeding electricity directly into the grid, supporting national renewable energy goals and large-scale power production.

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