Saudi Arabia Solar PV Panels Market to Reach US$ 3.51 Billion by 2031, Driven by Utility-Scale Projects and Clean Energy Goals | Major Companies are ABB, Huawei, Mitsubishi Electric.

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.

Solar PV panels, or photovoltaic panels, convert sunlight directly into electricity using the photovoltaic effect in semiconductor materials like silicon.

Core Technology
These panels consist of multiple solar cells arranged in a module, where photons from sunlight excite electrons to create a flow of direct current (DC) electricity. Most modern panels use crystalline silicon (monocrystalline or polycrystalline), accounting for over 95% of production, with thin-film alternatives like CdTe or CIGS for specific uses.

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➣ Recent Developments:

✅ In July 2025, ACWA Power advanced utility-scale PV deployment under the National Renewable Energy Program (NREP), accelerating multi-gigawatt solar capacity additions to support Vision 2030 decarbonization goals.

✅ In June 2025, Saudi Electricity Company (SEC) expanded grid integration for large solar parks, deploying advanced inverters and energy management systems to enhance PV stability and peak-load balancing.

✅ In May 2025, Saudi Aramco progressed localized solar manufacturing initiatives, focusing on high-efficiency PV modules and supply-chain localization to reduce import dependence and strengthen domestic clean-tech capabilities.

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➣ Top Industry Players:

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

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➣ Market Segments:

By Technology: Monocrystalline Silicon, Polycrystalline Silicon, Thin-Film Technology, Others

By Grid: On-Grid, Off-Grid, Hybrid

By Installation: Ground-Mounted, Rooftop Solar Panels, Floating Solar Panels, Others

By Application: Residential, Commercial, Industrial, Utility-Scale

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