Press Release: April 14, 2020
Solar PV is a technology that converts solar radiation into direct current electricity by using semiconductors. Solar PV is also used as a solar tracking system to improve the overall performance of systems. Thin film, multi-si, and mono-so are the major categories of the solar PV market. In addition, thin-film is made from non-silicon materials which are known as second-generation solar cells and because of its flexibility, thin-film solar cells can double as rooftop shingles and tiles. Solar PV is an elegant technology that is widely used to produces electricity without moving parts.
Major factors such as growth in solar PV installations, reduction of the carbon footprint, and low-cost energy generation are fueling the market growth. In addition, rising awareness and introduction of cutting edge designed e solar rooftop PV are also positively impacting the growth of the market. Government investments Solar Energy and increase in competitiveness of solar photovoltaic are also anticipated to boost the market growth. However, high cost and maintenance are expected to hamper the growth of the market.
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Saudi Arabia solar photovoltaic market has advanced in recent years, from a state of deficiency of inventory, low productivity levels and moderately significant expenses, to its present condition of expansion of makers, over limit and a drive to separate comparable panel through style and “decent to have” add-on highlights. Saudi Arabia intends to delicate 11 PV power ventures with a joined limit of 2,225 MW this year. The nation’s Solar based plan for 2023 has been updated up from 5.9 GW to 20 GW, and that for 2030 set at 40 GW. Somewhere in the range of 11 solar oriented ventures are set to be offered for the current year, the biggest of them the Alfaisalia venture, with a limit of 600 MW. REPDO is aiming to delicate another four ventures with an introduced limit of 300 MW each named Rabigh, Jeddah, Alras and Saad.
Various notable players operating in the market, include First Solar, Inc., Gtek solar , Sharp Corporation, Hanwha Q Cells Co. Ltd, National Solar System, Egphil Solar Solutions, Vista Eco Solutions, Gulf Batteries Co Ltd, SunPower Corporation, JinkoSolar Holding Co. Ltd among others.
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Key questions answered in this research report:
1- At what pace is Saudi Arabia Solar PV market growing? What will be the Saudi Solar PV market forecast?
2- What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the future?
3- What are the regional revenue and forecast breakdowns? Which are the major regional revenue pockets for growth in Saudi Solar PV and market size?
4- Saudi Arabia Solar PV market outlook, application areas and how they are poised to grow?
5- Saudi Arabia Solar PV market overview, industry analysis and scope of study?
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