According to the latest report released by 6Wresearch, a global market research organization, the annual compound growth rate of the solar cell market in Saudi Arabia will reach 30.2% from 2018 to 2024.
New projects such as the $200 billion 200 GW solar power plant and the $130 million Al Khafji solar desalination plant will drive the Saudi Arabian solar panel market to grow rapidly during the forecast period.
In addition, in the FY17 national budget, the Saudi government has allocated $7 billion for the development of renewable energy projects. During the forecast period, the large expenditure of this renewable energy project will also promote the solar panel market in Saudi Arabia. increase.
Ravi Bhandari, Assistant Manager, Research and Consulting, 6Wresearch, said: 'Polycrystalline solar panels are the main source of revenue for the entire solar panel market in Saudi Arabia. Because they are reasonably priced, they are highly utilized in multiple projects.'
'Other major components include monocrystalline silicon and thin film solar panels. Monocrystalline solar panels are more efficient than polycrystalline solar panels. Therefore, the market is expected to grow significantly in the next few years,' Bhandari added.
Devesh Kumar, 6Wresearch Research and Consulting Research Assistant, said: 'By region, the central region has the highest revenue share in the entire Saudi Arabian solar panel market and is expected to maintain its dominant position during the forecast period, especially for upcoming projects. Such as Sakaka 300 MW solar project and Duba-1 integrated solar combined cycle power plant project. '
It is reported that the major manufacturers of Saudi Arabia's solar panel market include Gtek Solar, Desert Technologies, Canadian Solar, Solar Frontier and Jinko Solar.
