Saudi Arabia Renewable Energy Market Research Report, 2030

The Renewable Energy Market of Saudi Arabia has experienced significant growth and transformation as the country shifts its focus from being an oil-dependent economy to becoming a global leader in clean and sustainable energy. Driven by the ambitious Vision 2030 initiative, which aims to diversify the Kingdom’s energy mix and reduce reliance on fossil fuels, Saudi Arabia has made substantial strides in harnessing renewable energy resources such as solar and wind power. The nation’s vast desert landscapes and abundant sunlight make it an ideal location for solar energy projects, while the consistent wind patterns in certain regions offer promising potential for wind energy development. The government’s commitment of achieving the country’s electricity from renewable sources by 2030 has catalyzed large-scale investments in renewable infrastructure, including the establishment of solar parks and wind farms. Additionally, the Kingdom is exploring other forms of renewable energy such as geothermal, bioenergy, and green hydrogen, aligning with its strategy to reduce carbon emissions and build a more sustainable future. With a growing global emphasis on sustainability and clean energy, Saudi Arabia is positioning itself as a key player in the renewable energy market, attracting both international investors and technological partnerships. The Kingdom’s renewable energy plans are not only crucial for diversifying its domestic energy mix but also for meeting the global demand for cleaner energy solutions, making Saudi Arabia a pivotal force in the global energy transition. According to the research report, "Saudi Arabia Renewable Energy Market Market Research Report, 2030," published by Actual Market Research, the renewable energy market in Saudi Arabia is anticipated to add more than USD 3.19 billion by 2025–30. The Kingdom’s Vision 2030 initiative serves as a driving force behind the adoption of renewable energy, emphasizing diversification of energy sources and a shift away from reliance on oil and gas. Solar energy remains the cornerstone of Saudi Arabia’s renewable energy landscape, supported by its vast desert regions and high solar irradiance, which facilitate the development of extensive photovoltaic projects. The government’s commitment to solar energy is evident in substantial financial incentives, streamlined regulations, and collaborations with global energy firms. Wind energy is gradually gaining traction, particularly in regions identified as optimal for wind farm development. Emerging technologies such as green hydrogen are receiving considerable attention, with Saudi Arabia leveraging its renewable resources to produce clean hydrogen for export and domestic use, aimed at decarbonizing industrial operations. Investments in energy storage solutions are being prioritized to address the challenges of intermittency and ensure grid stability. The government’s proactive approach includes the establishment of large-scale renewable energy projects, development of supportive infrastructure, and partnerships with international organizations to attract foreign investments. Regulatory frameworks and public-private partnerships are designed to accelerate renewable energy deployment while fostering innovation and technological advancements. These efforts are contributing to an evolving energy market landscape, with a focus on modernizing infrastructure and scaling up renewable energy capacity to meet growing demand.

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Saudi Arabia’s renewable energy market comprises diverse segments, each contributing significantly to the nation’s transition towards sustainable energy. Solar energy dominates the landscape, capitalizing on the Kingdom’s vast desert expanses and high solar irradiance. Notable projects such as the Sakaka PV IPP and the Mohammed bin Rashid Al Maktoum Solar Park underscore the nation’s focus on solar power as a cornerstone of its strategy to generate 50% of electricity from renewable sources by 2030. Wind energy is also gaining prominence, with regions like Al-Faisaliah and Tabuk offering optimal wind conditions. Projects such as the Dumat Al Jandal Wind Farm are expected to boost the share of wind power in the energy mix. While geothermal energy remains in its infancy due to limited resources, exploratory efforts continue. The bioenergy sector, including biomass and waste-to-energy initiatives, is being developed as part of broader efforts to reduce waste and enhance sustainable energy generation. Research and development in biofuels and biogas technologies aim to diversify the country’s energy resources further. Emerging technologies, particularly green hydrogen, have attracted substantial attention for their potential to provide clean, efficient energy and decarbonize industrial processes. Saudi Arabia is heavily investing in green hydrogen infrastructure, leveraging its capacity to become a global leader in this field. The renewable energy market in Saudi Arabia is driven by diverse end-user sectors, each presenting unique opportunities for the adoption of sustainable energy solutions. In the industrial sector, there is a growing demand for cleaner and more cost-effective energy sources, which is accelerating the adoption of solar and wind power. Industries such as oil and gas, petrochemicals, and manufacturing are increasingly incorporating solar energy into their energy mix to reduce reliance on traditional energy sources. Government initiatives aimed at enhancing energy efficiency and promoting sustainability are also driving interest in innovative technologies like energy storage and waste-to-energy solutions. These efforts help reduce operational costs and support the country’s Vision 2030 objectives of lowering carbon emissions and diversifying energy sources. The residential sector is experiencing a shift towards renewable energy as well, with solar power being the preferred choice due to its affordability and government incentives. Saudi Arabia's favorable climate ensures solar energy is a reliable and effective solution for homeowners, leading to long-term cost savings and environmental benefits. In the commercial sector, businesses across various industries are embracing renewable energy to lower energy costs and improve their sustainability credentials. Retail, office buildings, and hospitality sectors are investing in solar power and energy-efficient technologies to reduce grid dependence. Considered in this report • Historic Year: 2019 • Base year: 2024 • Estimated year: 2025 • Forecast year: 2030

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Nikita Jabrela

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Aspects covered in this report • Renewable Energy Market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Type • Hydropower • Wind Power • Solar Energy • Bioenergy • Geothermal • Others By End-User • Industrial • Residential • Commercial

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The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to agriculture industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.