Saudi Arabia Solar Energy Market Size to Reach USD 130.81 Billion by 2034, Expanding at 37.39% CAGR (2026-2034)

The Saudi Arabia Solar Energy Market is projected to reach USD 130.81 Billion by 2034, expanding at a compound annual growth rate (CAGR) of 37.39% during the forecast period 2026-2034. According to the latest industry analysis published by The Report Cube, the market was valued at USD 7.5 Billion in 2025.

Market Share Snapshot

• Utility-Scale PV dominates the Saudi Arabia Solar Energy Market, accounting for approximately 62% of total market share in 2025.
• Power Generation remains the leading application segment, holding nearly 68% market share.
• The Central Region leads the Saudi Arabia Solar Energy Market with an estimated 34% market share.

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Saudi Arabia Solar Energy Market Size & Growth Outlook (2026-2034)

According to The Report Cube, the Saudi Arabia Solar Energy Market Forecast incorporates:

• Historical revenue benchmarks
• Supply-demand equilibrium indicators
• Industry utilization and capacity trends
• Multi-year growth modelling

Based on current market fundamentals, the industry is expected to demonstrate sustained expansion through 2034.

Market Dynamics Influencing the Saudi Arabia Solar Energy Market

Growth Drivers:

The primary driver of the Saudi Arabia Solar Energy Market is strong government commitment toward renewable energy expansion. Under Vision 2030, Saudi Arabia aims to install tens of gigawatts of renewable capacity, with solar accounting for the largest share. The government has allocated substantial funding and introduced transparent auction mechanisms that attract both domestic and international developers.

These initiatives have resulted in some of the world’s lowest solar power tariffs, significantly improving project bankability. Additionally, state-backed power purchase agreements reduce revenue risk, encouraging long-term investments. As electricity demand continues to rise due to economic diversification and mega-project developments, government-led solar adoption remains a decisive growth catalyst.

Industry Trends:

A key trend shaping the market is the rapid deployment of utility-scale photovoltaic projects complemented by hybrid systems that integrate storage or conventional power sources. Large solar parks dominate capacity additions, benefiting from economies of scale and grid connectivity.

At the same time, hybrid solar systems combining PV with energy storage or gas-fired generation are gaining traction to address intermittency challenges. The declining cost of battery storage has further strengthened this trend, enabling better grid stability and peak-load management. This evolution reflects a broader industry shift toward resilient and flexible solar infrastructure capable of supporting national energy reliability goals.

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Saudi Arabia Solar Energy Market Segmentation Structure

The Saudi Arabia Solar Energy Market is segmented to reflect measurable differences in usage patterns and revenue contribution. Each segment includes comparative growth metrics and an evaluation of its proportional share within the overall Saudi Arabia Solar Energy Market size. The segment list is provided below:

Market Share, By Segment

- Utility‑Scale PV                                     

- Rooftop PV

- C&I Solar

- CSP Plants

- Hybrid Systems

Market Share, By Application

- Power Generation

- Industrial Use

- Commercial Use

- Residential Use

Market Share, By Technology

- Crystalline PV

- Thin‑Film PV

- Solar CSP

Market Share, By End User

- Utilities

- Industrial

- Commercial

- Residential

Regional Market Analysis

The study evaluates performance across major regions, and each regional assessment analyzes key demand drivers along with market maturity indicators to present a clear and comprehensive view of growth patterns and overall market development.

Key Region:

- Central

- Western

- Eastern

- Northern

- Southern                       

Competitive Landscape & Market Participation

The competitive landscape section examines participation levels among established and emerging companies in the Saudi Arabia Solar Energy Market. It highlights geographic presence, strategic positioning, company profiles, product portfolios, partnerships, and recent developments, offering clear insight into the competitive environment and key factors influencing overall market dynamics.

Leading Companies

- ACWA Power

- Masdar

- Alfanar Group

- Saudi Electricity

- First Solar

- JinkoSolar

- Canadian Solar

- LONGi Solar

- TotalEnergies

- ENGIE

- Others

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Frequently Asked Questions: Saudi Arabia Solar Energy Market

1. What is the current Saudi Arabia Solar Energy Market Size?
2. What is the projected growth rate?
3. How is the Saudi Arabia Solar Energy Market segmented?
4. Which regions contribute significantly to revenue?
5. What does the competitive landscape indicate?

Saudi Arabia Solar Energy Market Analysis: Scope & Research Framework

The Saudi Arabia Solar Energy Market Analysis is developed using a multi-dimensional research methodology combining quantitative modeling and qualitative validation.

The report evaluates:

• Market value and volume assessment
• Industry structure and segmentation framework
• Regional contribution analysis
• Competitive participation mapping
• Medium- and long-term revenue projections

The analytical model aligns with structured industry benchmarks to ensure data consistency and forecasting transparency.

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The Report Cube is a global market research and business intelligence firm delivering syndicated and customized research studies across healthcare, energy, chemicals, manufacturing, consumer goods, and technology sectors. The company provides region-specific insights across Asia Pacific, Europe, GCC, Middle East & Africa, North America, and South America.

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