GCC Solar Photovoltaic (PV) Market Size (2024 - 2029)

The GCC solar photovoltaic market is poised for growth, driven by factors such as the decreasing cost of solar PV modules and regional targets to reduce carbon emissions. Despite some delays in new installations in countries like Saudi Arabia, Kuwait, and Qatar, the overall market size has expanded, particularly due to significant contributions from the United Arab Emirates. The utility sector is anticipated to lead the market, supported by large-scale solar PV projects. The commitment of GCC countries to enhance the proportion of renewable energy in their energy mix by 2050 further underscores the potential for market expansion.

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Market Size of GCC Solar Photovoltaic (PV) Industry

Gcc Solar Photovoltaic Market Overview
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 12.50 %

Major Players

Gcc Solar Photovoltaic Market Major Players

*Disclaimer: Major Players sorted in no particular order

GCC Solar Photovoltaic Market Analysis

The GCC solar photovoltaic (PV) market is expected to grow at a CAGR of around 12.5% during the forecast period. With the COVID-19 outbreak in Q1 of 2020, the GCC solar PV market didn't witness any major negative impact. Though a few countries like Saudi Arabia, Kuwait, and Qatar had very less number of new installations in 2020 due to delays in solar projects, however, the overall region's installed capacity increased with a major boost from the United Arab Emirates. Factors such as the declining price of solar PV modules and targets to reduce carbon emissions are expected to drive the market. However, a slow pace in solar PV technology development in countries like Qatar is expected to hinder the market growth during the study period.

  • With the upcoming large-scale solar PV projects, the utility sector is expected to dominate the market during the study period.
  • The countries in the region have targets to increase the share of renewable energy in their energy mix by 2050. For instance, the United Arab Emirates has a target of increasing clean energy share to 44% by 2050. Similarly, Saudi Arabia has a target of generating 50% renewable electricity by 2030. Hence, such a trend is expected to create opportunity for the market to grow in the near future.
  • With a significant installed capacity in 2020, the United Arab Emirates is expected to dominate the market during the study period.

GCC Solar Photovoltaic Industry Segmentation

The GCC solar photovoltaic (PV) market report includes:

Deployment
Utility
Commercial and Industrial
Residential
Geography
United Arab Emirates
Saudi Arabia
Rest of GCC
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GCC Solar Photovoltaic (PV) Market Size Summary

The GCC solar photovoltaic (PV) market is poised for significant growth, driven by factors such as the decreasing cost of solar PV modules and ambitious carbon emission reduction targets. Despite some initial setbacks in new installations due to project delays in countries like Saudi Arabia, Kuwait, and Qatar, the overall installed capacity in the region has seen an increase, largely fueled by advancements in the United Arab Emirates. The utility sector is expected to be the dominant force in the market, supported by large-scale solar PV projects and national goals to enhance the renewable energy share in the energy mix by 2050. The United Arab Emirates, with its substantial installed capacity, is anticipated to lead the market during the forecast period.

The United Arab Emirates is making strides in diversifying its energy sources by increasing the share of solar energy in its power mix, despite its historical reliance on natural gas for electricity production. The country benefits from favorable geographical conditions, with high solar irradiance, making solar energy a viable option to meet growing energy demands. Upcoming projects like Al Dhafra and Abu Dhabi solar PV projects are set to bolster the country's position in the solar PV market. The GCC solar PV market is moderately fragmented, with key players including Canadian Solar Inc., First Solar Inc., and ACWA Power, among others, contributing to the region's renewable energy landscape.

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GCC Solar Photovoltaic (PV) Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Solar Photovoltaic (PV) Installed Capacity and Forecast, in MW, till 2026

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

    8. 1.8 Assessment of the COVID-19 Impact on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 Deployment

      1. 2.1.1 Utility

      2. 2.1.2 Commercial and Industrial

      3. 2.1.3 Residential

    2. 2.2 Geography

      1. 2.2.1 United Arab Emirates

      2. 2.2.2 Saudi Arabia

      3. 2.2.3 Rest of GCC

GCC Solar Photovoltaic (PV) Market Size FAQs

The GCC Solar Photovoltaic (PV) Market is projected to register a CAGR of greater than 12.5% during the forecast period (2024-2029)

Canadian Solar Inc, First Solar Inc, Masdar Abu Dhabi Future Energy Company, Dubai Electricity and Water Authority and ACWA Power are the major companies operating in the GCC Solar Photovoltaic (PV) Market.

GCC Solar Photovoltaic Market Report Snapshots

GCC Solar Photovoltaic Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)