Kuwait Solar Energy Market Size (2024 - 2029)

The solar energy market in Kuwait is anticipated to experience significant growth over the forecast period, driven by an increase in solar projects and investments, along with decreasing costs of solar PV. Despite challenges such as high initial costs, intermittent energy availability, and space requirements for large solar farms, the market has rebounded to pre-pandemic levels. Technological advancements, including enhanced efficiency and the development of new materials, are expected to encourage further investment and expansion in the solar energy sector. However, the market's expansion may be hindered by the lack of supportive government policies and programs.

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Market Size of Kuwait Solar Energy Industry

Kuwait Solar Energy Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 7.00 %
Market Concentration Medium

Major Players

Kuwait Solar Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

Kuwait Solar Energy Market Analysis

During the time frame of the forecast, the solar energy market in Kuwait is expected to register at a compound annual growth rate (CAGR) of more than 7%.

The spread of COVID-19 hurt the market because it shut down parts of the country and slowed down projects that were already going on or were scheduled to start soon. The market has currently rebounded to pre-pandemic levels.

  • The main things that may drive the solar market in Kuwait over the next few years are the growing number of solar projects and investments and the falling cost of solar PV.
  • But the solar energy market isn't growing as fast as it could because it costs a lot to get started, the energy source isn't always there, and you need a lot of space to set up large solar farms. The lack of government policies and programs is also likely to restrain the market during the forecast period.
  • Technological advances in the solar power market, including increased efficiency, reduced overheads, reduced size of solar PV films, the use of polymers, and an increase in new materials for solar power cells, are set to boost incentives for increasing investments in solar power. This situation is likely to lead to growth in the use of solar energy in the future.

Kuwait Solar Energy Industry Segmentation

Solar energy is one of the renewable energies. It is made by converting the energy that is already in the sun. Once the sunlight passes through the earth's atmosphere, most of it is in the form of visible light and infrared radiation. Solar cell panels are used to convert this energy into electricity. Solar photovoltaic (PV) and concentrated solar photovoltaic (CSP) are the two main types of solar energy market segments in Kuwait. For each segment, market sizing and forecasts have been done based on installed capacity (megawatts).

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Kuwait Solar Energy Market Size Summary

The solar energy industry in Kuwait is poised for significant growth over the forecast period, driven by an increase in solar projects and investments, alongside decreasing costs of solar photovoltaic (PV) systems. Despite the initial setbacks caused by the COVID-19 pandemic, which delayed projects and hindered market expansion, the sector has rebounded to pre-pandemic levels. However, challenges such as high initial costs, intermittent energy supply, and the need for substantial land for solar farms, coupled with a lack of supportive government policies, continue to restrain the market's potential. Technological advancements in solar power, including enhanced efficiency and reduced costs, are expected to incentivize further investments and drive future growth in solar energy utilization.

Kuwait's solar energy market, while showing promise, faces hurdles in achieving its renewable energy targets. The government aims to derive a significant portion of the country's electricity from renewable sources by 2030, yet current contributions remain minimal. The Shagaya facility, despite being a decade-old project, is not fully operational, highlighting the slow progress in renewable energy initiatives. The market is partially consolidated, with key players like Solarity Solar Energy and JinkoSolar Holding Co. Ltd. actively participating. However, the lack of official support and policy development has impeded a surge in solar projects, potentially dampening market expansion in the coming years.

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Kuwait Solar Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Solar Energy Installed Capacity and Forecast in MW, till 2028

    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 PESTLE Analysis

  2. 2. MARKET SEGMENTATION - BY TYPE

    1. 2.1 Solar Photovoltaic (PV)

    2. 2.2 Concentrated Solar Power (CSP)

Kuwait Solar Energy Market Size FAQs

The Kuwait Solar Energy Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)

TSK Electronica y Electricidad SA, Solarity Solar Energy, Kuwait National Petroleum Company, JinkoSolar Holding Co. Ltd and Alternative Energy Projects Co. are the major companies operating in the Kuwait Solar Energy Market.

Kuwait Solar Energy Market Report Snapshots

Solar Energy Industry in Kuwait Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)