According to the latest report released by 6Wresearch, a global market research organization, the annual compound growth rate of the Saudi Arabian solar cell market will reach 30.2% from 2018 to 2024.
New projects such as the $200 billion 200 GW solar power plant and the $130 million AlKhafji 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 growth of the Saudi Arabian solar panel market.
Ravi Bhandari, assistant manager of research and consulting at 6Wresearch, said: "Polycrystalline solar panels are the main source of revenue for the entire solar panel market in Saudi Arabia, and because they are reasonably priced, they are highly utilized in multiple projects."
“The other major components include monocrystalline silicon and thin-film solar panels. Monocrystalline solar panels are more efficient than polysilicon 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: “The central region has the highest revenue share in the entire Saudi Arabian solar panel market by region and is expected to maintain its dominant position during the forecast period, especially for several upcoming projects. Such as the Sakaka 300 MW solar project and the Duba-1 integrated solar combined cycle power plant project."
It is reported that the major manufacturers of Saudi Arabia's solar panel market include GtekSolar, DesertTechnologies, Canadian Solar, SolarFrontier and JinkoSolar.