According to the research report titled ‘Saudi Arabia Solar Photovolatic (PV) Market Analysis, 2020’, available with Market Study Report, Saudi Arabia solar photovoltaic market is predicted to expand with a CAGR of 5% between 2020 and 2026.
 

Introduction of supportive government regulations such as the Saudi Vision 2030 which is aim at achieving economic diversification is one of the key factors driving the growth of Saudi Arabia solar photovoltaic market.  For those unaware, solar photovoltaic (PV) is a technology that is used to develop electricity without employing any moving parts.
 

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As per credible reports, Saudi Arabia has planned to deploy 27.3 GW of renewable energy by the year 2023, out of which 20 GW is slated to be produced through solar power. Thus, favorable regulatory outlook and deflating prices of solar panels have impelled the demand for solar photovoltaic cells, thereby positively impacting the business dynamics in Saudi Arabia.
 

On the contrary, the emerge of COVID-19 pandemic and subsequent imposition of lockdowns has resulted in economic slowdown and disruptions in supply chain processes, which in turn may negatively impact the growth of Saudi Arabia photovoltaic industry.
 

As per type, the market is divided into poly-crystalline, mono-crystalline, and thin film segment. Among these, the report claims that the thin film segment accounted for the largest share in Saudi Arabia photovoltaic market in the year 2019 and is expected to register momentous growth throughout the forecast period.
 

Thin-film photovoltaic cells are made using non-silicon materials, and hence are also known as second-generation solar cells. It is quite flexible and can be used as rooftop tiles or shingles, thereby fueling the segmental size.
 

The end-user scope of Saudi Arabia photovoltaic industry consists of commercial and residential segments. In terms of deployment model, the market is segmented into ground mounted and rooftop.
 

ACWA Power, JinkoSolar Holding Co. Ltd., SunPower Corporation, Gulf Batteries Co. Ltd., Vista Eco Solutions LLC, EGPHIL Solar Solutions, National Solar System LLC, Hanwha Q Cells Co. Ltd., Sharp Corporation, Gtek Solar, and First Solar Inc. are the key companies operating in Saudi Arabia solar photovoltaic industry.