Reductions in the Electricity Subsidies done by the Government of Saudi Arabia, Growing Use of Renewable Energy Resources in the Country and Stability of the Government of Saudi Arabia will lead to the Growth in Cleantech Energy Market.
The National Renewable Energy Program (NREP) has set the target of increasing the renewable energy production up to 9.5 GW by 2023, to support the Saudi Arabia’s Vision 2030, with the interim target of 3.45 GW of renewable power capacity by 2020 under the National Transformation Program (NTP). The renewable energy market of Saudi Arabia showed a large increase in growth of renewable energy sector during the period of 2011-2013 due to the Saudi Arabia’s Vision 2030 for the renewable sources of energy. The energy sector of the country got the boost due to the introduction of two major solar projects during the year 2011-2013 which were Saudi Aramco Solar Car Park and the Princess Noura Bint Abul Rahman University Project. In the period of 2014-2016, the cleantech energy segment saw the introduction and commissioning of various renewable energy projects in the country. Some of the projects developed during this period are Al Khafji Plant and KAPSARC II project. The development in cleantech energy segment has led to growth in EPC market for cleantech energy segment as most of the bigger capacity tenders are based on this method.
The country has suitable geographical and climatic conditions for the development of cleantech energy market segment. It receives ample sunlight which is suitable for the development of solar segment in the country. The average temperature of the country varies between 45-50˚C during summers. During 2017-2020, the market of cleantech is expected to increase by almost 20 times due to the introduction of large solar projects in the country. The companies developing the renewable energy projects in Saudi Arabia are developing the projects at very attractive rates as compared to the projects developed by the companies all around the globe which is the key growth driver of the development of new projects in the renewable energy sector in Saudi Arabia.
The report titled “Saudi Arabia Cleantech Energy Market Outlook to 2021- Use of Renewable Energy Resources and Reductions in the Electricity Subsidies to Support Growth” by Ken Research suggested that market for cleantech energy will be driven by solar energy segment. Solar sector is expected to register very fast growth as many large projects are in pipeline.
Key Topics Covered in the Report
Solar Rooftop Installation Saudi Arabia
Solar CSP Market Saudi Arabia
Waste to Energy Market Saudi Arabia
Saudi Arabia Future Solar Energy
Upcoming Solar Projects in Saudi Arabia
Investment Wind Projects in Saudi Arabia
Saudi Aramco Market Share
EPC Contract Value Saudi Arabia
Upcoming Wind Projects in Saudi Arabia
GE Saudi Arabia Competition in Saudi Arabia
Saudi Arabia Rooftop Solar Installation
Cost Breakdown Solar PV in Saudi Arabia
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Ankur Gupta, Head Marketing & Communications