Saudi Arabia Green Energy Market

Saudi Arabia Green Energy Market Overview:

The Saudi Arabia green energy market size reached USD 1.02 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 2.24 Billion by 2033, exhibiting a growth rate (CAGR) of 9.10% during 2025-2033. The market is rapidly expanding under Vision 2030, focusing on solar and wind power growth, and pioneering green hydrogen initiatives. Supported by strong policies and significant investments, the sector benefits from international partnerships and technological advancements. This sustainable diversification positions Saudi Arabia as a key player in the global renewable energy transition.

Saudi Arabia Green Energy Market Trends:

Assertive Renewable Energy Targets

Saudi Arabia’s Vision 2030 outlines an ambitious plan to transform the nation’s energy landscape by significantly expanding renewable energy sources. Thus, this is significantly supporting Saudi Arabia green energy market growth. Saudi Arabia is aiming to generate at least 50% of its energy from renewable sources by 2030 The country aims to scale up its energy capacity to 130 GW which is expected to include 58.7 GW to be generated from solar and 40 GW from wind. This initiative aims to diversify the economy and reduce reliance on oil through a wide range of renewable energy projects, particularly in the areas of solar and wind energy. Central to this vision is the National Renewable Energy Plan (NREP) which serves as a roadmap of plans to achieve these goals. Indians use a lot of energy, so NREP highlights the need to build renewable energy programs to attract domestic and foreign investment and add renewable energy sources to the country's takers. This initiative will aid in sustainable growth and make the Kingdom a leader in the global transition to clean energy by supporting innovation, building infrastructure, and creating a favorable policy environment.

Expansion in Solar Energy

Saudi Arabia is significantly expanding its solar energy capacity as part of its green energy initiatives, positively influencing Saudi Arabia green energy market share. The country is developing extensive solar projects that leverage its abundant sunlight to generate substantial renewable energy. In February 2023, Saudi Arabia announced its plan to build Al Shuaibah, Mecca province, the world's largest solar power plant with 2,060 MW of generating capacity. The plant is scheduled to begin operations in late 2025. The initiative is a joint effort between ACWA Power and Badeel aligned to Saudi Arabia's Vision 2030 strategic goals. The vision aims to provide 50% of power-generating capacity from renewable sources, with a target of 15 GW in renewable energy capacity by 2030 and SR380 billion (USD 101 billion) of investment. The most critical of these projects will be key to harnessing the country's vast solar resources, broadening the energy mix, and reducing dependence on fossil fuels. In addition, Saudi Arabia's advanced solar technologies aim to make solar energy systems more efficient and produce more energy. Advanced solar photovoltaic (PV) and solar power tower technologies are achieving maximum solar energy capture and conversion, which further adds efficiency and sustainability to solar power installations. Saudi Arabia's commitment to improving solar energy infrastructure through this agreement also underscores the Kingdom's significant impetus for creating a long-term environmental transition. Therefore, this is further creating a positive Saudi Arabia green energy market outlook.

Saudi Arabia Green Energy Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2025-2033. Our report has categorized the market based on type and end-users.

Type Insights:

• Solar Energy
• Wind Energy
• Hydroelectric Energy
• Bio Energy
• Others

The report has provided a detailed breakup and analysis of the market based on the type. This includes solar energy, wind energy, hydroelectric energy, bio energy, and others.

End-Users Insights:

• Residential
• Commercial
• Industrial

A detailed breakup and analysis of the market based on the end-users have also been provided in the report. This includes residential, commercial, and industrial.

Regional Insights:

• Northern and Central Region
• Western Region
• Eastern Region
• Southern Region

The report has also provided a comprehensive analysis of all the major regional markets, which include Northern and Central Region, Western Region, Eastern Region, and Southern Region.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Saudi Arabia Green Energy Market News:

• On October 2024, Saudi Arabia and the Philippines signed an energy cooperation agreement to strengthen the cooperation in petroleum, gas, renewable energy, and energy efficiency. To further reinforce this bilateral relationship in energy, this partnership envisioned better alignment with Saudi Arabia's Vision 2030 and paving the way for sustainable developments in the region.
• On August 2024, KAUST, NEOM's Education, Research, and Innovation Foundation, and ENOWA announced their partnership to enhance Saudi Arabia's green hydrogen economy. The collaboration focuses on advancing hydrogen technology through three projects, emphasizing cost-effective production, sustainable fuel applications, and minimizing emissions.

Saudi Arabia Green Energy Market Report Coverage:

Key Questions Answered in This Report:

• How has the Saudi Arabia green energy market performed so far and how will it perform in the coming years?
• What is the breakup of the Saudi Arabia green energy market on the basis of type?
• What is the breakup of the Saudi Arabia green energy market on the basis of end-users?
• What is the breakup of the Saudi Arabia green energy market on the basis of region?
• What are the various stages in the value chain of the Saudi Arabia green energy market? 
• What are the key driving factors and challenges in the Saudi Arabia green energy market?
• What is the structure of the Saudi Arabia green energy market and who are the key players?
• What is the degree of competition in the Saudi Arabia green energy market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Saudi Arabia green energy market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Saudi Arabia green energy market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Saudi Arabia green energy industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.