Saudi Arabia Solar PV Inverter Market

Saudi Arabia Solar PV Inverter Market Overview:

The Saudi Arabia solar PV inverter market size reached USD 80.5 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 117.1 Million by 2033, exhibiting a growth rate (CAGR) of 4.26% during 2025-2033. Rising utility-scale projects, declining system costs, rapid tariff reforms, increasing private investment, favorable solar irradiance, growing residential demand, integration of energy storage, and localization of manufacturing are some of the factors accelerating the market growth.

Saudi Arabia Solar PV Inverter Market Trends:

Vision 2030 and Renewable Energy Expansion

Renewable energy is one of the key components of Saudi Arabia’s Vision 2030 framework. The adoption of economic diversification strategy also features a national energy transition roadmap, which aims for 50% of electricity to come from renewables by 2030. In 2024, a Chinese PV inverter manufacturer, Sungrow Power Supply, signed a contract for an energy storage project with a capacity of up to 7.8 GWh with Algihaz Holding from Saudi Arabia. This will enhance the stability and reliability of power supply in the national grid of Saudi Arabia and underpins the country’s Vision 2030 program. Additionally, the government is also engaging into large-scale solar projects, which has further surged the use of high-efficiency and grid-compliant inverters to ensure energy stability and grid synchronization, which is supporting the Saudi Arabia solar PV inverter market growth. Moreover, the growing demand for advanced inverter technologies and the increasing number of utility-scale projects, including the ones under the Renewable Energy Project Development Office (REPDO), are fostering the market growth.

Growth in Utility-Scale Projects

The acceleration of commissioning of utility scale solar projects is one of the key factors bolstering the market growth. Pioneering programs such as Sakaka 300 MW and Sudair 1.5 GW solar projects have established milestones in solar deployment in the region and driven the bulk procurement of central inverters. In 2024, the Saudi Power Procurement Company (SPPC) signed power purchase agreements (PPAs) for three large-scale solar photovoltaic (PV) projects with a collective capacity of 5.5 gigawatts (GW). The projects, Haden (2 GW), Muwayh (2 GW) and Al Khushaybi (1.5 GW), are located in the Makkah and Qassim provinces. The contracts, collectively worth about USD 3.28 billion, are signed with consortium led by ACWA Power, the Water & Electricity Holding Company (Badeel) and Aramco Power. These projects require inverters with robust capacities that can manage energy production across large installations while maintaining grid stability and adhering to national regulatory codes. Moreover, the government countering sector-wide distress through initiatives to expand solar capacity by offering competitive tenders and long-term power purchase agreements (PPAs), are ensuring steady demand for power electronics and inverter devices, further boosting the Saudi Arabia solar PV inverter market share.

Declining Costs of Solar PV Systems

The decreasing cost of solar PV systems throughout Saudi Arabia has also influenced the inverter market significantly, making solar investments more feasible for a wider range of users. Declining module and installation costs have greatly reduced the levelized cost of electricity (LCOE) from solar sources, reducing return on investment for utility and distributed generation projects. The combination of these factors are resulting in higher adoption by commercial, industrial and residential segments, further increasing the demand for reliable and scalable PV inverters, which is fostering a favorable environment for the Saudi Arabia solar PV inverter market outlook. As system costs decline, developers are investing in higher quality inverters that provide improved efficiency, remote monitoring, and grid-support features, which is facilitating the market growth. 

Saudi Arabia Solar PV Inverter Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the region level for 2025-2033. Our report has categorized the market based on technology, voltage, and application.

Technology Insights:

• Central Inverters
• String Inverters
• Microinverters
• Others 

The report has provided a detailed breakup and analysis of the market based on the technology. This includes central inverters, string inverters, microinverters, and others.

Voltage Insights:

• < 1,000 V
• 1,000 – 1,499 V
• > 1,500 V

A detailed breakup and analysis of the market based on the voltage have also been provided in the report. This includes < 1,000 v, 1,000 – 1,499 v, and > 1,500 v.

Application Insights:

• Utility Scale
• Residential Scale
• Small Commercial Scale
• Large Commercial Scale
• Industrial Scale

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes utility scale, residential scale, small commercial scale, large commercial scale, and industrial scale.

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, Western, Eastern, 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 Solar PV Inverter Market News:

• In 2024, Huawei completed the construction of the world's largest photovoltaic-energy storage microgrid for Saudi Arabia's Red Sea Project. This microgrid integrates a 400 MW solar PV system with a 1.3 GWh energy storage system, aiming to provide 100% renewable energy to the Red Sea facilities.
• In 2024, Sungrow entered a strategic partnership with Larsen & Toubro to supply 165 MW of PV inverters and 160 MW/760 MWh energy storage systems for the AMAALA project in Saudi Arabia. This collaboration supports Saudi Arabia's Vision 2030 and China's Belt and Road Initiative, marking a significant advancement in sustainable energy development within the region.

Saudi Arabia Solar PV Inverter Market Report Coverage:

Key Questions Answered in This Report:

• How has the Saudi Arabia solar PV inverter market performed so far and how will it perform in the coming years?
• What is the breakup of the Saudi Arabia solar PV inverter market on the basis of technology?
• What is the breakup of the Saudi Arabia solar PV inverter market on the basis of voltage?
• What is the breakup of the Saudi Arabia solar PV inverter market on the basis of application?
• What is the breakup of the Saudi Arabia solar PV inverter market on the basis of region?
• What are the various stages in the value chain of the Saudi Arabia solar PV inverter market? 
• What are the key driving factors and challenges in the Saudi Arabia keyword?
• What is the structure of the Saudi Arabia solar PV inverter market and who are the key players?
• What is the degree of competition in the Saudi Arabia solar PV inverter 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 solar PV inverter market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Saudi Arabia solar PV inverter 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 solar PV inverter 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.