With a plan for adding 54 GW of power generation capacity from renewable sources, 41 GW of solar power will contribute to the mix of renewables in the Kingdom of Saudi Arabia by 2032.
Significantly boosting electricity generation from renewable sources in the upcoming years, Saudi Arabia is expected to experience robust growth in its solar power market, with a special focus on Concentrated Solar Power technology.
According to a recently published report from TechSci Research, a “phenomenal” rate of growth is anticipated, especially between 2015–2020. With a plan for adding 54 GW of power generation capacity from renewable sources, 41 GW of solar power will contribute to the mix of renewables in the Kingdom of Saudi Arabia by 2032.
Representing an investment of USD109 billion by 2032, King Abdullah City for Atomic and Renewable Energy (K.A.CARE) has introduced a renewable energy program to meet the kingdom’s growing energy demand.
According to the BP Statistical Review of World Energy 2014, the Saudi Arabian kingdom was the world’s largest producer of crude oil. A significant portion of this fossil fuel is consumed domestically for production of electricity, with transportation and power sectors being the largest consumers. With a steadily rising population growth rate, widespread urbanization, and progressive industrial development, Saudi Arabia is now increasing governmental focus on renewable energy sources to meet the rising demand.
Located on the equatorial Sun Belt, the Saudi Arabian Kingdom has high solar radiation, favorably combined with huge stretches of empty desert and typically clear skies — perfect conditions and an ideal location for solar power generation. According to the recently released report from TechSci Research, the solar power market in the kingdom is projected to witness phenomenal growth, especially over the next five years.
Focusing on Concentrated Solar Power
The new report, “Saudi Arabia Solar Power Market Forecast & Opportunities, 2020,” anticipates that solar energy will be generated in the kingdom by employing both photovoltaic (PV) technology and concentrated solar power (CSP) technology.
Mr. Karan Chechi, Research Director with TechSci Research, explained, “The country is more focused towards generating solar power from concentrated solar power technology.” Chechi added, “K.A.CARE renewable energy program would be a major driving factor for solar power industry in Saudi Arabia in coming years.”
A global market research and consulting company, TechSci Research has offices in Canada, UK, and India. TechSci Research provides market research consulting services in six verticals – Information Technology, Chemicals, Water & Water Recycling, Consumer Goods & Retail, Automotive and Energy & Power.