BURNABY, Canada | News Release — Increasing government focus on Renewable Energy Program coupled with rising power demand to drive Saudi Arabia’s solar power market
According to recently published TechSci Research report “Saudi Arabia Solar Power Market Forecast & Opportunities, 2020”, Saudi Arabia is anticipated to experience robust growth rate in its solar power market through 2020.
Increasing focus of Saudi government is expected to significantly boost power generation from renewable sources in coming years. Being located on the equatorial Sun Belt with high solar radiation and vast stretches of empty desert with clear skies, makes the country an ideal location for solar power generation. According to the BP Statistical Review of World Energy 2014, Saudi Arabia was the largest producer of crude oil in the world and the country consumes a large amount of crude oil for electricity production. Continuing increase in population growth rate, urbanization and industrial development have resulted in rise in consumption of crude oil so as to meet the country’s growing energy demand.
As a result of increasing domestic consumption of crude oil for power generation, Saudi Arabia’s government is increasing its focus to explore alternate sources for power generation. King Abdullah City for Atomic and Renewable Energy (K.A.CARE) has already introduced a renewable energy program for adding 54 GW additional power generation capacity from renewable sources with an investment of USD109 billion by 2032. Solar power is expected to contribute around 41 GW of overall power capacity additions by 2032.
“K.A.CARE renewable energy program would be a major driving factor for solar power industry in Saudi Arabia in coming years. The country is more focussed towards generating solar power from concentrated solar power technology.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Saudi Arabia Solar Power Market Forecast & Opportunities, 2020” has analyzed the future growth potential of solar power market in Saudi Arabia and provides statistics and information on market size and solar power industry. The report will suffice in providing the intending clients with cutting-edge market intelligence and would help them in taking sound investment decisions. Besides, the report also identifies and analyses the emerging trends along with essential drivers and key challenges faced by the industry.