Solar photovoltaic (PV) technology is a vital component of the renewable energy landscape, using sunlight to generate power. Solar photovoltaic systems convert sunlight directly into electrical energy through the process of the photovoltaic effect, which happens when certain materials are exposed to sunlight. Typically constructed from semiconductor materials such as silicon, the solar cell is the fundamental component of solar photovoltaic technology. Sunlight moves the material's electrons, stimulating them and creating an electric current in these cells.

Drivers: The utility sector is believed to be the dominant force in the GCC solar PV market. After several large-scale projects, such as Sakaka PV IPP, Sheikh Mohammed Bin Rashid Al Maktoum Solar Park, and Noor Abu Dhabi, were put into service, the sector grew over the last five years. A favorable environment for solar energy generation is created by the region's abundance of solar resources and high levels of solar irradiation, which are the primary factors driving the market expansion. Diversifying its energy sources and reducing reliance on fossil fuels are goals that align with the GCC. The battle against climate change has also accelerated the use of renewable energy, and solar photovoltaics has emerged as a key answer, propelling market growth.

Challenges: The Gulf Cooperation Council (GCC) solar photovoltaic (PV) industry has several challenges in spite of the region's abundance of solar resources. One of the primary obstacles that may prevent widespread adoption of solar PV systems is their high initial cost, especially in countries where fossil fuels have historically been less expensive. More robust grid infrastructure is also needed to handle the intermittent nature of solar electricity, which calls for significant expenditures in energy storage and system modernization. Furthermore, the GCC countries' regulatory frameworks are still fragmented, making it impossible to establish uniform laws, incentives, and market mechanisms that would speed up project development. Furthermore, because there is a dearth of local manufacturing capacity for solar panels and components, reliance on imports drives up costs.

The COVID-19 epidemic had a major effect on the GCC solar photovoltaic (PV) business, causing supply chain interruptions, a slowdown in new installations, and delays in project timetables. A lack of materials and delayed shipments resulted from lockdowns and travel restrictions that impacted the transportation of solar panels and components. The development of solar power plants was delayed as a result of numerous construction projects being stopped or delayed because of labor shortages, health regulations, and site access restrictions. Furthermore, especially in the early phases of the crisis, the pandemic's effects on economic uncertainty resulted in fewer investments and financial disruptions. But the pandemic also brought attention to the need for resilient and sustainable energy sources, which accelerated the post-COVID focus on renewable energy.

The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; Canadian Solar Inc., First Solar Inc., Masdar Abu Dhabi Future Energy Company, Dubai Electricity and Water Authority, ACWA Power, JinkoSolar Holding Co. Ltd, Trina Solar Co. Ltd, Sunergy Solar, Echo Solar Panels Manufacturing LLC, Emirates Insolaire, Others.

By Deployment: Based on the Deployment, GCC Solar Photovoltaic Market is segmented as; Utlity, Commercial and Industrial, Residential.

By Region: This research also includes data for United Arab Emirates, Saudi Arabia, Rest of GCC.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.