GCC Solar Photovoltaic Market Introduction and Overview
According to SPER Market Research, the GCC Solar Photovoltaic Market is estimated to reach USD XX billion by 2033 with a CAGR 12.78%.
The report includes an in-depth analysis of the GCC Solar Photovoltaic Market, including market size and trends, product mix, distribution channels, and supplier analysis. Solar photovoltaic (PV) technology, which uses sunlight to create electricity, is a key element of the renewable energy landscape. Through the process of the photovoltaic effect, which occurs when specific materials are exposed to sunlight, a solar photovoltaic system directly transforms sunlight into electrical energy. Usually made of semiconductor materials like silicon, the solar cell is the basic building element of solar PV technology. The material's electrons are stimulated by sunlight, which moves them and produces an electric current in these cells.
- The 300 MW Sakaka PV IPP, the nation's first utility-scale renewable energy project, was officially opened by ACWA Power in April 2021. The project cost SAR 1.2 billion to build. With an unprecedented tariff of USD 2.3417 cents/kWh (8.781 halalas/kWh), ACWA Power was given the project.
- The Hanergy Thin Film Power Group declared at the beginning of 2020 that it anticipated spending USD 1 billion (EUR 870 million) to construct a thin-film industrial park in Saudi Arabia. In addition, it will be the first park of its kind in the Middle East once the project is finished.
Market Opportunities and Challenges
Opportunities: The GCC solar PV market is thought to be dominated by the utility industry. The sector has expanded during the past five years as a result of the commissioning of numerous large-scale projects, including Sakaka PV IPP, Sheikh Mohammed Bin Rashid Al Maktoum Solar Park, and Noor Abu Dhabi. The main reasons propelling the market expansion are the region's high levels of solar irradiance and plenty of solar resources, which provide an ideal setting for solar energy generation. This is in line with the GCC's goal to lessen its dependency on fossil fuels and diversify its energy sources. Additionally, the fight against climate change has sped up the use of renewable energy, with solar photovoltaics emerging as a leading solution, driving market expansion. Aside from this, market expansion has been sparked by the governments of several GCC nations' aggressive sustainability targets and policies, which promote investments in solar infrastructure. The demand for the product has also increased due to a number of technological developments and economies of scale that make solar PV installations more affordable and competitive with conventional energy sources.
Challenges: Despite the region's wealth of solar resources, the Gulf Cooperation Council (GCC) solar photovoltaic (PV) business faces a number of obstacles. The high initial cost of solar PV systems is one of the main barriers, which may discourage widespread adoption, particularly in nations where fossil fuels have historically been less expensive. To manage the sporadic nature of solar electricity, more resilient grid infrastructure is also required, necessitating large investments in energy storage and system upgrading. Additionally, regulatory frameworks in the GCC nations are still dispersed, which prevents the creation of consistent rules, incentives, and market mechanisms that could expedite project development. Furthermore, reliance on imports raises costs due to a lack of local manufacturing capability for solar panels and components.
Market Competitive Landscape
The market for solar photovoltaics (PV) in the GCC is somewhat fragmented. Among the leading companies in the industry are ACWA Power, Masdar Abu Dhabi Future Energy Company, Canadian Solar Inc., First Solar Inc., and Dubai Electricity and Water Authority.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Deployment.
|
| Regions covered | United Arab Emirates, Saudi Arabia, Rest of GCC. |
| Companies Covered | 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. |
COVID-19 Impact on GCC Solar Photovoltaic Market
The COVID-19 pandemic in Q1 2020 had no significant negative effects on the GCC solar PV business. Despite the fact that some nations, such as Saudi Arabia, Kuwait, and Qatar, saw very few new installations in 2020 as a result of solar project delays, the United Arab Emirates significantly increased the installed capacity in the area as a whole.
Key Target Audience:
- Government and Regulatory Authorities
- Solar Power Developers and EPC Contractors
- Investors and Financial Institutions
- Solar Panel Manufacturers and Suppliers
- Utility Companies and Energy Providers
- Commercial and Industrial Enterprises
- Residential Consumers
- Research and Development Organizations
Our in-depth analysis of the GCC Solar Photovoltaic Market includes the following segments:
| By Deployment: | UtilityCommercial and IndustrialResidential |
Key Topics Covered in the Report:
- GCC Solar Photovoltaic Market Size (FY’2024-FY’2033)
- Overview of GCC Solar Photovoltaic Market
- Segmentation of GCC Solar Photovoltaic Market By Deployment (Utlity, Commercial and Industrial, Residential)
- Expansion Analysis of GCC Solar Photovoltaic Market
- Problems and Obstacles in GCC Solar Photovoltaic Market
- Competitive Landscape in the GCC Solar Photovoltaic Market
- Impact of COVID-19 and Demonetization on GCC Solar Photovoltaic Market
- Details on Current Investment in GCC Solar Photovoltaic Market
- Competitive Analysis of GCC Solar Photovoltaic Market
- Prominent Players in the GCC Solar Photovoltaic Market
- SWOT Analysis of GCC Solar Photovoltaic Market
- GCC Solar Photovoltaic Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPERs internal database
2.1.4. Premium insight from KOLs
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the GCC Solar Photovoltaic Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTERs Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. GCC Solar Photovoltaic Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in GCC Solar Photovoltaic Market
7. GCC Solar Photovoltaic Market, By Deployment (USD Million) 2020-2033
7.1. GCC Solar Photovoltaic Market Size, Share and Forecast, By Deployment, 2020-2026
7.2. GCC Solar Photovoltaic Market Size, Share and Forecast, By Deployment, 2027-2033
7.3. Utlity
7.4. Commercial and Industrial
7.5. Residential
8. GCC Solar Photovoltaic Market Forecast, 2020-2033 (USD Million)
8.1. GCC Solar Photovoltaic Market Size and Market Share
9. GCC Solar Photovoltaic Market, By Region, 2020-2033 (USD Million)
9.1. GCC Solar Photovoltaic Market Size and Market Share By Region (2020-2026)
9.2. GCC Solar Photovoltaic Market Size and Market Share By Region (2027-2033)
9.3. United Arab Emirates
9.4. Saudi Arabia
9.5. Rest of GCC•
10. Company Profile
10.1. Canadian Solar Inc.
10.1.1. Company details
10.1.2. Financial outlook
10.1.3. Product summary
10.1.4. Recent developments
10.2. First Solar Inc
10.2.1. Company details
10.2.2. Financial outlook
10.2.3. Product summary
10.2.4. Recent developments
10.3. Masdar Abu Dhabi Future Energy Company
10.3.1. Company details
10.3.2. Financial outlook
10.3.3. Product summary
10.3.4. Recent developments
10.4. Dubai Electricity and Water Authority
10.4.1. Company details
10.4.2. Financial outlook
10.4.3. Product summary
10.4.4. Recent developments
10.5. ACWA Power
10.5.1. Company details
10.5.2. Financial outlook
10.5.3. Product summary
10.5.4. Recent developments
10.6. JinkoSolar Holding Co. Ltd
10.6.1. Company details
10.6.2. Financial outlook
10.6.3. Product summary
10.6.4. Recent developments
10.7. Trina Solar Co. Ltd
10.7.1. Company details
10.7.2. Financial outlook
10.7.3. Product summary
10.7.4. Recent developments
10.8. Sunergy Solar
10.8.1. Company details
10.8.2. Financial outlook
10.8.3. Product summary
10.8.4. Recent developments
10.9. Echo Solar Panels Manufacturing LLC
10.9.1. Company details
10.9.2. Financial outlook
10.9.3. Product summary
10.9.4. Recent developments
10.10. Emirates Insolaire
10.10.1. Company details
10.10.2. Financial outlook
10.10.3. Product summary
10.10.4. Recent developments
10.11. Others
11. Conclusion
12. Reference Links
13. List of Abbreviations
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
