Market Size of GCC Solar Photovoltaic (PV) Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 12.50 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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GCC Solar Photovoltaic Market Analysis
The GCC solar photovoltaic (PV) market is expected to grow at a CAGR of around 12.5% during the forecast period. With the COVID-19 outbreak in Q1 of 2020, the GCC solar PV market didn't witness any major negative impact. Though a few countries like Saudi Arabia, Kuwait, and Qatar had very less number of new installations in 2020 due to delays in solar projects, however, the overall region's installed capacity increased with a major boost from the United Arab Emirates. Factors such as the declining price of solar PV modules and targets to reduce carbon emissions are expected to drive the market. However, a slow pace in solar PV technology development in countries like Qatar is expected to hinder the market growth during the study period.
- With the upcoming large-scale solar PV projects, the utility sector is expected to dominate the market during the study period.
- The countries in the region have targets to increase the share of renewable energy in their energy mix by 2050. For instance, the United Arab Emirates has a target of increasing clean energy share to 44% by 2050. Similarly, Saudi Arabia has a target of generating 50% renewable electricity by 2030. Hence, such a trend is expected to create opportunity for the market to grow in the near future.
- With a significant installed capacity in 2020, the United Arab Emirates is expected to dominate the market during the study period.
