Kuwait Solar Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The Kuwait Solar Energy Market is segmented by Type (Solar Photovoltaic (PV) and Concentrated Solar Power (CSP))
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Scope of the report
Key Market Trends
TABLE OF CONTENTS
2016 - 2026
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The Kuwait solar energy market is expected to register a CAGR of more than 15% during the forecast period, 2020-2025. The increasing number of solar projects and the demand for renewable energy are the major factors driving the solar market. However, the high initial investment, intermittent energy source, and requirement of large installation area to set up large solar farms and several other factors have been restraining the growth in the solar energy market.
Kuwait National Petroleum Company (KNPC) is yet to award the engineering, procurement, and construction plus finance contract for the planned 1.5GW Al-Dibdibah solar project in Kuwait.
Kuwait National Petroleum Co. KSC plans to build Dibdibah solar power plant as a part of the country’s plans to produce 15% of power from renewable energy by 2030 at Al Shegaya Renewable Energy Park located west of Kuwait City. The project covers the construction of 1500 MW solar power plants spread over a land area of 32,000 sq.m will produce 1.5 MW electricity, including all related facilities.
Technological advances in solar power market, including increased efficiency, reduced overheads, reduced size of solar PV films, use of polymers, and an increase in new materials for solar power cells, are set to boost incentives for increasing investments in solar power. This scenario is likely to provide growth opportunities in the deployment of solar energy in the coming future.
Scope of the report
Kuwait solar energy market report includes:
Solar Photovoltaic (PV)
Concentrated Solar Power (CSP)
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Key Market Trends
Increasing Deployment of Solar Photovoltaic (PV) to Drive the Market
Kuwait has a stated national goal of 15% renewable energy generation by 2030, for which it established the Shagaya Renewable Energy Park in the desert about 100 km west of Kuwait City in 2012.
In 2018, phase 1 of Shagaya was completed, with a demonstration-scale 10-MW photovoltaic (PV) solar plant and a 50-MW concentrated solar power (CSP), commissioned in May 2017 and Dec 2018, respectively.
Phase 2 of Shagaya is estimated to include a 1500-MW PV solar plant, which will be the second-largest PV plant in the world. The construction of this 1500-MW al-Dibdibah PV plant at Shagaya is scheduled to be completed by the third quarter of 2021, and Kuwait National Petroleum Company (KNPC) is investing USD 1.2 billion (KWD 365.1 million) for its development.
The scheme was part of Kuwait’s target of meeting 15% of its total power requirements from renewable energy sources by 2030.
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Kuwait Renewable Energy Target to Drive the Market
Kuwait has expanded its 2030 renewables target at the Shagaya renewable energy complex to 4 GW, the Shagaya park was launched in 2012 and was initially expected to host 2 GW of capacity by 2030.
Dibdibah Solar PV project is likely to comprise five units, each with the capacity to deliver up to 300 MW of electricity to the grid. The plant is expected to deliver its first electricity in mid-2022.
Kuwait Foundation for the Advancement of Sciences (KFAS) has initiated disseminating and promoting renewable energy applications more broadly in Kuwait.
KFAS submitted a similar project as an initiative to supply, install and operate photovoltaic cells in 10 cooperatives and 1,500 homes in the current development plan in coordination with the General Secretariat of the Supreme Council for Planning and Development.
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Kuwait's solar energy market is moderately fragmented. Some of the key players in the market include Worley Ltd, JinkoSolar Holding Co. Ltd, TSK Electronica y Electricidad SA, Life Energy Co., and Alternative Energy Projects Co.