Market Size of Kuwait Solar Energy Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 7.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Kuwait Solar Energy Market Analysis
During the time frame of the forecast, the solar energy market in Kuwait is expected to register at a compound annual growth rate (CAGR) of more than 7%.
The spread of COVID-19 hurt the market because it shut down parts of the country and slowed down projects that were already going on or were scheduled to start soon. The market has currently rebounded to pre-pandemic levels.
- The main things that may drive the solar market in Kuwait over the next few years are the growing number of solar projects and investments and the falling cost of solar PV.
- But the solar energy market isn't growing as fast as it could because it costs a lot to get started, the energy source isn't always there, and you need a lot of space to set up large solar farms. The lack of government policies and programs is also likely to restrain the market during the forecast period.
- Technological advances in the solar power market, including increased efficiency, reduced overheads, reduced size of solar PV films, the 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 situation is likely to lead to growth in the use of solar energy in the future.
