Market Size of Saudi Arabia Power Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Volume (2024) | 87.81 gigawatt |
| Market Volume (2029) | 116.41 gigawatt |
| CAGR (2024 - 2029) | 5.80 % |
| Market Concentration | Low |
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?
Saudi Arabia Power Market Analysis
The Saudi Arabia Power Market size is estimated at 87.81 gigawatt in 2024, and is expected to reach 116.41 gigawatt by 2029, growing at a CAGR of 5.80% during the forecast period (2024-2029).
- Over the medium term, factors, such as increasing diversification of energy sources from oil and gas to cleaner energy sources, such as solar, wind, and bioenergy, are expected to drive the Saudi Arabian power market, along with supportive government policies leading to the development of renewable energy capacity during the forecast period.
- On the other hand, the unstable geopolitics of the region is expected to act as a restraint for the market's growth.
- Nevertheless, privatization of the power sector is expected to provide a significant opportunity. If the government capitalizes on this opening, it is likely to help with substantial investments needed to reform the power sector and provide the country with the expertise required to generate renewable energy at lower costs.
