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The Annual Composite Growth Rate Of Saudi Solar Cell Market Will Reach 30%.
- Jul 25, 2018 -

According to the latest report released by 6Wresearch, a global market research agency, the annual growth rate of Saudi Arabia's solar cell market will reach a compound rate of 30.2% in 2018-2024 years.


The new projects, such as the $200 billion 200 GW solar power plant and the $130 million Al Khafji solar desalination plant, will promote the rapid growth of the Saudi Arabian solar panel Market in the forecast period.


In addition, in the 2017 fiscal year's national budget, the Saudi government has allocated $7 billion for the development of renewable energy projects. During the forecast period, the massive expenditure of this renewable energy project will also boost the growth of Saudi Arabia's solar panel market.


Ravi Bhandari, assistant manager of the 6Wresearch research and consulting department, said: "polycrystalline solar panels are the main source of revenue for the whole solar panel Market in Saudi Arabia, because they are reasonable in price, so the utilization rate is very high in multiple projects."


"Other major components include monocrystalline silicon and thin film solar panels. The efficiency of single crystal solar panels is higher than that of polycrystalline silicon solar panels. Therefore, the market is expected to grow significantly in the next few years, "Bhandari added.


6Wresearch research and consultancy research assistant Devesh Kumar said: "in the region, the central region has the highest share in the Saudi Arabian solar panel market, and is expected to maintain its dominance in the forecast period, especially several upcoming projects, such as the Sakaka 300 megawatt solar and Du Ba 1. Integrated solar energy combined cycle power plant project. "


It is reported that the major manufacturers of the Saudi Arabian solar panel market include Gtek Solar, Desert Technologies, Canadian Solar, Solar Frontier and Jinko Solar.