Saudi Arabia Solar PV Market Expected to Reach 5.64GW by 2034
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 27 2025
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Source: Businesswire
- Market Size Growth: The Saudi Arabian solar photovoltaic market reached approximately 1.90 Gigawatts in 2024 and is projected to expand to 5.64 Gigawatts by 2034, reflecting a robust compound annual growth rate (CAGR) of 11.50%, indicating strong market potential and investment appeal.
- Government Support Policies: Government initiatives, including financial incentives and subsidies, are actively promoting solar energy adoption, facilitating rapid development in the photovoltaic market, particularly in advocating for rooftop installations.
- Technology Innovation Drive: Investment in research and development by key market players, especially in innovations like bifacial cells combined with tandem technology, is creating lucrative growth opportunities and driving technological advancements in the market.
- Residential Market Dominance: The residential sector commands a significant market share due to the affordability and stable energy costs of solar technology, with consumer preference driven not only by the desire for independence from grid fluctuations but also by increasing environmental awareness.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
