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According to the latest report released by 6Wresearch, a global market research organization, the compound annual growth rate of Saudi Arabia's solar cell market will reach 30.
2%
from 2018 to 2024.
New projects such as the $200 billion 200 GW solar power plant and the $130 million Al Khafji solar desalination plant will drive the rapid growth
of the solar panel market in Saudi Arabia during the forecast period.
In addition, in the FY2017 national budget, the Saudi government has allocated $7 billion for the development of renewable energy projects
.
The significant spending on this renewable energy project will also drive the growth
of the solar panel market in Saudi Arabia during the forecast period.
Ravi Bhandari, Assistant Manager, Research & Consulting, 6Wresearch, said: "Polycrystalline solar panels are a major source of revenue for the overall solar panel market in Saudi Arabia because they are affordable and therefore highly utilized across multiple projects
.
”
Other major segments include monocrystalline silicon and thin-film solar panels
.
Monocrystalline solar panels are more efficient than polycrystalline solar panels
.
Therefore, the market is expected to grow significantly in the coming years," Bhandari added
.
Devesh Kumar, Research Associate at 6Wresearch Research & Consulting, said: "By region, the Central Region has the highest revenue share in the overall Saudi Arabian solar panel market and is expected to maintain its dominant position during the forecast period, especially several upcoming projects such as the Sakaka 300 MW solar project and the Duba-1 integrated solar combined cycle power plant project
.
”
Major manufacturers in the Saudi Arabian solar panel market include Gtek Solar, Desert Technologies, Canadian Solar, Solar Frontier and Jinko Solar
.
According to the latest report released by 6Wresearch, a global market research organization, the compound annual growth rate of Saudi Arabia's solar cell market will reach 30.
2%
from 2018 to 2024.
New projects such as the $200 billion 200 GW solar power plant and the $130 million Al Khafji solar desalination plant will drive the rapid growth
of the solar panel market in Saudi Arabia during the forecast period.
In addition, in the FY2017 national budget, the Saudi government has allocated $7 billion for the development of renewable energy projects
.
The significant spending on this renewable energy project will also drive the growth
of the solar panel market in Saudi Arabia during the forecast period.
Ravi Bhandari, Assistant Manager, Research & Consulting, 6Wresearch, said: "Polycrystalline solar panels are a major source of revenue for the overall solar panel market in Saudi Arabia because they are affordable and therefore highly utilized across multiple projects
.
”
Other major segments include monocrystalline silicon and thin-film solar panels
.
Monocrystalline solar panels are more efficient than polycrystalline solar panels
.
Therefore, the market is expected to grow significantly in the coming years," Bhandari added
.
Devesh Kumar, Research Associate at 6Wresearch Research & Consulting, said: "By region, the Central Region has the highest revenue share in the overall Saudi Arabian solar panel market and is expected to maintain its dominant position during the forecast period, especially several upcoming projects such as the Sakaka 300 MW solar project and the Duba-1 integrated solar combined cycle power plant project
.
”
Major manufacturers in the Saudi Arabian solar panel market include Gtek Solar, Desert Technologies, Canadian Solar, Solar Frontier and Jinko Solar
.
