| Study Period | 2020 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| Historical Data Period | 2020 - 2023 |
| CAGR | 12.50 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
GCC Solar Photovoltaic Market Analysis
The GCC Solar Photovoltaic Market is expected to register a CAGR of greater than 12.5% during the forecast period.
- With the upcoming large-scale solar PV projects, the utility sector is expected to dominate the market during the study period.
- The countries in the region have targets to increase the share of renewable energy in their energy mix by 2050. For instance, the United Arab Emirates has a target of increasing clean energy share to 44% by 2050. Similarly, Saudi Arabia has a target of generating 50% renewable electricity by 2030. Hence, such a trend is expected to create opportunity for the market to grow in the near future.
- With a significant installed capacity in 2020, the United Arab Emirates is expected to dominate the market during the study period.
GCC Solar Photovoltaic Market Trends
Utility Sector as a Significant Sector
- The utility sector is estimated to hold the majority share in GCC solar PV market. Over, last five years, the sector grew with the commissioning of various large-scale projects like Noor Abu Dhabi, Sheikh Mohammed Bin Rashid Al Maktoum Solar Park, and Sakaka PV IPP among others.
- As per Middle-East Solar Industry Association, the region has four under-construction projects, and more than fifteen upcoming solar PV projects.
- Noor Energy 1 solar tower in Phase 4 of MBR Solar Park is one of the prominent upcoming projects. As of April 2021, the project is 87% complete, and is expected to provide clean electricity for approximately 320,000 residences and will help to reduce 1.6 million tonnes of carbon emissions every year.
- Manah Solar I & II in Oman, and Al-Rass in Saudi Arabia are few upcoming projects, which are in various stages of development.
- With such projects in hand the segment would act as significant contributor to the region solar PV market, which has an installed capacity of around 2.9 GW in 2020.
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United Arab Emirates to Dominate the Market
- The United Arab Emirates is one of the largest countries of natural gas usage for electricity production in the Middle East. The United Arab Emirates, being a major oil and gas producer, finds it more economical and cost-efficient to use gas as its primary energy generation.
- In recent years, the country has undertaken significant steps toward adopting renewable energy, particularly in the solar energy sector. To meet the rising energy demand, the country embarked on a challenging mission to increase its energy security by diversifying its energy sources and increasing the share of solar energy in its power mix in the coming years.
- Further, the country witnessed an increase in the solar power installed capacity from 1,818 MW in 2019 to 2,439 MW in 2020, registering a growth of 32%.
- Furthermore, factors like favorable geographical conditions have converged to make solar energy an attractive option to meet the country's energy needs. The country is geographically well-positioned, with solar irradiance of approximately 2,285 kWh/m2. The country has one of the highest solar exposure rates globally, thereby, holding tremendous potential for renewable energy development.
- With various upcoming projects like Al Dhafra, and Abu Dhabi solar PV projects, the country is expected to dominate the solar PV market during the study period.
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GCC Solar Photovoltaic Industry Overview
The GCC solar photovoltaic (PV) market is moderately fragmented. The key players in the market include Canadian Solar Inc., First Solar Inc, Masdar Abu Dhabi Future Energy Company, Dubai Electricity, and Water Authority, and ACWA Power among others.
GCC Solar Photovoltaic Market Leaders
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Canadian Solar Inc
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First Solar Inc
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Masdar Abu Dhabi Future Energy Company
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Dubai Electricity and Water Authority
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ACWA Power
- *Disclaimer: Major Players sorted in no particular order
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GCC Solar Photovoltaic Market News
- In April 2021, ACWA Power inaugurated the 300 MW Sakaka PV IPP, the country's first utility-scale renewable energy project, at an investment cost of SAR 1.2 billion. The project was awarded to ACWA Power at a record-breaking tariff of USD 2.3417 cents/kWh (8.781 halalas/kWh).
- At the starting of 2020, the Hanergy Thin Film Power Group announced its plan to build a thin-film industrial park in Saudi Arabia, at an estimated cost of USD 1 billion (EUR 870 million). Furthermore, after completion of the project, it will be the first such park in the Middle East.
GCC Solar Photovoltaic Industry Segmentation
The GCC solar photovoltaic (PV) market report includes:
| Deployment | Utility |
| Commercial and Industrial | |
| Residential | |
| Geography | United Arab Emirates |
| Saudi Arabia | |
| Rest of GCC |
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GCC Solar Photovoltaic Market Research FAQs
What is the current GCC Solar Photovoltaic (PV) Market size?
The GCC Solar Photovoltaic (PV) Market is projected to register a CAGR of greater than 12.5% during the forecast period (2025-2030)
Who are the key players in GCC Solar Photovoltaic (PV) Market?
Canadian Solar Inc, First Solar Inc, Masdar Abu Dhabi Future Energy Company, Dubai Electricity and Water Authority and ACWA Power are the major companies operating in the GCC Solar Photovoltaic (PV) Market.
What years does this GCC Solar Photovoltaic (PV) Market cover?
The report covers the GCC Solar Photovoltaic (PV) Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the GCC Solar Photovoltaic (PV) Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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GCC Solar Photovoltaic Industry Report
Statistics for the 2025 GCC Solar Photovoltaic (PV) market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. GCC Solar Photovoltaic (PV) analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
