Kuwait Solar Energy Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 7.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Kuwait Solar Energy Market Analysis
During the time frame of the forecast, the solar energy market in Kuwait is expected to register at a compound annual growth rate (CAGR) of more than 7%.
The spread of COVID-19 hurt the market because it shut down parts of the country and slowed down projects that were already going on or were scheduled to start soon. The market has currently rebounded to pre-pandemic levels.
- The main things that may drive the solar market in Kuwait over the next few years are the growing number of solar projects and investments and the falling cost of solar PV.
- But the solar energy market isn't growing as fast as it could because it costs a lot to get started, the energy source isn't always there, and you need a lot of space to set up large solar farms. The lack of government policies and programs is also likely to restrain the market during the forecast period.
- Technological advances in the solar power market, including increased efficiency, reduced overheads, reduced size of solar PV films, the use of polymers, and an increase in new materials for solar power cells, are set to boost incentives for increasing investments in solar power. This situation is likely to lead to growth in the use of solar energy in the future.
Kuwait Solar Energy Market Trends
Solar PV Segment to Experience Significant Growth
- Kuwait's average solar intake is about 9-11 hours per day, with an average daily solar insolation that can reach more than 7.0 kWh/m2/day.
- The solar PV installation cost dropped significantly from USD 4,731 per kilowatt to USD 883 per kilowatt in 2021. While the installation cost of concentrated solar power was USD 8987 per kilowatt in 2010, it was projected to drop to USD 4700 per kilowatt by 2021.Solar photovoltaics are a better way to make energy than concentrated solar power because they are easier to use and need less maintenance.
- As of February 2022, a 30 MW solar PV plant was planned in Al Jahra, Kuwait, and is named the Subiya Water Storage Solar PV Plant. The plant is expected to be built in one step. Construction is expected to start in 2023, and the plant should be ready for business in 2025.
- In December 2021, a group of companies announced that they were planning to build a 5 GW solar power complex, including solar PV power plants, in the north of Kuwait with an investment of about USD 3.5 billion. The people who want to build the park are trying to get permission from the state so they can do it as a private investment and sell the electricity it makes to the Ministry of Electricity, Water, and Renewable Energy.
Thus, because of these factors, the solar PV segment is expected to grow a lot over the next five years.
Lack of Government Policies and Programs Restraining the Market’s Growth
- By 2030, the government of Kuwait plans to have 15% of the country's electricity come from renewable sources. Yet, the government hasn't developed the policies and initiatives that would boost the solar energy sector in the country outside of this objective.
- OPEC stated that Kuwait was falling behind in its expansion of renewable energy projects in October of 2022. Only about 0.3% of the electricity produced in the Emirate comes from renewable sources, well below the 5% target.
- Moreover, the Shagaya facility is located roughly 100 kilometers west of Kuwait City, on an area of 84 square kilometers in the desert of Al-Shagaya, and features numerous renewable technologies, in addition to connectivity and site infrastructure. Even though it was initiated almost a decade ago, the solar power station is still not entirely finished.
- In September of 2021, proposals were accepted for the EPC contract for the combined Al-Dabdaba solar project and Shagaya Clean Energy Development plant.
- There was no development on the project as of January 2022.
- Kuwait is in a great spot and has plenty of cash, but the country hasn't seen a surge in solar energy projects due to a lack of official support. As a result, this could dampen the market's expansion over the predicted time frame.
Kuwait Solar Energy Industry Overview
The Kuwaiti solar energy market is partially consolidated. Some of the key players in the market include (in no particular order) Solarity Solar Energy, JinkoSolar Holding Co. Ltd, TSK Electrónica y Electricidad SA, Kuwait National Petroleum Company, and Alternative Energy Projects Co.
Kuwait Solar Energy Market Leaders
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TSK Electronica y Electricidad SA
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Solarity Solar Energy
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Kuwait National Petroleum Company
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JinkoSolar Holding Co. Ltd
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Alternative Energy Projects Co.
*Disclaimer: Major Players sorted in no particular order
Kuwait Solar Energy Market News
- February 2022: Kuwait announced that it planned to develop a 2 GW solar and wind projects, which the Kuwait Authority will tender for Partnership Projects.
Kuwait Solar Energy Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Solar Energy Installed Capacity and Forecast in MW, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION - BY TYPE
5.1 Solar Photovoltaic (PV)
5.2 Concentrated Solar Power (CSP)
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Solarity
6.3.2 JinkoSolar Holding Co. Ltd.
6.3.3 TSK Electronica y Electricidad SA
6.3.4 Life Energy Co.
6.3.5 Trina Solar Co. Ltd.
6.3.6 Kuwait National Petroleum Company
6.3.7 Alternative Energy Projects Co. (AEPCo)
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Kuwait Solar Energy Industry Segmentation
Solar energy is one of the renewable energies. It is made by converting the energy that is already in the sun. Once the sunlight passes through the earth's atmosphere, most of it is in the form of visible light and infrared radiation. Solar cell panels are used to convert this energy into electricity. Solar photovoltaic (PV) and concentrated solar photovoltaic (CSP) are the two main types of solar energy market segments in Kuwait. For each segment, market sizing and forecasts have been done based on installed capacity (megawatts).
Kuwait Solar Energy Market Research FAQs
What is the current Kuwait Solar Energy Market size?
The Kuwait Solar Energy Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in Kuwait Solar Energy Market?
TSK Electronica y Electricidad SA, Solarity Solar Energy, Kuwait National Petroleum Company, JinkoSolar Holding Co. Ltd and Alternative Energy Projects Co. are the major companies operating in the Kuwait Solar Energy Market.
What years does this Kuwait Solar Energy Market cover?
The report covers the Kuwait Solar Energy Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Kuwait Solar Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Kuwait Solar Energy Industry Report
Statistics for the 2024 Kuwait Solar Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Kuwait Solar Energy analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
