This opportunity entails setting up a manufacturing/assembly plant for solar PV trackers. Saudi Arabia plans to significantly increase capacity of energy production from renewable sources. Additional opportunities also exist in testing of solar PV trackers which includes structural dimension testing. The government is strongly committed to unlocking the renewable energy sector, through increasing capacity and localization requirements. Current localization requirements stand at 30%, while future localization plans are set between 40% and 60%.
Today, energy generation from renewable sources is almost negligible; however, Saudi Arabia has set a renewables target of 27.3 GW by 2024 and 58.7 GW by 2030. Round one for solar PV energy of 300 MW has already been tendered and round two has been announced for 1.5 GW.
KSA trackers market is forecasted to grow from USD 10 million in 2019 to reach USD 110 million by 2030. This amounts to an estimated 2019-2030 cumulative forecast of USD 1,320 million. With forecasted market growth, multiple opportunities exist to localize the trackers production value chain. The main focus of this opportunity is on manufacturing and assembly of solar PV trackers.
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