This opportunity entails setting up an assembly plant for solar PV modules. Saudi Arabia plans to significantly increase the capacity of energy production from renewable sources. 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 solar PV module market is forecasted to grow from USD 149 million in 2019 to reach USD 1650 million by 2030. This amounts to an estimated 2019-2030 cumulative forecast of USD 19,800 million. With forecasted market growth, multiple opportunities exist to localize the module production value chain. The main focus of this opportunity is on assembly of solar PV trackers.
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