This opportunity entails setting up a manufacturing/ assembly plant for the production of wind turbine converters. Saudi Arabia plans to significantly increase 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 wind energy of 400 MW has already been tendered. Round two has been announced for 850 MW. Additional rounds will be announced soon.
KSA wind turbine converter market is forecasted to grow from almost negligible in 2019 to reach USD 79 million by 2030. This amounts to an estimated 2019-2030 cumulative forecast of USD 947 million. With forecasted market growth, multiple opportunities exist to localize the wind turbine converter production value chain. The main focus of this opportunity is on manufacturing and assembly of wind turbine converters.
- Manufacturing: PCB building, laser marking, soldering, panel coating and painting
- Assembly: PCB component assembly, final assembly
- Testing: PCB testing, x-Ray inspection, water test, stress test
Sector