Saudi Arabia Wind Power Market outlook & analysis 2019-2026

Saudi Arabia Wind Power Market outlook & analysis 2019-2026

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Saudi Arabia Wind Power Market

The Wind Power Market in Saudi Arabia is expected to grow at a faster CAGR over the forecast period (2019-2026).

The factors driving the growth of Saudi Arabia Wind Power Market includes growing emphasis on renewable sources of energy, increasing consumption of electricity and rise in the carbon emissions levels in Saudi Arabia. According to the report published by Worldometer, the Fossil CO2 emissions in Saudi Arabia were estimated around 517,079,407 tons in 2016, increasing by 4,728,104 tons as compared to 2015, which will boost the demand for wind turbines in Saudi Arabia in the approaching years. The increasing Government initiatives to promote the use of renewable sources of energy, rising number of wind energy farms and technological advancements in the wind turbine structures, are some of the additional factors supplementing the Saudi Arabia Wind Power Market Growth. As per Reuters, the government of Saudi Arabia is planning to invest around USD 101 billion in the renewable energy sector and additional 142 billion riyals in energy distribution through 2030, which will boost the market growth in the coming years.

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The prominent players operating in the market are Abdul Latif Jameel IPR Company Limited., ACWA Power, Goldwind International Holdings (HK) Ltd., Vestas, Saudi Arabian Saipem Co. Ltd., Masdar, General Electric and EDF Renewables among others.

Location: Segment Analysis

Based on location, the offshore segment is predicted to expand at a significant CAGR over the forecast period attributed to increasing investments by the private players for building offshore wind farms, for example, Plambeck Emirates LLC. In 2019 signed a memorandum of understanding (MoU) where it plans to develop a 500 MW floating offshore wind farm in Saudi Arabia.

Application: Segment Analysis

Based on Application, the residential segment is projected to capture a sizeable market share during the forecast period attributed to increasing investments by the Government on building smart cities in Saudi Arabia.

According to the Saudi Arabia Wind Power Market Analysis, the commercial segment is predicted to grow at a higher CARG over the forecast period due to rise in the number of infrastructure projects, for example, around USD 23 billion were invested for the development project in Riyadh and the government of Saudi Arabia is further planning to invest USD 36 billion for developing the infrastructure of airports, railways and roads.

Market Segmentation

Saudi Arabia Wind Power Market by Location

Onshore
Offshore
Saudi Arabia Wind Power Market by Application

Residential
Commercial
Industrial

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GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.

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