INDUSTRY NEWS

Saudi Arabia Is Planning to Install 2.6 Gigawatt Solar Project near Mecca

Published Date | 2019 March 27

Saudi Arabia’s Government initiative to install the Faisaliah solar power project in Mecca will drive the global solar energy market over the coming years
Global: Middle Eastern oil giant Saudi Arabia is set to develop a mammoth 600-MW solar park in Mecca that will be part of a larger complex totaling 2,600 MW. The governor of Mecca Province in Saudi Arabia, Khalid bin Faisal Al Saud has signed a memorandum of understanding with Khalid Al-Falih, Country’s Minister of Energy, Industry and Mineral Resources, for the construction of a giant solar park in the region. The Faisaliah Solar Power Project is planned to be developed in several stages by the Saudi Ministry of Energy, Industry and Mineral Resources and the Development Authority of Mecca. Moreover, Only 600 MW of the project is expected to be tendered by the Saudi Renewable Energy Project Development Office (REPDO), while the remaining 2 GW will be built by the country’s Public Investment Fund along with its partners. The scheme will be implemented in phases in response to the growing population of Saudi City and the rising demand for electricity and clean power. According to BlueWeave Consulting, The global solar energy industry is boosting on accounts of rising population coupled with increasing non-conventional energy prices. The key factors which are positively driving the solar energy market include growing environmental concerns such as greenhouse gas emission accompanied by increasing energy consumption. This is leading industries towards more sustainable and cost-effective energy resources. Moreover, the rate of adoption is increasing due to natural resource depletion and increasing awareness of Solar PV's potential to alleviate pollution. The solar energy market is also fuelled by the ever-increasing demand for electricity in conjunction with government initiatives to promote the use of renewable energy sources. Furthermore, multiple subsidies and tax benefits were offered by governments for effectively utilizing barren land for solar power plants are propelling the growth of the market over the forecast period. In addition, the demand for parabolic troughs and solar power towers in electricity generation is expected to boost the market growth of concentrated solar power systems. According to BlueWeave consulting’s upcoming report, Titled-“ Global Solar Energy Market, by Technology (Photovoltaic Cells, Concentrated Solar Power Systems), Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others), Generation (First, Second, and Third), and Application (Agriculture & Horticulture, Architecture, Transportation, and Others), By Region (North America, Europe, Asia Pacific, Latin America, Middle East And Africa); Size and Forecast, 2019-2025” – For many years solar was considered as the main pillar of a future renewable energy based system. Demand for the solar panel is increasing prominently all over the world.   North America market for solar panels has been growing rapidly especially due to the growth of residential solar applications in the U.S. Global solar panels market is characterized by improving conversion efficiency by key market participants. Key companies operating in this market include Suntech, Sharp Solar, First Solar, Trina Solar, Yingli, Hanwha Solarone, Canadian Solar, SunPower, SolarWorld, and Renewable Energy Corporation. According to BlueWeave Consulting’s upcoming report, Titled- “Saudi Arabia Solar Energy Market, by Technology (Photovoltaic Cells, Concentrated Solar Power Systems), Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others), Generation (First, Second, and Third), and Application (Agriculture & Horticulture, Architecture, Transportation, and Others), By Region ; Size and Forecast, 2019-2025”– Saudi Arabia is anticipated to experience robust growth rate in its solar power market by 2020. Increasing initiatives by Saudi government is expected to significantly boost power generation from renewable sources in coming years. Being located on the equatorial Sun Belt with high solar radiation and vast stretches of empty desert with clear skies, makes the country an ideal location for solar power generation.