Estimated growth released for Saudi Arabia's solar power market
According to previous reports from the BP Statistical Review of World Energy 2014, Saudi Arabi is the world’s leading producer of crude oil. The nation uses a significant amount of its crude oil to produce electricity. Because the country has experienced a rise in urbanization, industrial development and population growth, it has started to consume even more crude oil. Solar energy is one solution to the increasing energy demand.
The government of Saudi Arabia is expected to increase its focus on increasing power generation and renewable sources in upcoming months; the region is uniquely suited to solar power generation because it has empty deserts and clear skies as well as prime location on the equatorial Sun Belt, giving it high solar radiation.
As part of the country’s alternative energy exploration, King Abdullah City for Atomic and Renewable Energy (K.A.CARE) recently introduced a program for renewable energy that would add 54 gigawatts of additional power generation capacity. This plan requires an investment amount to approximately $109 billion (USD) by the year 2032; by the same year, experts estimate that solar power will create approximately 41 gigawatts of total power capacity additions.
"K.A.CARE renewable energy program would be a major driving factor for solar power industry in Saudi Arabia in coming years,” Mr. Karan Chechi, research director with TechSci Research, a research-based global management consulting firm, said. “The country is more focused towards generating solar power from concentrated solar power technology."
Further details are available in the report, titled “Saudi Arabia Solar Power Market Forecast & Opportunities, 2020.”