Saudi Arabia plans to install more than 5.1GW of PV systems by 2031

Seetao 2022-06-24 14:20
  • The Saudi government's friendly attitude towards renewable energy in recent years will support the development the photovoltaic industry
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The study shows that due to strong support for the long-term plans of the power industry, Saudi Arabia's photovoltaic power generation potential will grow rapidly between 2022 and 2031, and the installed photovoltaic system capacity is expected to be slightly more than 5.1GW by 2031.

Saudi Arabia's National Renewable Energy Plan, which established a government-driven auction and tendering system for renewable energy, has won contracts for more than 1.7GW of PV projects. Saudi Arabia also highlighted hydrogen as an important part of its long-term energy sector strategy, which aims to produce 2.9 million tonnes of hydrogen per year by 2030. Although the strategy does not set targets for building large-scale green hydrogen projects for green hydrogen production, it suggests that renewable hydrogen will account for a significant portion of its production, according to a research report released by the research institute.

Analysts at the research house said, “We note the development of the nascent green hydrogen industry, so there are upside risks to the forecast for PV, which will put upward pressure on renewable electricity supply and drive the growth of PV in the coming years. Further investment.” However, the agency is cautious about the prospects of Saudi PV market growth, as the country has not achieved the goals it has set in the past. Keywords: engineering construction, engineering news

As the PV industry has only seen substantial growth in the past two years, policy restrictions on foreign private ownership of the industry and the dominance of large state-owned utilities will present some hurdles for investors seeking to participate in the market, analysts noted. Saudi Arabia has the largest potential for photovoltaics in the world due to its high solar radiation rate, abundance of suitable and available land, and strong growth in electricity demand over the next decade.Editor/XingWentao