Renewable energy sources are forecast to account for 31% of the total electricity generation capacity in Saudi Arabia by 2035, compared with 2% in 2023, according to GlobalData’s power capacity and generation database. GlobalData uses proprietary data and analytics to provide a complete picture of Saudi Arabia’s renewable energy market in its Saudi Arabia Power Market Outlook to 2035 report. Buy the report here.
Of all renewable energy sources, the share of solar PV power generation capacity is forecasted to change from 1% in 2023 to 27% in 2035.
The share of wind power is expected to reach 4.1% in 2035, compared with a 0.42% share in 2023. Solar thermal is forecast to account for 0.43% share of Saudi Arabia’s total electricity generation capacity in 2035, as against 0.1% share in 2023.
In terms of capacity additions, the total renewable energy capacity is expected to see 45944.71 MW of additions in Saudi Arabia during the forecast period while the non-renewable energy segment is likely to see 6735.7 MW of additions.
CAGR growth of key renewables in Saudi Arabia
Renewable generation capacity in Saudi Arabia is expected to reach 47GW in 2035 at a CAGR of 33% during 2023-2035.
Solar PV power is expected to record highest growth rate of 35.94% by 2035, followed by wind with 25%. Other renewable energy sources such as biopower and solar thermal are estimated to have growth rates of 20% and 18% respectively.
Hydrogen and CCS plants in pipeline in Saudi Arabia
A total of three hydrogen and 11 carbon capture and storage (CCS) plants are expected to be developed in Saudi Arabia by the end of 2035.
For more detailed analysis of the renewable energy market in Saudi Arabia, buy the report here.
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