Saudi Arabia Solar PV Panels Market to Reach US$ 3.51 Billion by 2031 | Top Companies — ABB, Huawei, Mitsubishi Electric | Exclusive report by DataM intelligence

Saudi Arabia Solar PV Panels Market

Leander, Texas and Tokyo, Japan - Jan.19.2026

As per DataM intelligence research report “Saudi Arabia Solar PV Panels Market reached US$ 1.60 billion in 2023 and is expected to reach US$ 3.51 billion by 2031, growing with a CAGR of 10.3% during the forecast period 2024-2031.”

The Saudi Arabia solar PV panels market is growing rapidly as the country invests in renewable energy to diversify its energy mix. Innovations in high-efficiency photovoltaic cells, energy storage integration, and smart grid systems enhance performance and reliability. Government incentives and sustainability initiatives are driving robust market expansion.

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Saudi Arabia Solar PV Panels Market: Competitive Intelligence

ABB, Huawei, Mitsubishi Electric, Sharp, GTek Solar and JinkoSolar.

In the Saudi Arabia Solar PV Panels Market, ABB, Huawei, Mitsubishi Electric, Sharp, GTek Solar, and JinkoSolar collectively bolster the region’s transition to large‐scale renewable energy deployment by supplying advanced photovoltaic (PV) technologies, system integration platforms, and power‐electronics solutions that align with Saudi Vision 2030’s diversification and decarbonization goals. These firms bring a mix of global technology leadership and scalable manufacturing that helps utilities, independent power producers, and commercial project developers deploy efficient, reliable solar installations suited to the Kingdom’s high‐irradiance environment. ABB and Mitsubishi Electric contribute grid‐ready power‐conversion systems and smart energy management technologies that improve plant performance and stability, while Huawei’s digital PV inverters and monitoring systems enhance operational efficiency and predictive maintenance across utility and commercial installations. JinkoSolar and GTek Solar strengthen supply chain depth with high‐efficiency solar modules designed for strong performance in harsh climates, and Sharp adds value through proven PV panel technologies with established reliability and longevity. Together, these companies reinforce the Saudi Arabia Solar PV Panels Market by enabling competitively priced, high‐performance solar solutions that support the rapid scaling of clean energy capacity.

Individually and in synergy, these organizations’ capabilities create competitive differentiation and market momentum within the Saudi Arabia Solar PV Panels Market by blending innovation, integration expertise, and local deployment readiness. ABB’s comprehensive electrification and PV integration suite supports robust solar plant architectures that align with industrial and utility grids throughout the region. Huawei’s FusionSolar platform leverages AI‐enhanced inverter and monitoring technology that optimizes energy yield and lowers levelized cost of electricity (LCOE) for large‐scale PV. Mitsubishi Electric brings decades of power‐electronics and system engineering depth that help tailor solutions for both centralized and distributed solar projects. Sharp’s long‐standing PV technology portfolio provides trusted panel options for project developers focused on durability and stable output. GTek Solar, with regionally informed supply strategies, and JinkoSolar, with high‐volume, high‐efficiency modules, contribute to streamlined procurement and competitive project economics. Together, these strengths help propel the Saudi Arabia Solar PV Panels Market forward by delivering diversified technology pathways, enhanced performance reliability, and strong support infrastructures that meet the Kingdom’s ambitious renewable energy targets.

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Saudi Arabia: Recent Solar PV Industry Developments

✅ In January 2026, Nextpower and Abunayyan Holding formed a joint venture Nextpower Arabia in Riyadh to accelerate utility scale solar PV deployment and regional clean energy goals, planning a 12 GW annual solar tracker and support equipment manufacturing facility in Jeddah to strengthen the PV supply chain.

✅ In the same month, Saudi Arabia launched tenders totaling 64 GW of renewable energy, including significant solar PV capacity, coupled with record low solar and wind power costs, signaling fast-tracking of utility-scale PV deployment.

✅ In late 2025, the Saudi Power Procurement Company (SPPC) issued a request for qualification for 3.1 GW of new solar projects across multiple sites under the National Renewable Energy Program (NREP), further expanding the Kingdom’s solar PV infrastructure.

✅ In October 2025, a consortium of TotalEnergies and Aljomaih Energy & Water secured the 400 MW As Sufun solar PV project, adding substantial capacity to the national grid.

✅ Also in October 2025, Saudi Arabia awarded four solar PV projects worth $2.4 billion, reinforcing continued investment in utility-scale solar development.

✅ Recently, ACWA Power and Scatec advanced gigawatt-scale solar PV and battery storage project deals, highlighting growing hybrid renewable energy deployment in Saudi Arabia.

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Segment Covered in the Saudi Arabia Solar PV Panels Market:

By Technology

The market is segmented into monocrystalline 55%, polycrystalline 30%, and thin-film 15%, with monocrystalline solar PV panels dominating due to higher efficiency, longer lifespan, and better performance in high-temperature conditions prevalent in Saudi Arabia. Polycrystalline panels remain cost-effective for large-scale projects. Thin-film panels are adopted in specialized applications requiring flexibility and lower weight. Government renewable energy targets and falling panel costs drive technology adoption.

By Grid

By grid type, the market includes on-grid 65% and off-grid 35%, with on-grid systems dominating due to large-scale utility projects and grid-connected commercial installations. Off-grid systems are gaining traction in remote areas and oil & gas facilities to reduce diesel dependence. Grid expansion and energy security initiatives support market growth.

By Installation

Installations include ground-mounted systems 60% and rooftop systems 40%, with ground-mounted solar PV leading due to utility-scale projects under Vision 2030 initiatives. Rooftop installations are increasing across residential, commercial, and industrial buildings. Net metering policies and declining installation costs drive rooftop adoption.

By Application

Applications include utility-scale power generation 50%, commercial 25%, residential 15%, and industrial 10%, with utility-scale applications dominating due to large solar parks and government-led projects. Commercial and residential applications are growing with rising electricity demand and sustainability goals. Industrial adoption supports energy cost optimization and carbon reduction strategies.

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✅ Competitive Landscape

✅ Technology Roadmap Analysis

✅ Sustainability Impact Analysis

✅ KOL / Stakeholder Insights

✅ Consumer Behavior & Demand Analysis

✅ Import-Export Data Monitoring

✅ Live Market & Pricing Trends

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