(MENAFN) New projects such as USD200 billion 200 GW solar power plant and the USD130 million Al-Khafji solar powered water desalination plant would drive Saudi Arabia's solar panel market to grow at a CAGR of 30.2% during 2018-24, a report said as quoted by Trade Arabia.
Additionally, in the FY2019 national budget, the Saudi government has allocated USD7 billion for the development of renewable energy projects, added the study titled "Saudi Arabia Solar Panel Market (2018-2024)" from 6Wresearch, a global market research and consulting firm.
Ravi Bhandari, assistant manager Research and Consulting, 6Wresearch, said: "Polycrystalline Solar Panel is the key revenue generating segment in the overall Saudi Arabia solar panel market on account of their affordable prices and thus high utilization across several projects."
"Other major segments include monocrystalline and thin-film solar panels. Monocrystalline solar panels have a higher power efficiency than their polycrystalline counterparts. As a result, their market is expected to grow significantly in the years to come," Bhandari added.
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