(MENAFN- IMARC Group) Saudi Arabia renewable energy market size reached 2.09 Gigawatt in 2024. Looking forward, IMARC Group expects the market to reach 40.42 Gigawatt by 2033, exhibiting a growth rate (CAGR) of 35.07% during 2025-2033. The renewable energy market in Saudi Arabia is undergoing a major transformation, fueled by the nation's ambitious Vision 2030 initiatives, regulatory mandates, and growing investment in smart infrastructure and green hydrogen projects.

Key Highlights

• Market size (2024): 2.09 Gigawatt
• Forecast (2033): 40.42 Gigawatt
• CAGR (2025–2033): 35.07%
• Solar energy segment dominates with abundant sunlight and Vision 2030 sustainability drives
• Strategic deployment of large-scale renewable energy projects across desert landscapes
• Key companies operating in the Saudi Arabia renewable energy market include ACWA Power, Alfanar Group, EDF Renewables, ENGIE Middle East, Masdar, and other leading international and regional players.

How Is AI Transforming the Renewable Energy Market in Saudi Arabia?

• Smart Grid Integration : AI-powered smart grid systems optimize renewable energy distribution, with Saudi smart grid automation reaching 32% and growing rapidly across the Kingdom's infrastructure networks.
• Predictive Energy Forecasting : Advanced AI analytics and machine learning algorithms enhance solar and wind power generation predictions, with ACWA Power and Saudi Aramco developing photovoltaic energy forecasting systems using big data analytics.
• Digital Twin Technology : AI-driven digital twins transform power generation efficiency, supporting Saudi Arabia's 13.76 GW of renewable projects through enhanced monitoring and predictive maintenance capabilities.
• Green Hydrogen Optimization : AI technologies optimize green hydrogen production processes, with the NEOM Green Hydrogen Project utilizing AI for facility management and reaching 80% construction completion.
• Energy Storage Management : Smart energy storage systems powered by AI improve grid stability and renewable energy integration, supporting the Kingdom's transition to 50% renewable electricity by 2030.

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Saudi Arabia Renewable Energy Market Trends and Drivers

• Vision 2030 & NREP Initiatives: Government mandates targeting 50% renewable electricity and 130 GW renewable capacity by 2030, with National Renewable Energy Program deploying 11.8 GW by 2025
• Mega Project Development: NEOM, Red Sea Project, and other giga-projects accelerating demand for large-scale renewable energy systems
• Favorable Geography: Abundant sunlight in desert regions and strong coastal winds creating ideal conditions for solar and wind energy generation
• Rising Private Sector Investment: Public Investment Fund and private companies driving technological innovations and capital infusion into clean energy projects
• Green Hydrogen Leadership: World's largest green hydrogen facility development positioning Saudi Arabia as global leader in carbon-free fuel production
• Smart Infrastructure Expansion: Advanced grid technologies and IoT integration enhancing renewable energy distribution and management capabilities

Saudi Arabia Renewable Energy Industry Segmentation:

The report has segmented the market into the following categories:

Type Insights:

• Solar
• Wind
• Others

Breakup by Region:

• Western Region
• Northern and Central Region
• Eastern Region
• Southern Region

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Recent News and Developments in Saudi Arabia Renewable Energy Market

• June 2025: NEOM Green Hydrogen Company achieved 80% construction completion across all sites, with the world's largest carbon-free green hydrogen facility on track to produce 600 tonnes per day by 2026, powered by 4 GW solar and wind generation.
• March 2025: Saudi Arabia's smart grid automation reached 32% penetration, with digital power generation tools including AI and digital twins supporting 13.76 GW of renewable projects across the Kingdom.
• November 2024: Saudi Arabia awarded the 2 GW Al Sadawi solar project to a consortium led by Masdar, marking a major milestone in the Kingdom's renewable energy expansion under Vision 2030 objectives.

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