Saudi Arabia Solar Inverter Market Overview

Saudi Arabia Solar Inverter market witnessed decent growth before 2020 on account of various solar projects announced by the government. However, the market declined in 2020 due to the global pandemic which resulted in supply chain disruptions, thereby affecting the sales of solar inverter negatively. The spread of the COVID-19 pandemic has resulted in slowdown of the overall economy leading to the temporary halt in many ongoing solar projects across the region and there was no solar project announced by the government in 2020, thereby impacting the solar inverter market in Saudi Arabia. However, the introduction of renewable energy in Kingdom of Saudi Arabia enables it to be on track to diversify its economy by decreasing its dependence on oil and the market has regained momentum in 2021 and is expected to grow significantly in the coming years.

According to 6Wresearch, Solar Inverter Market in Saudi Arabia size is projected to grow at a CAGR of 10.9% during 2022-2028. Based on system types, the On-Grid system type has garnered the major market revenue share in Saudi Arabia’s solar inverter market owing to the rise in demand of these inverters as they are connected to the power grid due to which there is no requirement for batteries and the consumers could export the excess solar units to the power grid and the owner gets compensated for supplying the excess power.

Market by System Type Analysis

By system type, on-grid systems accounted for a major share in the overall solar inverter market revenues in Saudi Arabia during 2021 and are expected to lead the market over the coming years as well owing to the rise in demand for these inverters as they do not need batteries, easy maintenance and are connected to the utility power grid which helps the consumers to export the excess solar units to the power grid.

Key Highlights of the Report

• Saudi Arabia Solar Inverter Market Overview
• Saudi Arabia Solar Inverter Market Outlook
• Saudi Arabia Solar Inverter Market Trends
• Saudi Arabia Solar Inverter Market Forecast
• Market Competitive Benchmarking
• Company Profiles
• Saudi Arabia Solar Inverter Market Growth
• Market Drivers and Restraints
• Key Strategic Recommendations
• Industry Life Cycle
• Market Opportunity Assessment
• Saudi Arabia Solar Inverter Market Shares, By Company
• Saudi Arabia Solar Inverter Market – Porter’s Five Forces

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