GCC Solar Panel Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2025-2034)
Description
The GCC solar panel market size reached around USD 12.40 Billion in 2024. The market is projected to grow at a CAGR of 8.20% between 2025 and 2034 to reach nearly USD 27.27 Billion by 2034. The market growth can be attributed to rapid technological advancements, declining costs of PV installation, economies of scale and labour cost advantages.
GCC Solar Panel Market Report Summary
Description
Value
Base Year
USD Billion
2024
Historical Period
USD Billion
2018-2024
Forecast Period
USD Billion
2025-2034
Market Size 2024
USD Billion
12.40
Market Size 2034
USD Billion
27.27
CAGR 2018-2024
Percentage
XX%
CAGR 2025-2034
Percentage
8.20%
CAGR 2025-2034 - Market by Country
Kuwait
9.3%
CAGR 2025-2034 - Market by Country
Saudi Arabia
8.8%
CAGR 2025-2034 - Market by Deployment
Rooftop Solar
9.0%
CAGR 2025-2034 - Market by End Use
Commercial
9.2%
Market Share by Country 2024
Kuwait
5.3%
GCC Solar Panel Market Growth
Historically, oil and gas have accounted for 97% of the total electricity consumption in GCC countries. However, to meet its commitments under the Paris Agreement and diversify its revenue sources, governments are shifting towards the adoption of cleaner energy resources.
Many GCC countries receive solar irradiation of 2 MWh/m² and 2.5 MWh/m² annually due to the presence of large deserts. Under the Vision 2030 policy, Saudi Arabia aims to meet around 50% of its domestic energy requirements through renewables by creating supportive regulatory frameworks, including auction-based project allocation. This is expected to promote solar power projects in the region, thereby shaping the GCC solar panel market dynamics favourably.
To reduce susceptibility to fossil fuel price volatility, GCC nations with over 60% dependence on oil and gas exports for government revenues are focusing on expanding their solar power capacity for meeting domestic and international energy requirements. With the introduction of the European Union’s “Risk of Energy Availability: Common Corridors for Europe Supply Security” project, GCC nations are expected to account for 20% of Europe’s electricity needs by 2050, thereby necessitating the development of solar energy projects. This is expected to drive the GCC solar panel market development in the coming years.
Key Trends and Developments
Rising investments by Chinese companies; improvements in the efficiency of solar panels; the development of solar panels with enhanced durability; and increasing adoption of lightweight and flexible solar panels are the major factors driving the GCC solar panel market growth.
December 2024
The Emirates Water and Electricity Co. (EWEC) successfully secured 3 sites for the construction of solar power projects in Al Faya, Al Khazna, and Al Zarraf respectively in an area spanning 75 km2. This is expected to increase the installed solar power production capacity of the UAW by 4.5 GW, thereby influencing the demand for solar panels favourably.
December 2024
JA Solar announced its plans to invest nearly USD 542 million in the construction of a state-of-the-art solar panel manufacturing facility in Sohar Port, Oman. The facility is expected to have an annual capacity of around 3 GW for PV modules and 6 GW for solar cells. This investment includes funding for land leasing, production equipment, facility construction and development of related infrastructure.
December 2024
TotalEnergies established a partnership agreement with OQ Alternative Energy (an Oman-based energy company) to develop a 100 MW capacity solar project in Saih Nihaydah. The facility is expected to be completed in late 2026 and is expected to enhance the nation’s energy security.
December 2024
Oman's Nama Power and Water Procurement (PWP) floated a tender for the development of a 280 MW solar project at Al Kamil Wal Wafi. It aims to diversify its existing fuel sources and achieve net zero carbon emissions by 2050. This is in line with its recent initiatives to harness the growing demand for sustainable energy resources across the region, thereby increasing the GCC solar panel market revenue.
Rising investments into renewable energy by Chinese companies
Multiple Chinese sovereign wealth funds are channelling investments into different renewable energy projects in the region. Moreover, energy companies like Trina Solar are expected to develop the region’s largest PV plant in the UAE by 2027 to facilitate the transition towards clean energy. This is creating a favourable GCC solar panel market outlook.
Improvements in efficiency of solar panels
Bifacial solar panels are an ideal choice for maximising solar power generation by nearly 30% in snowy and sandy areas. They can be optimised in different ways for maximising solar power production and are ideally suited for ground-mounted systems. These panels capture both direct and reflected sunlight, which makes them suitable for urban households as well. Hence, the rising demand for bifacial solar panels is expected to contribute to the market growth.
Development of solar panels with enhanced durability
Many solar panel manufacturers are designing new power equipment with graphene coatings, which make it resilient to extreme weather conditions such as hailstorms, heatwaves, and heavy snowfall. Moreover, the integration of self-cleaning technology into new solar panels is bolstering the GCC solar panel market development, as it increases the lifespan of solar installations and makes them a better long-term investment.
Increasing adoption of lightweight and flexible solar panels
Flexible solar panels can be easily integrated with unconventional surfaces like curved roofs and vehicle exteriors. This has made them an aesthetic choice for both commercial and residential applications. They can be easily integrated into solar windows and solar shingles without much hassle, which is further contributing to the market growth.
GCC Solar Panel Market Trends
Rising investments by Chinese companies in Oman
Oman has become an attractive destination for Chinese solar module producers due to its geographical advantage and burgeoning energy demand. For instance, in March 2024, Oman received an investment of around USD 1.3 billion from United Solar Polysilicon (FZC) SPC for the construction of a polysilicon production plant with an annual capacity of 100, 000 tons. Besides, in June 2024, the Oman Investment Authority approved Junda Technology’s solar cell plant project worth a total investment of USD 700 million. This is favourably shaping the GCC solar panel market dynamics.
Improvements in efficiency
Bifacial panels are generally built with glass and are designed to capture sunlight during both sunrise and sunset. Unlike monofacial panels, they can be installed vertically, which makes them extremely resilient to different environmental pressures like wind, hail, and snow which can hamper electricity generation. As a part of the ground-mounted installation system, bifacial panels can produce 11% more electricity as compared to standard panels, thereby boosting its large-scale residential and industrial adoption. This is creating a favourable GCC solar panel market outlook.
GCC Solar Panel Industry Segmentation
The EMR’s report titled “GCC Solar Panel Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
Breakup by Type
Based on country, the market is segmented into Saudi Arabia, the United Arab Emirates, Kuwait, Oman, Qatar, and Bahrain. Kuwait is projected to dominate the market, representing 5.3% of the overall market share. Over the forecast period of 2025-2034, the demand for solar panels in Saudi Arabia and Bahrain is expected to grow at a CAGR of 8.8% and 7.8% respectively, due to increasing investments by governments in renewable energy projects. Moreover, the immense solar potential of the region is creating exciting opportunities for companies, thereby contributing to the GCC solar panel market expansion.
Based on deployment, the market is segmented into ground-mounted and rooftop solar. The demand for rooftop solar is expected to grow at a CAGR of 9% between 2025 and 2034 due to increasing consumer awareness of the benefits of solar power in driving sustainable growth.
CAGR 2025-2034 - Market by
Deployment
Rooftop Solar
9.0%
Ground-Mounted
XX%
Leading Companies in the GCC Solar Panel Market
Major players are focusing on expanding their respective GCC solar panel market share by increasing their investments in Saudi Arabia and bolstering their PV module production capacity. Over the forecast period, rapid technological advancements in PV materials and designs are expected to increase the market growth rate.
First Solar, Inc.
First Solar, Inc. was founded in 1999 and is headquartered in Arizona, United States. It specialises in manufacturing thin-film solar panels at its state-of-the-art facilities in Ohio and California. It aims to provide high-performance, competitive, and low-carbon alternative to conventional crystalline silicon PV panels to consumers and businesses.
Canadian Solar Inc.
Canadian Solar Inc. was founded in 2001 and is headquartered in Ontario, Canada. It has delivered over 125 GW of premium-quality solar photovoltaic modules to its customers over the last 23 years globally.
Trina Solar Co. Ltd.
Trina Solar Co. Ltd. was founded in 1997 and is headquartered in Changzhou, China. It specialises in producing solar PV modules and was ranked as world’s topmost “Bankable” PV Module Manufacturer by Bloomberg New Energy Finance in 2019.
Renevolt
Renevolt was founded in March 2023 and is headquartered in Dubai, United Arab Emirates (UAE). Its innovative solar PV production facility in Ras Al-Khaimah has a total capacity of 200 MW and is focusing on accelerating the nation’s transition towards clean energy.
Other players included in the GCC solar panel market report are JinkoSolar Holding Co. Ltd. and Echo Solar Panels Manufacturing LLC, among others.
GCC Solar Panel Market Report Summary
Description
Value
Base Year
USD Billion
2024
Historical Period
USD Billion
2018-2024
Forecast Period
USD Billion
2025-2034
Market Size 2024
USD Billion
12.40
Market Size 2034
USD Billion
27.27
CAGR 2018-2024
Percentage
XX%
CAGR 2025-2034
Percentage
8.20%
CAGR 2025-2034 - Market by Country
Kuwait
9.3%
CAGR 2025-2034 - Market by Country
Saudi Arabia
8.8%
CAGR 2025-2034 - Market by Deployment
Rooftop Solar
9.0%
CAGR 2025-2034 - Market by End Use
Commercial
9.2%
Market Share by Country 2024
Kuwait
5.3%
GCC Solar Panel Market Growth
Historically, oil and gas have accounted for 97% of the total electricity consumption in GCC countries. However, to meet its commitments under the Paris Agreement and diversify its revenue sources, governments are shifting towards the adoption of cleaner energy resources.
Many GCC countries receive solar irradiation of 2 MWh/m² and 2.5 MWh/m² annually due to the presence of large deserts. Under the Vision 2030 policy, Saudi Arabia aims to meet around 50% of its domestic energy requirements through renewables by creating supportive regulatory frameworks, including auction-based project allocation. This is expected to promote solar power projects in the region, thereby shaping the GCC solar panel market dynamics favourably.
To reduce susceptibility to fossil fuel price volatility, GCC nations with over 60% dependence on oil and gas exports for government revenues are focusing on expanding their solar power capacity for meeting domestic and international energy requirements. With the introduction of the European Union’s “Risk of Energy Availability: Common Corridors for Europe Supply Security” project, GCC nations are expected to account for 20% of Europe’s electricity needs by 2050, thereby necessitating the development of solar energy projects. This is expected to drive the GCC solar panel market development in the coming years.
Key Trends and Developments
Rising investments by Chinese companies; improvements in the efficiency of solar panels; the development of solar panels with enhanced durability; and increasing adoption of lightweight and flexible solar panels are the major factors driving the GCC solar panel market growth.
December 2024
The Emirates Water and Electricity Co. (EWEC) successfully secured 3 sites for the construction of solar power projects in Al Faya, Al Khazna, and Al Zarraf respectively in an area spanning 75 km2. This is expected to increase the installed solar power production capacity of the UAW by 4.5 GW, thereby influencing the demand for solar panels favourably.
December 2024
JA Solar announced its plans to invest nearly USD 542 million in the construction of a state-of-the-art solar panel manufacturing facility in Sohar Port, Oman. The facility is expected to have an annual capacity of around 3 GW for PV modules and 6 GW for solar cells. This investment includes funding for land leasing, production equipment, facility construction and development of related infrastructure.
December 2024
TotalEnergies established a partnership agreement with OQ Alternative Energy (an Oman-based energy company) to develop a 100 MW capacity solar project in Saih Nihaydah. The facility is expected to be completed in late 2026 and is expected to enhance the nation’s energy security.
December 2024
Oman's Nama Power and Water Procurement (PWP) floated a tender for the development of a 280 MW solar project at Al Kamil Wal Wafi. It aims to diversify its existing fuel sources and achieve net zero carbon emissions by 2050. This is in line with its recent initiatives to harness the growing demand for sustainable energy resources across the region, thereby increasing the GCC solar panel market revenue.
Rising investments into renewable energy by Chinese companies
Multiple Chinese sovereign wealth funds are channelling investments into different renewable energy projects in the region. Moreover, energy companies like Trina Solar are expected to develop the region’s largest PV plant in the UAE by 2027 to facilitate the transition towards clean energy. This is creating a favourable GCC solar panel market outlook.
Improvements in efficiency of solar panels
Bifacial solar panels are an ideal choice for maximising solar power generation by nearly 30% in snowy and sandy areas. They can be optimised in different ways for maximising solar power production and are ideally suited for ground-mounted systems. These panels capture both direct and reflected sunlight, which makes them suitable for urban households as well. Hence, the rising demand for bifacial solar panels is expected to contribute to the market growth.
Development of solar panels with enhanced durability
Many solar panel manufacturers are designing new power equipment with graphene coatings, which make it resilient to extreme weather conditions such as hailstorms, heatwaves, and heavy snowfall. Moreover, the integration of self-cleaning technology into new solar panels is bolstering the GCC solar panel market development, as it increases the lifespan of solar installations and makes them a better long-term investment.
Increasing adoption of lightweight and flexible solar panels
Flexible solar panels can be easily integrated with unconventional surfaces like curved roofs and vehicle exteriors. This has made them an aesthetic choice for both commercial and residential applications. They can be easily integrated into solar windows and solar shingles without much hassle, which is further contributing to the market growth.
GCC Solar Panel Market Trends
Rising investments by Chinese companies in Oman
Oman has become an attractive destination for Chinese solar module producers due to its geographical advantage and burgeoning energy demand. For instance, in March 2024, Oman received an investment of around USD 1.3 billion from United Solar Polysilicon (FZC) SPC for the construction of a polysilicon production plant with an annual capacity of 100, 000 tons. Besides, in June 2024, the Oman Investment Authority approved Junda Technology’s solar cell plant project worth a total investment of USD 700 million. This is favourably shaping the GCC solar panel market dynamics.
Improvements in efficiency
Bifacial panels are generally built with glass and are designed to capture sunlight during both sunrise and sunset. Unlike monofacial panels, they can be installed vertically, which makes them extremely resilient to different environmental pressures like wind, hail, and snow which can hamper electricity generation. As a part of the ground-mounted installation system, bifacial panels can produce 11% more electricity as compared to standard panels, thereby boosting its large-scale residential and industrial adoption. This is creating a favourable GCC solar panel market outlook.
GCC Solar Panel Industry Segmentation
The EMR’s report titled “GCC Solar Panel Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
Breakup by Type
- Monocrystalline Silicon
- Polycrystalline Silicon
- Thin Film
- Others
- Ground-Mounted
- Rooftop Solar
- Residential
- Commercial
- Industrial
- Saudi Arabia
- United Arab Emirates
- Kuwait
- Oman
- Qatar
- Bahrain
Based on country, the market is segmented into Saudi Arabia, the United Arab Emirates, Kuwait, Oman, Qatar, and Bahrain. Kuwait is projected to dominate the market, representing 5.3% of the overall market share. Over the forecast period of 2025-2034, the demand for solar panels in Saudi Arabia and Bahrain is expected to grow at a CAGR of 8.8% and 7.8% respectively, due to increasing investments by governments in renewable energy projects. Moreover, the immense solar potential of the region is creating exciting opportunities for companies, thereby contributing to the GCC solar panel market expansion.
Based on deployment, the market is segmented into ground-mounted and rooftop solar. The demand for rooftop solar is expected to grow at a CAGR of 9% between 2025 and 2034 due to increasing consumer awareness of the benefits of solar power in driving sustainable growth.
CAGR 2025-2034 - Market by
Deployment
Rooftop Solar
9.0%
Ground-Mounted
XX%
Leading Companies in the GCC Solar Panel Market
Major players are focusing on expanding their respective GCC solar panel market share by increasing their investments in Saudi Arabia and bolstering their PV module production capacity. Over the forecast period, rapid technological advancements in PV materials and designs are expected to increase the market growth rate.
First Solar, Inc.
First Solar, Inc. was founded in 1999 and is headquartered in Arizona, United States. It specialises in manufacturing thin-film solar panels at its state-of-the-art facilities in Ohio and California. It aims to provide high-performance, competitive, and low-carbon alternative to conventional crystalline silicon PV panels to consumers and businesses.
Canadian Solar Inc.
Canadian Solar Inc. was founded in 2001 and is headquartered in Ontario, Canada. It has delivered over 125 GW of premium-quality solar photovoltaic modules to its customers over the last 23 years globally.
Trina Solar Co. Ltd.
Trina Solar Co. Ltd. was founded in 1997 and is headquartered in Changzhou, China. It specialises in producing solar PV modules and was ranked as world’s topmost “Bankable” PV Module Manufacturer by Bloomberg New Energy Finance in 2019.
Renevolt
Renevolt was founded in March 2023 and is headquartered in Dubai, United Arab Emirates (UAE). Its innovative solar PV production facility in Ras Al-Khaimah has a total capacity of 200 MW and is focusing on accelerating the nation’s transition towards clean energy.
Other players included in the GCC solar panel market report are JinkoSolar Holding Co. Ltd. and Echo Solar Panels Manufacturing LLC, among others.
Table of Contents
150 Pages
- 1 Executive Summary
- 1.1 Market Size (2024-2025)
- 1.2 Market Growth 2025(F)-2034(F)
- 1.3 Key Demand Drivers
- 1.4 Key Players and Competitive Structure
- 1.5 Industry Best Practices
- 1.6 Recent Trends and Developments
- 1.7 Industry Outlook
- 2 Market Overview and Stakeholder Insights
- 2.1 Market Trends
- 2.2 Key Verticals
- 2.3 Key Countries
- 2.4 Supplier Power
- 2.5 Buyer Power
- 2.6 Key Market Opportunities and Risks
- 2.7 Key Initiatives by Stakeholders
- 3 Economic Summary
- 3.1 GDP Outlook
- 3.2 GDP Per Capita Growth
- 3.3 Inflation Trends
- 3.4 Democracy Index
- 3.5 Gross Public Debt Ratios
- 3.6 Balance of Payment (BoP) Position
- 3.7 Population Outlook
- 3.8 Urbanisation Trends
- 4 Country Risk Profiles
- 4.1 Country Risk
- 4.2 Business Climate
- 5 GCC Solar Panel Market Overview
- 5.1 Key Industry Highlights
- 5.2 GCC Solar Panel Historical Market (2018-2024)
- 5.3 GCC Solar Panel Market Forecast (2025-2034)
- 6 GCC Solar Panel Market by Type
- 6.1 Monocrystalline Silicon
- 6.1.1 Historical Trend (2018-2024)
- 6.1.2 Forecast Trend (2025-2034)
- 6.2 Polycrystalline Silicon
- 6.2.1 Historical Trend (2018-2024)
- 6.2.2 Forecast Trend (2025-2034)
- 6.3 Thin Film
- 6.3.1 Historical Trend (2018-2024)
- 6.3.2 Forecast Trend (2025-2034)
- 6.4 Others
- 7 GCC Solar Panel Market by Deployment
- 7.1 Ground-Mounted
- 7.1.1 Historical Trend (2018-2024)
- 7.1.2 Forecast Trend (2025-2034)
- 7.2 Rooftop Solar
- 7.2.1 Historical Trend (2018-2024)
- 7.2.2 Forecast Trend (2025-2034)
- 8 GCC Solar Panel Market by End Use
- 8.1 Residential
- 8.1.1 Historical Trend (2018-2024)
- 8.1.2 Forecast Trend (2025-2034)
- 8.2 Commercial
- 8.2.1 Historical Trend (2018-2024)
- 8.2.2 Forecast Trend (2025-2034)
- 8.3 Industrial
- 8.3.1 Historical Trend (2018-2024)
- 8.3.2 Forecast Trend (2025-2034)
- 9 GCC Solar Panel Market by Country
- 9.1 Saudi Arabia
- 9.1.1 Historical Trend (2018-2024)
- 9.1.2 Forecast Trend (2025-2034)
- 9.2 United Arab Emirates
- 9.2.1 Historical Trend (2018-2024)
- 9.2.2 Forecast Trend (2025-2034)
- 9.3 Kuwait
- 9.3.1 Historical Trend (2018-2024)
- 9.3.2 Forecast Trend (2025-2034)
- 9.4 Oman
- 9.4.1 Historical Trend (2018-2024)
- 9.4.2 Forecast Trend (2025-2034)
- 9.5 Qatar
- 9.5.1 Historical Trend (2018-2024)
- 9.5.2 Forecast Trend (2025-2034)
- 9.6 Bahrain
- 9.6.1 Historical Trend (2018-2024)
- 9.6.2 Forecast Trend (2025-2034)
- 10 Market Dynamics
- 10.1 SWOT Analysis
- 10.1.1 Strengths
- 10.1.2 Weaknesses
- 10.1.3 Opportunities
- 10.1.4 Threats
- 10.2 Porter’s Five Forces Analysis
- 10.2.1 Supplier’s Power
- 10.2.2 Buyer’s Power
- 10.2.3 Threat of New Entrants
- 10.2.4 Degree of Rivalry
- 10.2.5 Threat of Substitutes
- 10.3 Key Indicators of Demand
- 10.4 Key Indicators of Price
- 11 Competitive Landscape
- 11.1 Supplier Selection
- 11.2 Key Global Players
- 11.3 Key Regional Players
- 11.4 Key Player Strategies Company Profile
- 11.4.1 First Solar, Inc.
- 11.4.1.1 Company Overview
- 11.4.1.2 Product Portfolio
- 11.4.1.3 Demographic Reach and Achievements
- 11.4.1.4 Certifications
- 11.4.2 Canadian Solar Inc.
- 11.4.2.1 Company Overview
- 11.4.2.2 Product Portfolio
- 11.4.2.3 Demographic Reach and Achievements
- 11.4.2.4 Certifications
- 11.4.3 JinkoSolar Holding Co. Ltd.
- 11.4.3.1 Company Overview
- 11.4.3.2 Product Portfolio
- 11.4.3.3 Demographic Reach and Achievements
- 11.4.3.4 Certifications
- 11.4.4 Trina Solar Co. Ltd.
- 11.4.4.1 Company Overview
- 11.4.4.2 Product Portfolio
- 11.4.4.3 Demographic Reach and Achievements
- 11.4.4.4 Certifications
- 11.4.5 Echo Solar Panels Manufacturing LLC
- 11.4.5.1 Company Overview
- 11.4.5.2 Product Portfolio
- 11.4.5.3 Demographic Reach and Achievements
- 11.4.5.4 Certifications
- 11.4.6 Renevolt
- 11.4.6.1 Company Overview
- 11.4.6.2 Product Portfolio
- 11.4.6.3 Demographic Reach and Achievements
- 11.4.6.4 Certifications
- 11.4.7 Others
Pricing
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