Forecast: Renewable Energy Consumption in Saudi Arabia

The renewable energy consumption in Saudi Arabia saw minimal growth from 2013 to 2018, maintaining a steady value. However, from 2019 onwards, there was a significant upward trend. The year-on-year growth rate spiked by 200% in 2019 and continued with robust increases, including 100% in 2020 and smaller yet substantial gains in subsequent years. By 2023, the value stood at 0.1 units of final energy consumption. The compound annual growth rate (CAGR) over the past five years is an impressive 58.49%, showcasing the country's accelerating shift towards renewable energy.

Looking ahead to 2028, forecasts suggest a more moderate but steady CAGR of 7.78% and an overall growth rate of 45.45% over the next five years. This suggests a continued commitment to expanding renewable energy usage.

Future trends to watch for include:

• Technological advancements that could further lower the costs of renewable energy.
• Government policies and incentives that might accelerate growth.
• Potential partnerships and investments in renewable energy infrastructure.