Forecast: Renewable Electricity in Saudi Arabia

Renewable electricity production in Saudi Arabia has shown a remarkable growth trend from 2013 to 2023, starting from 0.01 units of electricity production to 0.56 units in 2023. While the initial years experienced minimal growth, there has been a significant upsurge from 2017 onward, driven by various strategic investments and policies. The last two years displayed a year-on-year growth rate of 37.5% in 2022 and 27.27% in 2023. The compound annual growth rate (CAGR) over the last five years stands at an impressive 94.73%.

Moving forward, forecast data suggests a continued upward trajectory, with renewable electricity production expected to reach 1.14 units by 2028. The projected five-year CAGR is 11.22%, with an overall growth rate of 70.15% during this period.

Future trends to watch for:

• Government policies and incentives aimed at boosting renewable energy adoption.
• Technological advancements and cost reductions in renewable energy production.
• Increased private sector involvement and foreign investments.