Forecast: Total Renewable Energy in Saudi Arabia

The total renewable energy supply in Saudi Arabia saw significant fluctuations from 2013 to 2023. In 2023, the value of renewable energy stood at 0.022 units. Between these years, notable events include a substantial increase in 2019 with a year-on-year growth rate of 113.24% and a corresponding CAGR of 33.14%. However, there were periods of decline, as seen in 2014 and 2020, which experienced decreases of 6.9% and 10.12%, respectively.

Looking at more recent trends, the year-on-year variation for 2022 was 5.45%, while 2023 showed 5.06% growth. The 5-year compound annual growth rate (CAGR) as of 2023 was 17.59%. Looking forward, forecasts from 2024 to 2028 project a 5-year CAGR of 3.52% with an overall growth rate of 18.88% by 2028.

Future trends to watch for:

• The impact of Saudi Arabia's Vision 2030 on renewable energy investments.
• Potential shifts in global energy markets and their influences on local renewable energy adoption.
• Technological advancements in solar and wind energy, which are expected to drive further growth.