Forecast: Solar Energy Consumption in Saudi Arabia

Saudi Arabia's solar energy consumption has increased steadily since 2017, reaching 0.01 Exajoules in 2023. After remaining stationary at 0.002 Exajoules from 2019 to 2020, the consumption saw significant growth, particularly a 300% year-on-year increase in 2021. The consumption grew by 25% in 2023. The forecast indicates that solar energy consumption will continue growing, reaching 0.02 Exajoules by 2028, with a forecasted 5-year CAGR of 10.76%. This represents a 66.67% growth rate over the next five years.

Key points:

• 2017: Introduction of solar energy with 0.001 Exajoules.
• 2018: Year-on-year growth of 100%.
• 2019-2020: Stable consumption at 0.002 Exajoules; no growth.
• 2021: Significant increase with a 300% year-on-year growth.
• 2022: Stabilized with no year-on-year growth.
• 2023: Increase by 25%; CAGR of 37.97% over the last 5 years.

Looking ahead, trends indicate robust growth in solar energy consumption driven by governmental support and technological advancements. Key factors to watch include policy changes, investment in solar infrastructure, and advancements in energy storage technologies which could further accelerate growth.