Wind Power is the use of wind for providing mechanical power by using wind turbines for turning the electric generators. The impact on environment is drastically reduced by the use of wind power as it is a renewable energy. The depletion of fossil fuel reserves, concerns pertaining to harmful impact on environment, favourable government initiatives and reduction in cost of wind power generation are key factors which are making numerous nations to increase their degree of desire to quicken renewables unit installation.
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The key factor propelling the growth of the market is the increased focus of government towards meeting its renewable energy objectives under the Saudi Vision 2030 program. In addition, the country is focussing towards reducing its dependence on fossil fuels and producing electricity through renewable resources such as wind power and solar energy. Saudi Arabia has been promoting power generation using wind turbines to endure lower operational costs in comparison to auxiliary power generation technologies. By 2030, the government intends to meet the wind power capacity target which is set at 16 GW. The increased number of investments by the government and private players for setting-up wind farms in the country is expected to fuel the growth of the market during the forecast period. For instance, in July 2019, a consortium led by France’s EDF and Abu Dhabi’s Masdar received a contract worth USD 500 million for developing the country’s first utility-scale wind project, the 400-megawatt Dumat Al Jandal wind farm.
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Major players of the Saudi Arabia wind power market are focusing on expanding their customer base across the globe by leveraging on the strategic collaboration and partnership to increase their market share and their profitability. Various notable players operating in the market, include market players General Electric., EDF Renewables, Vestas, Saudi Arabian Saipem Co. Ltd., Masdar, Abdul Latif Jameel IPR Company Limited., ACWA Power, Goldwind International Holdings (HK) Ltd.
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Saudi Arabia wind power market has been segmented based on location and application. Based on the location, the market is categorized into offshore and onshore. Based on the application, the market is segmented into industrial, commercial and residential.
Key questions answered in this research report:
- At what pace is Saudi Arabia Wind Power market growing? What will be the Saudi Arabia Wind Power market forecast?
- What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the future?
- What are the various application areas and how they are poised to grow?
- What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?
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