Solar Energy Market - Kuwait Industry Analysis, Size, Share, Growth, Trends, and Forecast | Growth Market Reports

The Kuwait solar energy market size is estimated to register a significant CAGR of more than 15% during the forecast period, 2021–2028. The growth of the market is attributed to decline in solar module prices owing to increased competition, as well as government measures to increase the percentage of renewables in the main energy mix.

Solar energy is an important source of renewable energy, and depending on how it captures and distributes solar energy or converts it to solar power, its technologies are classified as passive or active solar. To harness the energy, active solar approaches include photovoltaic systems, concentrated solar power, and solar water heating. Orienting a structure to the sun, selecting materials with favorable thermal mass or light-dispersing characteristics, and creating areas that naturally circulate air are all examples of passive solar methods.

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When compared to other energy sources, solar energy has the least harmful influence on the environment. It doesn't emit greenhouse gases and doesn't harm the environment. It requires relatively less water for maintenance, as opposed to nuclear power facilities, which require 20 times the amount of water. Solar energy can be used everywhere as long as there is sunlight. This is especially beneficial in rural areas when there is no other source of energy. There are many individuals in the globe who do not have access to power. Solar systems that are self-contained might be implemented in those areas, improving the lives of millions of people.

Market Trends, Drivers, Restraints, and Opportunities

• Increasing number of solar installations and a need for renewable energy is projected to fuel the market during the forecast period.
• Rapid growth of the solar power industry is major factor boosting the market in the coming years.
• High initial investment and intermittent energy supply is expected to hamper the market growth.
• The need for a huge installation space to put up large solar farms act as major challenge that can restrict the market in the coming years.
• Technological advancement in the solar power industry is expected to create lucrative opportunities for the market players.

Market Segment Insights

The solar photovoltaic segment is projected to hold a large market share

On the basis of type, the Kuwait solar energy market is bifurcated into solar photovoltaic (PV) and concentrated solar power (CSP). The solar photovoltaic segment is expected to represent a key share of the market during the forecast period. The sun's energy can be turned into electricity, which is known as photovoltaic energy. The solar cells create direct-current electricity, which is then transformed to alternating-current electricity via a power inverter. In the generation of electricity from solar energy, there are grid-connected and stand-alone systems. Grid-connected systems are mostly used in commercial infrastructures. Off-grid systems are used to supply power directly to facilities so that it may be used right away, or into a battery system so that it can be used in the future.

Kuwait has increased its renewable energy target for 2030 to 4 GW at the Shagaya renewable energy complex. The Shagaya park was first opened in 2012 and was projected to have 2 GW of capacity by 2030.

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Competitive Landscape

Key players competing in the Kuwait solar energy market include Alternative Energy Projects Co, Life Energy, Worley Ltd, Jinko Solar Holding Co., Ltd, and TSK Electronica Electricidad SA.

Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.

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