The Kuwait Solar Photovoltaic (PV) System Market is witnessing rapid growth driven by supportive government initiatives, environmental concerns, and the need for energy security Declining solar PV costs, technological advancements, and increasing electricity demand also contribute to the market's expansion. Solar PV systems offer a reliable and sustainable energy solution, leveraging Kuwait's favorable sunlight conditions. As businesses embrace corporate sustainability goals, the market experiences a further boost. With a focus on a greener and energy-independent future, Kuwait embraces solar PV systems as a key player in its energy landscape.
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Data Bridge Market Research analyses that the Kuwait Solar Photovoltaic (Pv) System is expected to grow to USD 121.82 million in 2022 and is expected to reach USD 680.90 million by 2030, registering a CAGR of 22.80% during the forecast period of 2023-2030. The solar PV sector contributes to job creation and economic development through investment, manufacturing, and service industries related to solar energy installations.
Key Findings of the Study
Energy independence is expected to drive the market's growth rate
Solar PV systems provide Kuwait with an opportunity to achieve energy independence by tapping into its abundant solar resources. By generating electricity from the sun, Kuwait can reduce its reliance on imported fossil fuels and bolster its energy security. As a desert nation with ample sunlight throughout the year, solar PV systems offer a sustainable and domestically available energy source, helping Kuwait to mitigate energy supply disruptions and enhance its self-sufficiency in meeting its power needs.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015-2020)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Multi-Si, Mono-Si, Thin Film), Component (Hardware, Services), System Type (Grid-Tied System, Grid-Tied System with Battery Back-Up and Off-Grid System), Project Type (Solar Roof Top, Solar Car Port, Solar Ground Mounted, Solar BIPV, Others), End-user (Residential, Non-Residential, Commercial and Utility)
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Market Players Covered
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Schneider Electric (France), ABB (Switzerland), ACCIONA S.A. (Spain), Jinko Solar (China), Life Energy Co (South Korea), Aims Power (U.S.), Huawei Technologies Co., Ltd. (China), Alternative Projects Company (U. S.).
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis:
The solar photovoltaic (PV) system is segmented on the basis of type, component, system type, project type, and end-user
- On the basis of type, the solar photovoltaic (PV) system is segmented into multi-Si, mono-Si, thin film.
- On the basis of component, the solar photovoltaic (PV) system is segmented into hardware, services.
- On the basis of system type, the solar photovoltaic (PV) system is segmented into grid-tied system, grid-tied system with battery back-up, and off-grid system.
- On the basis of project type, the solar photovoltaic (PV) system is segmented into solar roof top, solar car port, solar ground mounted, solar BIPV, and others.
- On the basis of end-user, the solar photovoltaic (PV) system is segmented into residential, non-residential, commercial, and utility.
Major Players
Data Bridge Market Research recognizes the following companies as the major Kuwait solar photovoltaic (PV) system players in Kuwait solar photovoltaic (PV) system are ABB (Switzerland), ACCIONA S.A. (Spain), Jinko Solar (China), Life Energy Co (South Korea), Aims Power (U.S.), Huawei Technologies Co., Ltd. (China),
Market Developments
- In 2022, Canadian Solar announced it has started the mass production of a new 54-cell format module with 182 mm cells for residential, commercial, and industrial rooftop solar systems. CS6R-MS, the new module type under HiKu6 series, has the power output of up to 420 W and module efficiency of up to 21.5%.
- In 2022, LONGi (China), announced that it has released a new module, the Hi-MO 5m 54c. With 54 cells, this new Hi-MO 5m module is designed mainly for residential and C&I rooftop systems produces a maximum power output of 415W, and achieves an efficiency of 21.25%.
- In 2022, TrinaTracker, a business unit of Trina Solar (China) launched Vanguard 1P single-row tracker at the World Future Energy Summit in Abu Dhabi. The new Vanguard 1P series, fully compatible with ultra-high-power modules ranging from 400W to 670W+, enables new application scenarios for TrinaTracker.
- In 2022, Kuwait announced that it planned to develop a 2 GW solar and wind projects, which the Kuwait Authority will tender for Partnership Projects.
- In 2020, Canadian Solar announced that it commenced the construction of one of the largest commercial and industrial (“C&I”) rooftop solar projects in Malaysia, by collaborating with Antah Solar Sdn. Bhd. and EleapsSdn. Bhd.
- In 2020, Indian prime minister, Narendra Modi inaugurated Asia’s largest solar power plant which is located in Rewa district of Madhya Pradesh. The Indian government said that this new solar power plant would help in reducing emissions equivalent to approximately 15 lakh tonnes of carbon dioxide every year in the country.
For more detailed information about the Kuwait solar photovoltaic (PV) system report, click here – https://www.databridgemarketresearch.com/reports/kuwait-solar-pv-system-market
