The sustainable drivers creating huge market potential Saudi Arabia has a relatively stable political climate and has experienced a sustainable economic growth of 5-7% per year in the last three years. The ambitious solar PV target is 6000 MW of PV capacity by 2020, which would mean the installation of 10,000 solar panels per day. The total electricity consumption, of which 70% is used for air conditioning, is expected to increase around 5% per annum, resulting in an additional power capacity requirement exceeding 60 GW. Saudi Arabia has the financial power and institution to provide the required financing. The Kingdom is blessed with abundant solar irradiation, and has plenty of cheap land available. Covering just 0.12% of the total Arabian Desert area with solar PV would be sufficient to power the whole country. Finally, oil exports can be boosted by using solar for domestic electricity production. Currently, two-thirds of the electricity is generated through domestic petroleum inputs. Reports predict that, if further action is not taken, Saudi Arabia will need all its oil for internal electricity production in the year 2035.
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