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Saudi Arabia's solar energy market is experiencing rapid growth, driven by the Kingdom's Vision 2030 initiative aimed at shifting towards renewable energy and reducing dependency on hydrocarbons. The market is projected to expand from USD 2.5 billion in 2024 to USD 7.72 billion by 2030, reflecting a compound annual growth rate (CAGR) of 20.5%. Key factors contributing to this growth include significant government initiatives, foreign investments, and abundant solar resources. Despite challenges such as grid integration and water scarcity, the Kingdom is committed to advancing solar energy, with targets to install substantial renewable capacities and innovations in photovoltaic technology playing a critical role in enhancing solar project efficiency and economic feasibility.

Elsewhere in the market, Delta Electronics (Thailand) was a notable mover up 6.5% and closing at THB114.00. At the same time, Rexel softened, down 4.8% to close at €25.21.

Seize the market opportunity as Rexel gains market share in North America despite economic challenges. Click here to explore Rexel's growth narrative and future potential.

For an in-depth look at ESG's evolving role amidst political shifts impacting energy transition, revisit our Market Insights article where we discussed its future dynamics and investment implications as climate policies face headwinds. Read it now before the landscape shifts further.

Best Energy Transition Stocks

• Tesla ended the day at $347.68 up 4.1%.

• First Solar finished trading at $192.98 up 0.7%.

• Applied Materials settled at $174.14 up 0.6%.

Key Takeaways

• Explore the 151 names, such as Mahindra & Mahindra, Technip Energies and Bharat Heavy Electricals, from our Energy Transition Stocks screener here.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Sources:

• Simply Wall St

• "Saudi Arabia Solar Energy Solutions Industry Report 2025: Market to Grow at a CAGR of 20.5% - Key Trends, Regional Insights, Competition, Forecast & Opportunities, 2020-2030F" from Research and Markets on GlobeNewswire (published 13 May 2025)