Saudi Arabia’s green technology sustainability market is experiencing rapid expansion, with its value expected to rise from $5.3 billion in 2024 to $12.83 billion by 2030, reflecting a compound annual growth rate of 15.7%, according to ResearchAndMarkets.com.
The sector’s growth is fueled by government initiatives such as Vision 2030 and the Saudi Green Initiative, which focus on reducing reliance on oil, cutting global carbon emissions by 4%, sourcing half of the nation’s energy from renewables, and planting 10 billion trees. Riyadh stands out as the leading hub for green technology, benefiting from significant investments and a concentration of businesses and research centers.
Key drivers include strict environmental regulations, government investment in renewable energy projects like solar and wind, and a strong push for sustainable development across energy, construction, and transportation sectors. The country is aiming to generate 50% of its energy from renewable sources by 2030 and plans to add 27.3 GW of renewable capacity by 2027. As of 2024, solar energy capacity has surpassed 4 GW, with a target of 22.7 GW by 2030.
Notable trends include increased investment in solar and wind energy, the adoption of circular economy practices, and the integration of smart technologies to enhance energy efficiency. The rise of electric vehicles and water-efficient solutions further illustrate the shift toward sustainability.
In summary, Saudi Arabia’s commitment to environmental stewardship and economic transformation is driving significant growth in its green technology market, creating ample opportunities for innovation and investment.
