Middle-East Renewable Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Middle-East Renewable Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

  • April 2021 •
  • 128 pages •
  • Report ID: 6067808 •
  • Format: PDF
Renewables have a key role to play in the sustainable energy transition and the Middle-East renewable energy market is expected to grow at a CAGR of more than 8.2% in the forecast period of 2020-2025. Factors such as rapid population growth and ambitious industrial and economic expansion are resulting in a growing need for power and commitment of the government to obtain maximum energy from renewable and to reduce carbon emissions are expected to be significant contributors to the growth of the market. However, the relatively low oil prices are likely to have little effect on regional renewable energy plans, as auctions tend to push down prices for solar PV and other renewable technologies to levels that are competitive with oil and natural gas.

- Solar energy in the Middle-East is expected to witness significant growth in the market as the solar energy and associated system’s prices continue to fall, the Middle Eastern countries are on a path to paying more for solar power.
- The region recognizes the socio-economic benefits of renewable energy deployment, which is perceived as an opportunity for industrial diversification, new value-chain activities and technology transfer. Total investment in clean energy is expected to exceed USD 300 billion by 2050. And also up to 90GW of renewable energy capacity, mainly solar and wind power, is planned across the Middle-East region over the next 10 to 15 years, which in turn, likely to provide opportunities for growth in the market in the coming future.
- The Unnited Arab Emirates (UAE) is expected to dominate in the Middle-East renewable energy market during the forecast period, owing to the upcoming projects and government targets.

Key Market Trends
Solar Energy is Expected to Witness Significant Growth

- In the Middle-East region, solar energy plays a vital role and is expected to have significant growth in the coming years. Installed renewable capacity in Middle-East is dominated by utility-scale solar projects. As of 2019, the solar installed capacity accounted for 5583 MW.
- The opportunities in the markets have created different solar technologies, notably CSP (Concentrated Solar Power). Some of the world’s biggest existing and upcoming CSP plants are coming up in the region. Solar PV has been the leading technology and CSP is the second-largest technology by installed capacity.
- The key projects commissioned in 2019 includes commissioning of the world’s largest single-site photovoltaic (PV) solar plant, the 1.17 GW Sweihan independent power project (IPP) in Abu Dhabi and reaching a financial close for a USD 4.3 billion concentrated solar power (CSP) project, the largest single-site power investment project in the world.
- Electricity demand is expected to triple by 2050 in the region. The increase in electricity demand is likely to foster an increase in demand for solar energy during the forecast period.

The United Arab Emirates (UAE) is Expected to Dominate in the market

- The United Arab Emirates (UAE) is the region’s front runner in adopting renewables into its energy mix and the fastest growing market for renewables. The region is set to see a major acceleration in renewable energy deployment, majorly led by the United Arab Emirates.
- The country is also the largest and fastest-growing solar market in the region. The country boasts an attractive investment landscape that is likely to drive the growth of the solar energy sector in the country.
- At the end of 2019, the country’s renewable energy installed capacity accounted for 1884 MW. Of that, solar energy was dominant in the United Arab Emirates. Among the Middle-East renewable energy installed capacity, the UAE accounted for about more than 50% of the region’s total renewable energy installed capacity.
- In 2018, the United Arab Emirates had a 2% share of renewable energy in total electricity capacity. With upcoming and under construction renewable energy projects, The United Arab Emirates is expected to dominate in the market during the forecast period.

Competitive Landscape
The Middle-East renewable energy market is moderately fragmented. Some of the major companies include MASE, Enerwhere Sustainable Energy DMCC, Solarwind M.E., Akuo Energy SAS, and Yellow Door Energy.

Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
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