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The renewable energy market in Middle East and Africa size is forecast to increase by USD 15.00 billion and is estimated to grow at a CAGR of 8.4% between 2022 and 2027. Rising government support is a key driver propelling the growth of the market in the Middle East and Africa (MEA) region. Governments in MEA countries are increasingly implementing supportive policies, incentives, and regulatory frameworks to encourage investment in projects. This includes initiatives such as subsidies, feed-in tariffs, tax incentives, and renewable power targets, fostering a favorable environment for the expansion of renewable energy infrastructure.
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The rising popularity of clean energy technologies is the primary trend shaping the growth of the market. The MEA region has seen a significant increase in the use of sustainable technologies. This move is driven by the urgent need to diversify its sources, reduce greenhouse gas emissions, and harness the region's vast renewable resources. This harness to drive the growth of the market in the future.
Additionally, countries like Saudi Arabia are actively investing in green hydrogen production. The MEA region recognizes that sustainable energy is not only good for the environment but also good for business. These achievements represent a step towards sustainable sources and provide insight into the region's prospects. Therefore, due to the increasing penetration of clean sources, the market is expected to grow during the forecast period.
The residential segment is estimated to witness significant growth during the forecast period. Increased consumption has negative effects on the environment through air pollution, the greenhouse effect, the urban heat island effect, etc. The most effective way to save power in residential is to use clean energy instead of limited resources. This allows US to meet the increasing demands of the residential sector and conserve and protect limited resources for future generations without compromising environmental values.
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In the residential segment, solar energy is the most important source because it is an endless source of light and heat. The flow of solar thermal power is harnessed by conduction, convection, and radiation. These natural processes are realized through building design, which heats and cools buildings. Wind energy is also one of the most important sources for the residential sector. It is environmentally friendly clean energy. Therefore, such factors are expected to drive the growth of the market during the forecast period.
The rise in energy demand is the key factor driving the growth of the market. The MEA region is experiencing a significant increase demand, mainly due to rapid population growth, urbanization, and industrialization. This increased demand has led to raised interest in this sources to achieve sustainability goals while ensuring energy security, thereby driving the growth momentum for the market.
Moreover, Egypt, for example, has launched ambitious wind and solar power projects such as the Benban Solar Park to reduce dependence on fossil fuels. This transition to renewable energy not only reduces environmental concerns but also improves resilience in the face of uncertain oil prices. This will drive the growth of the market during the forecast period.
Competition from alternative energy sources is a challenge that affects the growth of the market. MEA countries have vast solar and wind resources, which compete with traditional fossil fuels such as oil and natural gas, which have historically dominated the scene. In some of the MEA countries, nuclear power and hydropower are also considered viable solutions, thereby challenging the market.
Additionally, MEA governments have invested heavily in oil and gas infrastructure, which has delayed the transition. Source diversification and regulatory reform are needed to address these challenges and promote the sustainable development of it in the region. This is expected to hinder the growth of the market during the forecast period.
The market analysis and report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market trends and analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Acciona SA: The company offers solutions such as renewable energy water projects at South Africa and Egypt.
The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The Middle-East and Africa (MEA) region is experiencing a significant transformation in its energy landscape, with a growing emphasis on this sources to meet the increasing electricity demand growth. Governments and energy companies are investing in renewables such as wind power and solar industry to diversify their energy supply and reduce reliance on traditional carbon-intensive fuels. This shift towards clean power and green supply is driven by both economic factors and environmental concerns, leading to a surge in renewable power projects and capacity expansion. Policies supporting the renewables market are facilitating the growth of renewable electricity, creating opportunities for companies and boosting the green power market across the region.
This market forecasting report covers market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Renewable Energy Market In Middle East And Africa Scope |
|
Report Coverage |
Details |
Page number |
148 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.4% |
Market growth 2023-2027 |
USD 15.00 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.85 |
Regional analysis |
Middle East and Africa |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Acciona SA, ACWA Power International, AKER HORIZONS, AKUO ENERGY SAS, AMEA Power, Electricite de France SA, Enel Spa, Masdar, MVV Energie AG, PV Technology Inc., Saudi Arabian Oil Co., Scatec ASA, Siraj Power Contracting LLC, Solarwind M.E., SunPower Corp., ENGIE SA, and IBC SOLAR AG |
Market dynamics |
Parent market analysis, Market growth and trends, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our market report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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