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The renewable energy market in Middle East and Africa size is forecast to increase by USD 15.00 billion and estimated to grow at a CAGR of 8.4% between 2023 and 2027. The report includes historic market data from 2017 - 2021. The market is witnessing a growing demand for The growth of the market depends on several factors such as the rise in energy demand, the rising government support, and the increase in investments in clean energy technologies
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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 energy technologies. This move is driven by the urgent need to diversify energy sources, reduce greenhouse gas emissions, and harness the region's vast renewable resources. This harness to drive the growth of the Middle East and Africa - renewable energy 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 energy sources and provide insight into the region's prospects. Therefore, due to the increasing penetration of clean energy sources, the MEA renewable energy market is expected to grow during the forecast period.
The residential segment is estimated to witness significant growth during the forecast period. Increased energy 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 energy in residential is to use clean energy instead of limited resources. This allows US to meet the increasing energy 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 of the MEA - renewable energy market, solar energy is the most important renewable energy source because it is an endless source of light and heat. The flow of solar thermal energy 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 renewable energy sources for the residential sector. It is environmentally friendly clean energy. Therefore, such factors are expected to drive the growth of the Middle East and Africa - renewable energy 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 in energy demand, mainly due to rapid population growth, urbanization, and industrialization. This increased demand has led to raised interest in renewable energy sources to achieve sustainability goals while ensuring energy security, thereby driving the growth momentum for the MEA - renewable energy 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 energy 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 energy scene. In some of the MEA countries, nuclear power and hydropower are also considered viable solutions, thereby challenging the Middle East and Africa - renewable energy market.
Additionally, MEA governments have invested heavily in oil and gas infrastructure, which has delayed the transition to renewable energy. Energy source diversification and regulatory reform are needed to address these challenges and promote the sustainable development of renewable energy in the region. This is expected to hinder the growth of the MEA renewable energy market during the forecast period.
The market research 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Renewable Energy Market in Middle East and Africa 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 renewable energy such as renewable energy water projects at South Africa and Egypt.
The research 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 renewable energy market in Middle East and Africa report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Renewable Energy Market In Middle East And Africa Scope |
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Report Coverage |
Details |
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Page number |
148 |
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Base year |
2022 |
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Historic period |
2017 - 2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 8.4% |
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Market growth 2023-2027 |
USD 15.00 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
7.85 |
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Regional analysis |
Middle East and Africa |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Acciona SA, ACWA Power International, AKER HORIZONS, AKUO ENERGY SAS, AMEA Power, Electricite de France SA, Enel Spa, Enerwhere Sustainable Energy, Masdar, MVV Energie AG, PV Technology Inc., Saudi Arabian Oil Co., Scatec ASA, Siraj Power Contracting LLC, SolarAfrica Energy Pty Ltd., Solarwind M.E., SunPower Corp., Yellow Door Energy, ENGIE SA, and IBC SOLAR AG |
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Market dynamics |
Parent market analysis, 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 |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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