MENA Solar Photovoltaic Market: Current Analysis and Forecast (2023-2030)

Report Description

The MENA Solar Photovoltaic Market was valued at USD 5327.32 million in the year 2022 and is expected to grow at a strong CAGR of around 24.3% during the forecast period (2023-2030). Governments across the region have set ambitious renewable energy targets, providing a clear roadmap for solar energy expansion. This presents opportunities for investors, manufacturers, and developers to participate in utility-scale solar projects. Furthermore, the integration of smart grid technologies and energy storage solutions offers the prospect of reliable and sustainable energy generation and distribution, reducing intermittency concerns. The adoption of green hydrogen production through solar-powered electrolysis is another avenue for growth, as it aligns with global efforts to decarbonize industries. As solar photovoltaic technology continues to evolve, and innovative trends such as bifacial panels and floating solar gain traction, the MENA region stands on the brink of a renewable energy transformation, with solar PV at the forefront of its sustainable energy future.

Some of the major players operating in the market include Jinko Solar; First Solar; Enerwhere; Canadian Solar; ACWA POWER; A.R.E Group; Aton Energy; Aurasol; COPEX SOLAR GROUP OF COMPANIES; Jetion Solar Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst installation, the rooftop category is expected to grow at the fastest CAGR during the forecast period.”

Based on installation, the market is segmented into ground mounted, rooftop, others. Among them, the rooftop category is expected to grow at the fastest CAGR during the forecast period. Rooftop solar PV systems are installed on the rooftops of residential and commercial buildings, which can help reduce electricity bills and provide a secondary source of electricity. The rooftop solar PV installation market is expected to grow significantly in the coming years.

“Amongst application, the non-residential category is expected to grow at the fastest CAGR during the forecast period.”

Based on the application, the market is segmented into residential, non-residential, utilities. Among them, the non-residential category is expected to grow at the fastest CAGR during the forecast period. Non-residential solar PV installations refer to solar PV systems installed on commercial and industrial buildings, such as factories, warehouses, and offices. The adoption of non-residential rooftop solar PV systems is expected to increase due to the rising demand for sustainable energy development. The adoption of non-residential rooftop solar PV systems can help reduce carbon emissions and electricity bills. Which will drive the growth of the market.

“UAE Region is Expected to Grow at the Fastest CAGR During the Forecast Period”

The UAE is witnessing remarkable growth in its solar photovoltaic market. Several drivers fuel this expansion. Firstly, the UAE government’s commitment to diversifying its energy sources and reducing its carbon footprint has created a favorable environment for solar energy adoption. The country’s ambitious renewable energy targets and initiatives, like the Dubai Clean Energy Strategy, have set the stage for substantial growth. Additionally, the declining cost of solar PV technology and increasing energy demand are key drivers, making solar energy a cost-effective and viable option for power generation. With abundant sunlight and vast areas of available land, the UAE’s solar energy sector is primed for continued expansion.

MENA Solar Photovoltaic Market Report Coverage

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The MENA Solar Photovoltaic Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the MENA Solar Photovoltaic Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the MENA solar photovoltaic market were the three major steps undertaken to create and analyze the adoption of solar photovoltaic in major countries in MENA. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the MENA solar photovoltaic market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the MENA Solar Photovoltaic Market through company internal sources such as annual reports & and financial statements, performance presentations, press releases, etc., and external sources including journals, news & and articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the MENA Solar Photovoltaic Market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & and sub-segments for major regions. Major segments are included in the report as technology, grid type, installation, and application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the MENA Solar Photovoltaic Market. Further, we conducted factor analysis using dependent and independent variables such as technology, grid type, installation, and application of the MENA Solar Photovoltaic Market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the MENA Solar Photovoltaic Market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the MENA Solar Photovoltaic Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the MENA Solar Photovoltaic Market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the MENA Solar Photovoltaic Market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the MENA Solar Photovoltaic Market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the technology, grid type, installation, and application in the MENA Solar Photovoltaic Market.

The main objective of the MENA Solar Photovoltaic Market Study

The current & future market trends of the MENA Solar Photovoltaic Market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the MENA Solar Photovoltaic Market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of the technology, grid type, installation, and application.
• Define and analysis of the regulatory framework for the surgical instrument
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the MENA Solar Photovoltaic Market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profiles of the MENA Solar Photovoltaic Market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

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