MENA Renewable Energy Market: Current Analysis and Forecast (2023-2030)

Report Description

The MENA Renewable energy market was valued at USD 35,379 Million in 2022 and is expected to grow at a strong CAGR of around 6.6% during the forecast period (2023-2030). Renewable energy is becoming increasingly important in the MENA region due to several factors. Adding to this, the reducing reliance on fossil fuels for electricity generation enhances energy security, which is crucial for countries in the region. As per the Ministry of Economy Government report, in 2021, the combined energy goals of various countries translate to an expected 80 GW of renewable capacity by 2030, based on the successful fruition of these commitments across the MENA region.  Also, encouraging renewable energy can diversify economies traditionally dependent on oil and gas, leading to economic diversification. Moreover, addressing climate change and air pollution through clean energy solutions is a significant environmental concern. The strong government incentives, subsidies, and policies promoting renewable energy are driving the shift towards renewable energy. Therefore, the MENA region has abundant solar resources, which makes solar power generation a viable and sustainable option for meeting the region’s energy needs. These factors are driving the growth of renewable energy in the MENA region and are likely to continue to drive the growth of the market during the forecast period.

Some of the major players operating in ACWA POWER, Masdar, ABB, General Electric, Abu Dhabi National Energy Company PJSC (TAQA)‎, Akuo, Saudi Electricity Company, Enerwhere, MASE, Israel Electric Corporation. 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 products, the wind energy segment is expected to grow with a significant CAGR during the forecast period (2023-2030).”

Based on the product, the market is segmented into hydropower, wind energy, solar energy, bioenergy, geothermal energy. Wind energy is expected to grow with a significant CAGR during the forecast period (2023-2030). The coastal areas, especially along the Red Sea and the Mediterranean, experience consistent winds, making them ideal locations for wind power projects. Countries like Egypt, Jordan, and Tunisia have been investing in onshore and offshore wind farms, with substantial capacity additions planned soon.

“Amongst end-use, the residential held a significant share of the market in 2022.”

By end-use, the market is segmented into residential, commercial, and industrial, other, and network losses. The residential held a significant share of the market in 2022. The region’s increasing urbanization and population growth have led to a higher demand for electricity with a significant portion coming from residential consumers. Moreover, the residential sector has embraced solar photovoltaic (PV) systems for distributed power generation. As per IEA’s analysis, the highest sector that consumes energy in UAE is the Industry Sector followed by transport and residential sector. Agriculture/forestry sector consume the least energy within the UAE, in 2022.

“Egypt dominated the market.”

The renewable energy industry holds a significant share in Egypt due to the growing energy demands, diversify its energy mix, and reduce environmental impacts. Moreover, the growth of renewable energy in Egypt including favorable regulatory frameworks, feed-in tariffs, and competitive bidding for renewable energy projects. Additionally, the nation’s abundant wind and solar resources offer significant opportunities for utility-scale projects. Egypt’s commitment to expanding renewable energy is evident through its 2035 Integrated Sustainable Energy Strategy, which aims to achieve a 42% share of renewables in the energy mix by 2035.

MENA Renewable energy 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 Renewable energy 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 connect with us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the MENA Renewable Energy Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the MENA Renewable energy market were the three major steps undertaken to create and analyze the adoption of MENA Renewable energy in major countries. 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 Renewable energy 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 Renewable energy market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & 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 Renewable energy 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 product and end-use. 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 Renewable energy market. Further, we conducted factor analysis using dependent and independent variables such as product and end-use of the MENA Renewable energy 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 Renewable energy 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 Renewable energy 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. 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 Renewable energy market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the MENA Renewable energy 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.

Key Stakeholders of Renewable energy Market in the MENA Region

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 Renewable energy market. The data was split into several segments & and sub-segments post studying various parameters and trends in the areas of the product and end-use of the MENA Renewable energy market.

The main objective of the MENA Renewable energy Market Study

The current & future market trends of the MENA Renewable energy 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 and country 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 Renewable energy 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 product and end-use
• Define and analysis of the regulatory framework for the MENA Renewable energy industry
• 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 Renewable energy market for the major region
• Major countries of regions studied in the report include Saudi Arabia, UAE, Egypt, Iran, and the Rest of MENA
• Company profiles of the MENA Renewable energy 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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