Report : Middle East & Africa Solar Energy Market Forecast to 2030 – Regional Analysis – by Technology (Photovoltaic Systems and Concentrated Solar Power Systems), Application (Electricity Generation, Heating, and Others), and End User (Residential, Commercial & Industrial, and Utility Scale)
At 9.0% CAGR, the Middle East & Africa Solar Energy Market is speculated to be worth US$ 23,755.36 million by 2030, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa solar energy market was valued at US$ 11,959.24 million in 2022 and is expected to reach US$ 23,755.36 million by 2030, registering a CAGR of 9.0% from 2022 to 2030. Growing greenhouse gas emission and energy uncertainties and growing demand for energy are among the critical factors attributed to the Middle East & Africa solar energy market expansion.
With the growing population and industrialization, the demand for energy is also increasing globally. Due to strong economic growth, energy consumption grew rapidly in Saudi Arabia. The rise in energy consumption also boosted the need for alternative energy generation sources, as conventional energy resources such as fossil fuels are leading to environmental pollution. Renewable alternative options such as solar emerged to curb immense carbon emissions and their negative impact on the environment, along with the agenda of balancing the energy supply and demand. In 2022, solar PV accounted for ~4.5% of total global electricity generation and is anticipated to increase in the coming years. In 2022, the new solar installed capacity was 239 GW, i.e., an increase of 45% compared to 2021. Also, 341 GW of new solar power will be added to the grid by the end of 2023. Thus, the growing energy demand is boosting the demand for solar energy systems, which is driving the Middle East & Africa solar energy market.
On the contrary, irregular power supply and expensive storage facilities hamper the Middle East & Africa solar energy market.
Based on technology, the Middle East & Africa solar energy market is segmented into photovoltaic systems and concentrated solar power systems. The photovoltaic systems segment held 99.9% share of Middle East & Africa solar energy market in 2022, amassing US$ 11,953.12 million. It is projected to garner US$ 23,738.25 million by 2030 to expand at 9.0% CAGR during 2022–2030. The photovoltaic systems is further sub segmented into monocrystalline, polycrystalline, and others. The concentrated solar power systems is further sub segmented into linear concentrator, dish/engine, and power tower systems.
Based on application, the Middle East & Africa solar energy market is segmented into electricity generation, heating, and others. The electricity generation segment held 66.5% share of Middle East & Africa solar energy market in 2022, amassing US$ 7,950.89 million. It is projected to garner US$ 16,232.13 million by 2030 to expand at 9.3% CAGR during 2022–2030.
Based on end user, the Middle East & Africa solar energy market is segmented into residential, commercial & industrial, and utility scale. The utility scale segment held 66.6% share of Middle East & Africa solar energy market in 2022, amassing US$ 7,969.02 million. It is projected to garner US$ 15,759.88 million by 2030 to expand at 8.9% CAGR during 2022–2030.
Based on country, the Middle East & Africa solar energy market has been categorized into South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa. Our regional analysis states that Saudi Arabia captured 44.3% share of Middle East & Africa solar energy market in 2022. It was assessed at US$ 5,298.41 million in 2022 and is likely to hit US$ 9,578.16 million by 2030, exhibiting a CAGR of 7.7% during 2022–2030.
Key players operating in the Middle East & Africa solar energy market are Abengoa SA, Acciona SA, Canadian Solar Inc, and Trina Solar Co Ltd, among others.
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