Market Size of Algeria Renewable Energy Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 7.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Algeria Renewable Energy Market Analysis
The Algeria Renewable Energy Market is expected to grow at a CAGR of less than 7% during the forecast period.
The market was negatively impacted by COVID-19. Presently the market has now reached pre-pandemic levels.
- Factors such as diversifying the country's economy and decreasing the dependence on the oil and gas sector are expected to drive the renewable energy market in Algeria. Moreover, diversification of the energy mix offers multiple benefits, including job creation and energy security, further promulgating the country's renewable energy market.
- However, factors such as delays in governmental approval for new projects, policy uncertainty, and lack of an efficient regulatory framework have hindered the market growth in the country.
- Moreover, Algeria is vulnerable to climate change, which demands decreased fossil fuel use. Hence, the government plans to increase the share of renewables in energy generation in the coming years, creating ample opportunity for the market players.
Algeria Renewable Energy Industry Segmentation
Renewable energy is derived from naturally renewing but flow-limited sources. Renewable resources are nearly endless in terms of length but are restricted in terms of energy available per unit of time.
The Algeria Renewable Energy Market is segmented by Types (Hydropower, Wind, Solar, and Other Types). As per types, the market is segmented into Hydropower, Wind, Solar, and Others. The market sizing and forecasts for each segment are based on the revenue (USD Billion).
| Source Type | |
| Solar | |
| Wind | |
| Hydro | |
| Other Types |
Algeria Renewable Energy Market Size Summary
The Algeria Renewable Energy Market is poised for growth, driven by the country's efforts to diversify its economy and reduce reliance on the oil and gas sector. The shift towards renewable energy is seen as a strategic move to enhance energy security and create job opportunities. Despite challenges such as delays in governmental approvals and policy uncertainties, the market is expected to benefit from the government's commitment to increasing the share of renewables in the energy mix. Algeria's vast solar energy potential, with a significant portion of its renewable capacity, is a focal point for future investments. Initiatives like the Renewable Energy and Energy Efficiency Program and participation in the Desertec Industrial Initiative underscore the country's ambition to harness solar and wind power, not only for domestic consumption but also to meet international energy demands.
The Algerian government's renewable energy targets, set for the periods 2015-2020 and 2021-2030, aim to significantly boost the country's renewable capacity through various technologies, including photovoltaic, concentrated solar power, geothermal, wind, biomass, and cogeneration. Collaborative efforts between the government and private sector, along with supportive policies and financial incentives, are expected to drive industrial investments in renewable technologies. The government's plans to increase the renewable energy share to over 25% by 2030, coupled with new projects in solar, wind, hydro, and biomass power plants, are set to transform the energy landscape. Key players in the market, such as Algerian Solar Company and Sarl Algerian PV Company, are actively contributing to this transition, supported by legislative measures aimed at facilitating a smooth transition to green energy.
Algeria Renewable Energy Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Renewable Energy Mix, 2019
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1.3 Installed Capacity and Forecast in MW, till 2027
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1.4 Recent Trends and Developments
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1.5 Government Policies and Regulations
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1.6 Market Dynamics
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1.6.1 Drivers
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1.6.2 Restraints
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1.7 Supply Chain Analysis
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1.8 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Source Type
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2.1.1 Solar
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2.1.2 Wind
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2.1.3 Hydro
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2.1.4 Other Types
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Algeria Renewable Energy Market Size FAQs
What is the current Algeria Renewable Energy Market size?
The Algeria Renewable Energy Market is projected to register a CAGR of less than 7% during the forecast period (2024-2029)
Who are the key players in Algeria Renewable Energy Market?
Algerian Solar Company, Sarl Algerian PV Company, Zergoun Green Energy, SCET Algeria Energy and SKTM SPA are the major companies operating in the Algeria Renewable Energy Market.
