Market Size of Egypt Solar Energy Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 8.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Egypt Solar Energy Market Analysis
The Egyptian solar market is expected to register a CAGR of more than 8% during the forecast period.
The market was negatively impacted by the outbreak of COVID-19 due to delays in ongoing and upcoming projects. Currently, the market has reached pre-pandemic levels.
- Factors such as supportive government policies and incentives for the solar sector and rapidly declining prices of solar modules are expected to drive the market.
- However, insufficient domestic manufacturing capacity of solar panels and related hardware and dependence on imports, which are subject to supply chain disruptions, are expected to restrain the growth of the market during the forecast period.
- The geography of Egypt consists of large tracts of uninhabited desert land in the Suez Peninsula and the western desert, with solar photovoltaic potential in excess of 2000 kWh/KWp/year. The maximum utilization of the natural geography and the high domestic solar potential of Egypt are expected to provide significant growth opportunities for the Egyptian solar market beyond the forecast period.
Egypt Solar Energy Industry Segmentation
Solar energy is the conversion of energy present in the sun and is one of the renewable energies. Once the sunlight passes through the earth's atmosphere, most of it is in the form of visible light and infrared radiation. Solar cell panels are used to convert this energy into electricity.
The Egyptian solar energy market is segmented by technology and deployment. By technology, the market is segmented into solar photovoltaic (PV) and concentrated solar photovoltaic (CSP). By deployment, the market is segmented into on-grid and off-grid. For each segment, market sizing and forecasts have been done based on installed capacity (megawatts).
Egypt Solar Energy Market Size Summary
The Egyptian solar market is poised for significant growth, driven by supportive government policies and decreasing solar module prices. The market has rebounded to pre-pandemic levels after the disruptions caused by COVID-19. Egypt's vast desert areas offer substantial solar photovoltaic potential, which, coupled with government incentives, is expected to propel the market forward. However, challenges such as limited domestic manufacturing capacity for solar panels and reliance on imports may hinder growth. The government's commitment to renewable energy is evident in its 2035 Integrated Sustainable Energy Strategy, aiming to significantly increase the share of renewable sources in the national energy mix, with a strong focus on solar energy.
Over the past few years, Egypt has made substantial strides in expanding its solar energy capacity, primarily through large-scale projects like the Benban Solar Park. The New and Renewable Energy Authority (NREA) has been instrumental in promoting small-scale solar systems, supported by international collaborations and funding. The introduction of new incentives for net metering and self-consumption solar power systems has further encouraged investment in the sector. Key players in the market, including Canadian Solar Inc. and JinkoSolar Holding Co. Ltd., are actively involved in developing solar projects. Partnerships, such as those between Amarenco and SolarizEgypt, highlight the growing interest in commercial and industrial solar power developments. These efforts are expected to drive the Egyptian solar market's growth during the forecast period.
Egypt Solar 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 Electricity Generation Mix, 2022
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1.3 Renewable Energy Mix, 2022
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1.4 Solar Energy Installed Capacity and Forecast, in MW, till 2028
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1.5 Recent Trends and Developments
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1.6 Government Policies and Regulations
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1.7 Key Projects Information
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1.8 Market Dynamics
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1.8.1 Drivers
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1.8.2 Restraints
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1.9 Supply Chain Analysis
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1.10 PESTLE Analysis
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Egypt Solar Energy Market Size FAQs
What is the current Egypt Solar Energy Market size?
The Egypt Solar Energy Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)
Who are the key players in Egypt Solar Energy Market?
Cairo Solar, ACWA Power Co, Masdar (Abu Dhabi Future Energy Company), Canadian Solar Inc. and JinkoSolar Holding Co., Ltd. are the major companies operating in the Egypt Solar Energy Market.
