Egypt Solar Photovoltaic (PV) Market Size (2024 - 2029)

The Egypt Solar Photovoltaic market is anticipated to experience significant growth over the forecast period, driven by factors such as the decreasing cost of solar PV modules, supportive government initiatives, and rising energy demand. Despite potential challenges from the increasing use of alternative renewable technologies like wind and hydropower, the market is poised for expansion. Egypt's commitment to enhancing the proportion of renewable energy, as outlined in its Vision 2030 plan, and the substantial untapped solar generation capacity present promising opportunities for market growth.

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Market Size of Egypt Solar Photovoltaic (PV) Industry

Egypt Solar Photovoltaic Market Overview
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 9.05 %

Major Players

Egypt Solar Photovoltaic (PV) Market Major Players

*Disclaimer: Major Players sorted in no particular order

Egypt Solar Photovoltaic (PV) Market Analysis

The Egypt Solar Photovoltaic (PV) Market size is expected to grow from 2,300 MW in 2023 to 3,546.96 MW by 2028, registering a CAGR of 9.05% during the forecast period (2023-2028).

  • Over the medium term, factors such as the declining price of solar PV modules, supportive government policies, and increasing energy demand are expected to drive the market.
  • On the other hand, the increasing adoption of alternate renewable technology such as wind and hydropower is expected to hinder market growth during the forecast period.
  • Nevertheless, Egypt aims to increase the share of renewable energy to around 30% by 2050 to curb the rising carbon emissions. The target is based on Egypt's Vision 2030 plan. Further, the country includes an untapped solar photovoltaic generation capacity of 74,000 TWh annually. Hence, such a scenario is expected to create an opportunity for the market to grow in the upcoming years.

Egypt Solar Photovoltaic (PV) Industry Segmentation

Solar photovoltaic (PV) energy or PV solar energy directly converts sunlight into electricity, using a technology based on the photovoltaic effect.

The Egyptian solar PV market is segmented by deployment. By deployment, the market is segmented into on-grid and off-grid. Each segment's market sizing and forecasts are based on installed capacity (MW).

Deployment
On-Grid
Off-Grid
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Egypt Solar Photovoltaic (PV) Market Size Summary

The Egypt Solar Photovoltaic (PV) market is poised for significant growth, driven by factors such as the decreasing cost of solar PV modules, supportive government policies, and rising energy demand. The country's commitment to increasing the share of renewable energy, as outlined in its Vision 2030 plan, aims to reduce carbon emissions and enhance energy security. Despite the competition from other renewable technologies like wind and hydropower, Egypt's untapped solar generation capacity presents a substantial opportunity for market expansion. The market landscape is characterized by a mix of large-scale ground-mounted projects and smaller grid-connected systems, supported by initiatives from the New and Renewable Energy Authority and international collaborations.

The Egyptian government's strategic focus on renewable energy is further evidenced by its adoption of the feed-in-tariff scheme, which has attracted international investment and bolstered the solar PV sector. Initiatives such as the CoM Initiative and the Egypt-sun Initiative aim to promote solar PV installations in government buildings and provide technical assistance, respectively. The market is moderately fragmented, with key players like Egyptian Electricity Holding Company, KarmSolar, and Scatec ASA contributing to the sector's development. Recent projects, including the construction of the Abydos Solar Plant and the announcement of a new utility-scale solar plant, underscore the country's commitment to achieving its renewable energy targets by 2035.

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Egypt Solar Photovoltaic (PV) Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Renewable Energy Mix in MW, 2022

    3. 1.3 Installed Capacity and Forecast in MW, till 2028

    4. 1.4 Government Policies and Regulations

    5. 1.5 Recent Trends and Developments

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

        1. 1.6.1.1 Declining Price of Solar PV Modules

        2. 1.6.1.2 Rising Supportive Government Policies in the Country

      2. 1.6.2 Restraints

        1. 1.6.2.1 Increasing Adoption of Alternate Renewable Technology

    7. 1.7 Supply Chain Analysis

    8. 1.8 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Deployment

      1. 2.1.1 On-Grid

      2. 2.1.2 Off-Grid

Egypt Solar Photovoltaic (PV) Market Size FAQs

The Egypt Solar Photovoltaic (PV) Market is projected to register a CAGR of 9.05% during the forecast period (2024-2029)

Egyptian Electricity Holding Company, KarmSolar, Infinity Solar, Cairo Solar and Scatec ASA are the major companies operating in the Egypt Solar Photovoltaic (PV) Market.

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