Middle-East and Africa Solar Photovoltaic (PV) Market Size (2024 - 2029)

The solar photovoltaic market in the Middle East and Africa is poised for significant growth, driven by the region's high solar potential and low Levelized Cost of Energy. Despite the initial impact of the Covid-19 pandemic, which delayed some projects due to reduced power demand, the market has shown resilience and is expected to expand steadily. However, the market's expansion may be tempered by the region's abundant oil and gas resources and increased investments in these sectors. Looking ahead, the establishment of a regional solar manufacturing industry presents a promising opportunity for further market development.

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Market Size of Middle-East and Africa Solar Photovoltaic (PV) Industry

MEA Solar Photovoltaic (PV) Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 12.00 %
Market Concentration Low

Major Players

MEA Solar Photovoltaic (PV) Market Major Players

*Disclaimer: Major Players sorted in no particular order

Middle East & Africa Solar Photovoltaic Market Analysis

The solar photovoltaic market in the Middle East and Africa region is expected to grow at a CAGR of more than 12% in the forecast period.

The market was moderately affected by the Covid-19 pandemic, as power demand fell across the region, delaying several projects. However, the market has since rebounded and is expected to grow steadily during the forecast period.

  • Over the long term, the exploitation of the high solar potential of the region, which results in a low Levelized Cost of Energy (LCOE), is expected to drive the market during the forecast period.
  • On the other hand, the abundant availability of oil and gas for power generation and rising investments in the sector are expected to restrain the market during the forecast period.
  • Nevertheless, developing a regional solar manufacturing industry is expected to be a significant opportunity for the market beyond the forecast period.

Middle East & Africa Solar Photovoltaic Industry Segmentation

A photovoltaic system, also a PV system or solar power system, is an electric power system designed to supply usable solar power using photovoltaics, which converts sunlight to electricity directly.

The Middle East and Africa solar photovoltaic (PV) market is segmented by end-user and geography. By end-user, the market is segmented into residential, commercial, and utility. The report also covers the market size and forecasts for the photovoltaic (PV) market across major regional countries. For each segment, the market sizing and forecasts have been done based on installed capacity (MW).

End-User
Residential
Commercial
Utility
Geogrpahy
The United Arab Emirates (UAE)
Egypt
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Middle-East and Africa Solar Photovoltaic (PV) Market Size Summary

The solar photovoltaic market in the Middle East and Africa is poised for significant growth, driven by the region's high solar potential and favorable Levelized Cost of Energy. Despite initial setbacks due to the Covid-19 pandemic, which delayed projects, the market has rebounded and is expected to expand steadily. The development of a regional solar manufacturing industry presents a promising opportunity for future growth, although the abundance of oil and gas resources and ongoing investments in these sectors may pose challenges. Utility-scale projects are underway, with several large-scale solar facilities in various stages of development across countries like Jordan, Morocco, and the United Arab Emirates, contributing to the anticipated growth in the utility sector.

In the United Arab Emirates, a series of strategic policies and plans, such as the UAE Vision 2021 and the UAE Energy Plan 2050, are set to bolster the growth of solar photovoltaics. The country's installed photovoltaic capacity is expected to increase significantly, with major projects like the Al Dhafra and Mohammad bin Rashid Al Maktoum solar facilities driving expansion. The UAE's solar capacity accounts for a substantial portion of the region's total, and upcoming projects are expected to further enhance this share. The market is moderately fragmented, with key players including First Solar Inc, Jinko Solar Holding Co Ltd, and ACWA Power, among others, actively participating in the region's solar development initiatives.

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Middle-East and Africa Solar Photovoltaic (PV) Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Installed Capacity and Forecast in MW, till 2028

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitute Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 End-User

      1. 2.1.1 Residential

      2. 2.1.2 Commercial

      3. 2.1.3 Utility

    2. 2.2 Geogrpahy

      1. 2.2.1 The United Arab Emirates (UAE)

      2. 2.2.2 Egypt

      3. 2.2.3 Saudi Arabia

      4. 2.2.4 South Africa

      5. 2.2.5 Rest of Middle-East and Africa

Middle-East and Africa Solar Photovoltaic (PV) Market Size FAQs

The Middle-East and Africa Solar Photovoltaic (PV) Market is projected to register a CAGR of greater than 12% during the forecast period (2024-2029)

JinkoSolar Holding Co Ltd. , First Solar Inc , Enerwhere Sustainable Energy DMCC , Canadian Solar Inc and ACWA Power are the major companies operating in the Middle-East and Africa Solar Photovoltaic (PV) Market.

Middle East & Africa Solar Photovoltaic Market Report Snapshots

Middle East & Africa Solar Photovoltaic Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)