Market Size of Middle-East Solar Power Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 11.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Middle East Solar Power Market Analysis
The Middle Eastern solar power market is expected to register a CAGR of more than 11% over the forecast period.
With the COVID-19 outbreak in Q1 2020, the Middle Eastern solar power market was moderately impacted. Few countries like Saudi Arabia, Kuwait, and Qatar had significantly less number of new installations in 2020 due to delays in the shipping of solar modules. The market rebounded in 2021.
- Factors such as supportive government policies and increasing efforts to meet power demand using renewable energy sources, and decreased dependency on fossils are expected to be significant contributors to driving the market. Besides, many ambitious photovoltaic projects are lined up in the forecast period and are expected to drive the solar market in the coming years.
- However, factors such as delays in large-scale solar projects and increasing focus on alternative energy sources are expected to hinder the market's growth.
- The upcoming solar power projects, along with the use of hybrid power solutions in this region, can create immense opportunities for the solar power market in the near future.
- Saudi Arabia is expected to witness significant demand due to the number of ongoing and upcoming projects over the forecast period.
Middle East Solar Power Industry Segmentation
Solar power means using the sun's energy to produce electricity, either directly as thermal energy (heat) or indirectly through photovoltaic cells in solar panels and clear photovoltaic glass. The Middle Eastern solar power market is segmented by technology and geography. By technology, the market is segmented into solar photovoltaic (PV) and concentrated solar power (CSP). The report also covers the market size and forecasts for the Middle East solar power market across the major countries in the region. For each segment, market sizing and forecasts have been done based on installed capacity (gigawatts).
| Technology | |
| Solar Photovoltaic (PV) | |
| Concentrated Solar Power (CSP) |
| Geography | |
| Saudi Arabia | |
| United Arab Emirates | |
| Oman | |
| Rest of the Middle East |
Middle-East Solar Power Market Size Summary
The Middle Eastern solar power market is poised for substantial growth, driven by supportive government policies and a strategic shift towards renewable energy sources. The region's commitment to reducing dependency on fossil fuels is evident in the numerous ambitious photovoltaic projects planned for the coming years. Despite initial setbacks due to the COVID-19 pandemic, the market has shown resilience and is expected to continue expanding, with Saudi Arabia emerging as a key player due to its extensive ongoing and upcoming projects. However, challenges such as delays in large-scale solar projects and a growing focus on alternative energy sources could potentially impede growth. The integration of hybrid power solutions also presents significant opportunities for market expansion.
Photovoltaic (PV) cells dominate the solar energy landscape in the Middle East, accounting for a substantial portion of the installed capacity. The region's solar PV capacity has seen notable increases, with several large-scale projects underway or in the planning stages. Noteworthy developments include the Ibri III Solar Independent Power Project in Oman and the world's largest single-site solar power plant in Saudi Arabia. These projects, along with supportive initiatives like Saudi Arabia's National Renewable Energy Program, are expected to drive significant growth in the solar power market. The market remains moderately fragmented, with key players such as JinkoSolar Holding Co. Ltd, First Solar Inc., and ACWA POWER BARKA SAOG contributing to the region's solar energy ambitions.
Middle-East Solar Power 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 Installed Capacity and Forecast in GW, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitute Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Technology
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2.1.1 Solar Photovoltaic (PV)
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2.1.2 Concentrated Solar Power (CSP)
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2.2 Geography
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2.2.1 Saudi Arabia
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2.2.2 United Arab Emirates
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2.2.3 Oman
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2.2.4 Rest of the Middle East
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Middle-East Solar Power Market Size FAQs
What is the current Middle-East Solar Power Market size?
The Middle-East Solar Power Market is projected to register a CAGR of greater than 11% during the forecast period (2024-2029)
Who are the key players in Middle-East Solar Power Market?
ACWA POWER BARKA SAOG, Alsa Solar Systems LLC, JinkoSolar Holding Co. Ltd, First Solar Inc and Enerwhere Sustainable Energy DMCC are the major companies operating in the Middle-East Solar Power Market.
