North Africa Renewable Energy Market Size (2024 - 2029)

The North Africa Renewable Energy Market is poised for growth, driven by supportive government policies and initiatives aimed at increasing renewable energy usage and reducing fossil fuel dependency. The region's vast solar energy potential and available land for project installation further enhance the market's expansion prospects. However, challenges such as limited acceptance in certain countries and high installation costs may hinder progress. Despite these obstacles, large-scale solar and wind projects proposed by governments, along with strategic plans to boost renewable energy capacity, present significant opportunities for market growth.

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Market Size of North Africa Renewable Energy Industry

North Africa Renewable Energy Market Summary
Study Period 2021 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2021 - 2022
CAGR 6.00 %
Market Concentration Low

Major Players

North Africa Renewable Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

North Africa Renewable Energy Market Analysis

The Renewable Energy Market in North Africa is expected to grow at a CAGR of more than 6% over the forecast period.

  • Over the long term, factors such as supportive government policies and efforts to meet power demand using renewables and decrease dependency on fossils are the long-term drivers of the market's growth. Moreover, the availability of the immense potential of solar energy and ample area for project installation provides favourable conditions for the growth of renewable energy.
  • On the other hand, lack of acceptance in countries like Libya and Tunisia and high installation costs for renewable energy projects are a few restraining factors for the market's growth.
  • Nevertheless, The proposed large-scale projects in solar and wind segments by the government and a roadmap for scaling up the renewable energy installed capacity in many North African countries are opportunities that will drive the renewable energy market.

North Africa Renewable Energy Industry Segmentation

Renewable energy is a form of energy obtained from a source that can be replenished over time and leaves a negligible carbon footprint on the environment upon utilization. Renewable energy sources include solar, wind, geothermal, biomass, water, and tides. Renewable energy is often termed an alternative energy source as it is an alternative to fossil fuels.

The North Africa Renewable Energy Market is segmented by source and geography. By source, the market is segmented into solar, wind, and others. The report also covers the market size and forecasts for the renewable energy market across major countries in the region. The market size and forecasts for each segment have been done regarding installed capacity (GW).

Source
Solar
Wind
Others
Geogrpahy
Morocco
Egypt
Algeria
Rest of North Africa
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North Africa Renewable Energy Market Size Summary

The North Africa Renewable Energy Market is poised for significant expansion, driven by supportive government policies and a strategic shift towards renewable energy to meet growing power demands and reduce fossil fuel dependency. The region's vast solar energy potential and ample space for project installation create favorable conditions for market growth. However, challenges such as limited acceptance in countries like Libya and Tunisia, along with high installation costs, pose obstacles. Despite these challenges, large-scale government projects in solar and wind energy, coupled with a clear roadmap for increasing renewable energy capacity, present substantial opportunities for market development.

Ambitious renewable energy targets across North African countries are set to propel the market forward. Nations like Morocco, Egypt, Algeria, Libya, and Tunisia have established significant renewable energy goals, aiming to produce a substantial portion of their electricity from renewable sources by the end of the decade. These targets, along with substantial investments in solar and wind projects, are expected to drive the market's growth. Egypt, in particular, is leveraging its favorable geography to become a regional leader in renewable energy, with plans to significantly increase its renewable capacity. The market is characterized by fragmentation, with key players such as Vestas Wind Systems, Siemens Gamesa, and ACWA Power actively participating in the region's renewable energy initiatives.

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North Africa Renewable Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Installed Capacity and Forecast in MW, till 2027

    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 Source

      1. 2.1.1 Solar

      2. 2.1.2 Wind

      3. 2.1.3 Others

    2. 2.2 Geogrpahy

      1. 2.2.1 Morocco

      2. 2.2.2 Egypt

      3. 2.2.3 Algeria

      4. 2.2.4 Rest of North Africa

North Africa Renewable Energy Market Size FAQs

The North Africa Renewable Energy Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)

Vestas Wind Systems A/S , Scatec Solar ASA , SkyPower Ltd , Siemens Gamesa Renewable Energy SA and ACWA Power Barka SAOG are the major companies operating in the North Africa Renewable Energy Market.

North Africa Renewable Energy Market Report Snapshots

North Africa Renewable Energy Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)