Market Size of North Africa Renewable Energy Industry
| 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
*Disclaimer: Major Players sorted in no particular order |
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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 |
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.
North Africa Renewable 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 Installed Capacity and Forecast in MW, till 2027
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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 Source
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2.1.1 Solar
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2.1.2 Wind
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2.1.3 Others
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2.2 Geogrpahy
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2.2.1 Morocco
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2.2.2 Egypt
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2.2.3 Algeria
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2.2.4 Rest of North Africa
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North Africa Renewable Energy Market Size FAQs
What is the current North Africa Renewable Energy Market size?
The North Africa Renewable Energy Market is projected to register a CAGR of greater than 6% during the forecast period (2024-2029)
Who are the key players in North Africa Renewable Energy Market?
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.
