United Arab Emirates Solar Photovoltaic (PV) Market Size (2024 - 2029)

The United Arab Emirates solar photovoltaic (PV) market is poised for significant growth, driven by supportive government policies and a strategic shift towards renewable energy to reduce fossil fuel dependency and carbon emissions. Despite challenges from the adoption of other clean energy sources, the market has rebounded to pre-pandemic levels and is expected to expand further. The implementation of the UAE Energy Strategy 2050, which aims to substantially increase the share of clean energy, is anticipated to offer numerous opportunities for the market's expansion.

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Market Size of United Arab Emirates Solar Photovoltaic (PV) Industry

United Arab Emirates 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 Medium

Major Players

United Arab Emirates Solar Photovoltaic (PV) Market Major Players

*Disclaimer: Major Players sorted in no particular order

UAE Solar Photovoltaic Market Analysis

United Arab Emirates Solar Photovoltaic (PV) market is expected to record a CAGR of more than 12% in the forecast period.

The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.

  • Over the medium term, factors such as encouraging government policies and pressure to meet the power demand using renewable energy to decrease dependency on fossils and decrease carbon footprints are significant contributors to the market's growth.
  • On the other hand, the rising adoption of alternate clean energy sources is expected to restrain market growth.
  • Nevertheless, with the adaption of the visionary UAE Energy Strategy 2050, the country is set to increase its clean energy share to 44% by 2050 by investing in nuclear and solar energy. This, in turn, is expected to create several opportunities for United Arab Emirates solar photovoltaic (PV) market in the future.

UAE Solar Photovoltaic Industry Segmentation

Solar photovoltaic energy (PV) converts sunlight directly into electricity through a technology based on the photovoltaic effect. Solar radiation that strikes one face of a photoelectric cell (many of which are installed on a solar panel) produces a voltage differential between both faces, allowing electrons to travel from one face to the other, generating an electric current.

The United Arab Emirates solar photovoltaic (PV) market is segmented by deployment. By deployment, the market is segmented by residential, commercial and industrial, and utility. The market size and forecasts have been done for each segment based on installed capacity (MW).

Deployment
Utility
Commercial and Industrial
Residential
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United Arab Emirates Solar Photovoltaic (PV) Market Size Summary

The United Arab Emirates solar photovoltaic (PV) market is poised for significant growth, driven by supportive government policies and a strategic shift towards renewable energy to reduce reliance on fossil fuels and lower carbon emissions. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. The UAE's commitment to the Energy Strategy 2050, which aims to increase the clean energy share to a substantial percentage by 2050, is a key factor propelling the market forward. Initiatives like the Dubai Clean Energy Strategy 2050 and programs such as Shams Dubai are instrumental in promoting solar energy adoption, particularly in commercial and industrial sectors. Despite challenges from alternative clean energy sources, the market is expected to benefit from technological advancements and government incentives, fostering opportunities for growth in solar PV installations.

The solar PV market in the UAE is characterized by declining costs and improved economic competitiveness, making it an attractive option for energy generation. The significant reduction in solar panel prices and the cost of electricity from solar PV have been pivotal in driving market expansion. Technological improvements and economies of scale have further enhanced the market's appeal, with solar PV now being more cost-effective than traditional energy sources like coal and gas. The market is partially fragmented, with key players such as Masdar, ACWA Power, and CleanMax Mena FZCO leading the charge. Recent developments, including large-scale projects and partnerships, underscore the UAE's commitment to expanding its solar energy capacity, positioning the country as a leader in the renewable energy sector.

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United Arab Emirates 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 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Deployment

      1. 2.1.1 Utility

      2. 2.1.2 Commercial and Industrial

      3. 2.1.3 Residential

United Arab Emirates Solar Photovoltaic (PV) Market Size FAQs

The United Arab Emirates Solar Photovoltaic (PV) Market is projected to register a CAGR of greater than 12% during the forecast period (2024-2029)

Masdar (Abu Dhabi Future Energy Company)​, ACWA Power, CleanMax Mena FZCO, Maysun Solar FZCO and Sunergy Solar LLC are the major companies operating in the United Arab Emirates Solar Photovoltaic (PV) Market.

United Arab Emirates Solar Photovoltaic (PV) Report Snapshots

United Arab Emirates Solar Photovoltaic (PV) Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)