Market Size of Algeria Renewable Energy Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | < 7.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Algeria Renewable Energy Market Analysis
The Algeria Renewable Energy Market is expected to grow at a CAGR of less than 7% during the forecast period.
The market was negatively impacted by COVID-19. Presently the market has now reached pre-pandemic levels.
- Factors such as diversifying the country's economy and decreasing the dependence on the oil and gas sector are expected to drive the renewable energy market in Algeria. Moreover, diversification of the energy mix offers multiple benefits, including job creation and energy security, further promulgating the country's renewable energy market.
- However, factors such as delays in governmental approval for new projects, policy uncertainty, and lack of an efficient regulatory framework have hindered the market growth in the country.
- Moreover, Algeria is vulnerable to climate change, which demands decreased fossil fuel use. Hence, the government plans to increase the share of renewables in energy generation in the coming years, creating ample opportunity for the market players.
