Egypt Renewable Energy Market Size (2024 - 2029)

Egypt Renewable Energy Market Size Summary

The Egypt Renewable Energy Market is experiencing a period of significant growth, with a rising demand for solar energy being a major driver. This growth is further supported by government regulations and the country's ambitious renewable energy targets. However, the development of this market faces challenges such as a slow pace of energy infrastructure development, restricted land, and limited power capacity by variable renewable energy sources. Despite these barriers, the potential for solar energy production in Egypt is high, with the country being considered a sunbelt region with significant solar radiation. The government's supportive regulations and policies are expected to continue driving the market forward. The National Renewable Energy Strategy, for example, aims to increase the share of renewable energy in the national energy mix significantly. The government is also encouraging private investment and foreign direct investment in the market through various mechanisms. This, combined with a shift from a competitive bidding process to an auction-based process for large-scale solar PV and wind projects, is expected to further stimulate market growth. The market is semi-fragmented with key players including Vestas Wind Systems AS, Siemens Gamesa Renewable Energy SA, Scatec Solar ASA, SkyPower Ltd, New & Renewable Energy Authority, among others.