Market Size of Egypt Solar Photovoltaic (PV) Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 9.05 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Egypt Solar Photovoltaic (PV) Market Analysis
The Egypt Solar Photovoltaic (PV) Market size is expected to grow from 2,300 MW in 2023 to 3,546.96 MW by 2028, registering a CAGR of 9.05% during the forecast period (2023-2028).
- Over the medium term, factors such as the declining price of solar PV modules, supportive government policies, and increasing energy demand are expected to drive the market.
- On the other hand, the increasing adoption of alternate renewable technology such as wind and hydropower is expected to hinder market growth during the forecast period.
- Nevertheless, Egypt aims to increase the share of renewable energy to around 30% by 2050 to curb the rising carbon emissions. The target is based on Egypt's Vision 2030 plan. Further, the country includes an untapped solar photovoltaic generation capacity of 74,000 TWh annually. Hence, such a scenario is expected to create an opportunity for the market to grow in the upcoming years.
