Market Size of Ethiopia Renewable Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 7.00 % |
| Market Concentration | Medium |
Major Players.webp){kind=logo}
*Disclaimer: Major Players sorted in no particular order |
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Ethiopia Renewable Energy Market Analysis
The Ethiopian renewable energy market is expected to register a CAGR of greater than 4% during the forecast period of 2022 - 2027. The COVID-19 pandemic did not significantly affect the renewable energy market, as the country witnessed hassle-free project executions in 2020. It was recorded that in the year 2021, the renewable capacity grew by approximately 82% compared to 2015. Factors such as supportive government policies for renewable energy deployment and upcoming wind, solar, and hydropower projects are expected to drive Ethiopia's renewable energy market during the forecast period. Despite Ethiopia's abundant potential for renewable power, the country is embarking on building coal power developments funded by Government and private companies. Thus, this factor is expected to hinder the market studied.
- The Wind Energy segment is expected to witness significant growth during the forecast period, owing to the country's increasing Wind Energy capacity additions. With government support for upcoming wind energy projects like the Assela wind power project, this trend is expected to continue in the coming years.
- Solving intermittency problems by using energy storage systems is likely to provide huge opportunities for the market studied.
- Upcoming renewable projects are expected to drive the Ethiopian renewable energy market during the forecast period.
