Market Size of Iran Renewable Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 10.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Iran Renewable Energy Market Analysis
The Iran renewable energy market is expected to grow at a CAGR of over 10% during the forecast period of 2020-2025. The primary driver of the market includes the feed-in-tariffs for non-hydropower energy and the increasing concerns over rising pollution from the consumption of fossil fuel. However, financing for renewable energy projects is expected to hinder the market growth. With the United States imposed sanctions on the Iranian trade sector, the construction of renewable projects is expected to be quite difficult.
- Iran's renewable energy market is expected to be driven majorly by under-construction hydro-power projects, which is expected to add nearly 1650 megawatts to the country's total capacity, during the forecast period. Apart from hydro, Iran is also planning to expand its solar capacity, which would help Iranian renewable energy to grow further during the forecasting period.
- According to the United States Energy Information Administration (EIA), Iran has the potential to increase its renewable energy share in its energy mix from around 1% in 2018 to 16% by 2030. Moreover, Iran is capable of producing 4.5-5.5 kilowatt-hour per square meter per day of solar energy. Considering EIA estimation and Iran's solar energy capability, there is a massive opportunity for the renewable energy market in the coming years.
- Solar Energy is one of the prominent sectors of Iran's renewable sector. Iran has an average of around 280 sunny days and is expected to have immense potential for solar energy generation during the forecast period.
