Market Size of Middle-East and Africa Power Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
MEA Power Market Analysis
The power market in the Middle-East and Africa region is expected to grow at a CAGR of more than 3% in the forecast period of 2020-2025. Factors such as increasing power demand due to increasing population and rapidly increasing share of renewable and gas-based thermal power plants are likely to drive the market. The degree of urbanization and electrification is also expected to drive power consumption. On the other hand, a huge investment for setting up and modernizing power generation, transmission, or distribution network is restraining the growth of the market.
- Thermal power is expected to continue its dominance with largest share in power generation, owing to the increase in the share of natural gas in power generation.
- By 2050, the electricity demand of the Middle-East is expected to triple in comparison to 2018. Moreover, with a significant share in African countries without electricity, vast opportunities are anticipated in the future of the power market.
- Saudi Arabia is leading the power market with highest electricity consumption. With coming projects and increasing demand, the nation is expected to dominate in the forecast period also.
