Market Size of Middle-East and Africa Solar Photovoltaic (PV) Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 12.00 % |
| Market Concentration | Low |
Major Players_Market.webp)
*Disclaimer: Major Players sorted in no particular order |
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Middle East & Africa Solar Photovoltaic Market Analysis
The solar photovoltaic market in the Middle East and Africa region is expected to grow at a CAGR of more than 12% in the forecast period.
The market was moderately affected by the Covid-19 pandemic, as power demand fell across the region, delaying several projects. However, the market has since rebounded and is expected to grow steadily during the forecast period.
- Over the long term, the exploitation of the high solar potential of the region, which results in a low Levelized Cost of Energy (LCOE), is expected to drive the market during the forecast period.
- On the other hand, the abundant availability of oil and gas for power generation and rising investments in the sector are expected to restrain the market during the forecast period.
- Nevertheless, developing a regional solar manufacturing industry is expected to be a significant opportunity for the market beyond the forecast period.
