Market Size of Middle-East and Africa Thermal Power Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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MEA Thermal Power Market Analysis
The thermal power market in Middle-East and Africa is expected to grow at a CAGR of more than 3% during the forecast period of 2020-2025. Factors such as increasing population and power consumption are resulting in the growth of the power demand. With growing power demand, new thermal power projects being constructed, which, in turn, is driving the market. The presence of vast oil and gas reserves in the region is also expected to drive the thermal power. However, with the increasing share of renewables and the negative impact of the COVID-19 pandemic, delay in multiple projects and a decline in power demand is expected for the short term, resulting in slow market growth.
- With the largest share in electricity generation, natural gas is leading the market. Due to the vast reserves of natural gas, the natural gas-based power generation is expected to continue its dominance during the forecast period.
- 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 thermal power market.
- Saudi Arabia witnessed the highest power generation in 2019. With planned projects during the forecast period, the nation is expected to dominate the market.
