Market Size of Middle East Renewable Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 13.43 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Middle East Renewable Energy Market Analysis
The Middle Eastern renewable energy market is expected to register a CAGR of around 13.43% during the forecast period. The market has reached pre-pandemic levels though it was negatively impacted by COVID-19 in 2020.
- Over the medium term, factors such as various governments' plans to diversify the energy mix and increase investments in renewable energy are expected to drive the market.
- On the other hand, the increasing penetration of natural gas for power generation and its lower price are expected to restrain the growth of the market during the forecast period.
- Nevertheless, renewable power is an intermittent energy source. Therefore, the storage of electricity is essential to maintain the constant power distribution of generated renewable power. Thus, the increasing integration of renewable energy and energy storage systems is expected to create future market opportunities.
- The United Arab Emirates (UAE) is expected to witness significant growth in the Middle Eastern renewable energy market during the forecast period, owing to upcoming projects and government targets.
