Market Size of Middle-East Solar Power Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 11.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Middle East Solar Power Market Analysis
The Middle Eastern solar power market is expected to register a CAGR of more than 11% over the forecast period.
With the COVID-19 outbreak in Q1 2020, the Middle Eastern solar power market was moderately impacted. Few countries like Saudi Arabia, Kuwait, and Qatar had significantly less number of new installations in 2020 due to delays in the shipping of solar modules. The market rebounded in 2021.
- Factors such as supportive government policies and increasing efforts to meet power demand using renewable energy sources, and decreased dependency on fossils are expected to be significant contributors to driving the market. Besides, many ambitious photovoltaic projects are lined up in the forecast period and are expected to drive the solar market in the coming years.
- However, factors such as delays in large-scale solar projects and increasing focus on alternative energy sources are expected to hinder the market's growth.
- The upcoming solar power projects, along with the use of hybrid power solutions in this region, can create immense opportunities for the solar power market in the near future.
- Saudi Arabia is expected to witness significant demand due to the number of ongoing and upcoming projects over the forecast period.
