Market Size of North Africa Renewable Energy Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 6.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North Africa Renewable Energy Market Analysis
The Renewable Energy Market in North Africa is expected to grow at a CAGR of more than 6% over the forecast period.
- Over the long term, factors such as supportive government policies and efforts to meet power demand using renewables and decrease dependency on fossils are the long-term drivers of the market's growth. Moreover, the availability of the immense potential of solar energy and ample area for project installation provides favourable conditions for the growth of renewable energy.
- On the other hand, lack of acceptance in countries like Libya and Tunisia and high installation costs for renewable energy projects are a few restraining factors for the market's growth.
- Nevertheless, The proposed large-scale projects in solar and wind segments by the government and a roadmap for scaling up the renewable energy installed capacity in many North African countries are opportunities that will drive the renewable energy market.
