Market Size of Qatar Solar Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 15.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Qatar Solar Energy Market Analysis
The Qatar Solar Energy market is expected to grow with a CAGR of 15.5% during the forecast period. The COVID-19 impact on the market was not recordable as the power generation mix in the country has major share of fossil fuels and the trivial solar energy based power generation (around 5MW) remained untouched. The solar energy market in the country is exclusively propelled by two factors, the energy transition goals of the country to increase the share of renewables in the power generation which is currently very low, and the abundance of solar irradiation in the country. However, the market is impeded by competition from other renewable options, mainly the prospects of green hydrogen and bioenergy, which has more reliability than solar energy in the country.
- The solar photovoltaic systems (PV) is expected to grow at the fastest rate during the forecast period, due to low power production cost.
- The biggest opportunity for the solar energy market in the country is the alarmingly high fossil-fuels based power generation share, which has a number of severe consequences for the country, like the high carbon-emissions rate, and the reduction in hydrocarbon reserves which are more required in export sector. Qatar's economy is largely driven by its natural gas exports, which gets affected negatively by the consumption of gas in power sector.
- The favourable government policies to promote renewable power generation can lead to a robust growth of the market.
