Market Size of United Arab Emirates Power Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 6.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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UAE Power Market Analysis
The UAE power market is expected to register a CAGR of more than 6% during the forecast period, 2022-2027. The COVID-19 pandemic led to a decline in electricity consumption in 2020, which led to a slowdown in the market. However, this effect is expected to be short-term, and the market is expected to grow during the forecast period. The energy mix for electricity generation is dominated by natural gas, which constitutes almost around 95% of the energy mix. Further, with the upcoming natural gas-fired projects, the market is likely to grow during the forecast period. However, the lack of privatization in the power sector in the northern Emirates is expected to restrain the development of the power sector in the coming years.
- The thermal energy segment has maintained its dominance in the country in recent years, and it is expected to continue to do so during the forecast period.
- Nuclear and waste-to-energy projects are gradually gaining momentum in the country, apart from solar power, which, in turn, is expected to create an ample opportunity for the power sector as new projects.
- The United Arab Emirates has one of the most advanced power sectors in the region, with distinct structures and government policies that are favorable. The country has several upcoming renewable energy projects, which are expected to drive the power market in the country.
