Market Size of United Arab Emirates Solar Photovoltaic (PV) Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 12.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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UAE Solar Photovoltaic Market Analysis
United Arab Emirates Solar Photovoltaic (PV) market is expected to record a CAGR of more than 12% in the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the medium term, factors such as encouraging government policies and pressure to meet the power demand using renewable energy to decrease dependency on fossils and decrease carbon footprints are significant contributors to the market's growth.
- On the other hand, the rising adoption of alternate clean energy sources is expected to restrain market growth.
- Nevertheless, with the adaption of the visionary UAE Energy Strategy 2050, the country is set to increase its clean energy share to 44% by 2050 by investing in nuclear and solar energy. This, in turn, is expected to create several opportunities for United Arab Emirates solar photovoltaic (PV) market in the future.
