Digital Transformation Slows Down the Global Economy
Middle East Region Ramps Up Renewables Production in 2024
By Shubhendra Anand , 01 August, 2024
Globally, countries are ramping up the production of renewable energy in 2024. Nations worldwide aim to achieve net zero emissions by the end of 2050. Therefore, nations are shifting from conventional energy markets to renewable energy markets in 2024 on a competitive landscape. Western developed countries are making several changes in the energy markets to cope with the transformation process. Similarly, the Middle East region is progressing in the renewable energy market in 2024.
According to the survey, the renewable energy market in the Middle East region is expected to overcome conventional fuels in 2024. The production of renewables drives the energy market in light of the clean energy transition. Hence, fossil fuel usage in the Middle East will decrease by the end of 2040. The clean energy transition will be enhanced in the Middle East region with the help of solar photovoltaic (PV) installations. Solar PV is an important renewable energy source that claims to increase the power supply of the Middle East region. Studies have proven that solar PV supplies power to 50 percent of the Middle East region.
Additionally, statistics for clean energy transition in the middle east region show that solar, hydro, and wind energy together can contribute around 70 percent to the Middle East's energy market. This power transformation in the Middle East's energy market is expected to be achieved by 2050. However, experts' views differ because of the current energy market landscape in the Middle East region. Experts claim that the Middle East will depend heavily on natural gas till 2030.
The transformation in the Middle East region shows positive signs in the energy market. However, the main highlighting point is that the Middle East is known for its oil and gas. Middle East is the leading region in the oil and gas market. Therefore, rapid transformation from conventional fuels to renewables seems quite tricky. Thus, the Middle East's efforts on renewables are an example for the rest of the world to get motivated towards the clean energy transition.
Forecast of Renewable Power Sources in the Middle East
Latest News
Digital Transformation Slows Down the Global Economy
Globally, the nations are facing downward momentum in their economic activities. The financial condition of advanced economies is declining rapidly in 2024. Surveys suggest that advanced economies are facing economic challenges due to various…
German Companies’ Joint Venture to Boost Large Scale Storage in 2024
The growing clean energy transition process is forcing companies to make significant decisions regarding the storage of clean energy. Germany's energy market surges in power with necessary steps towards uplifting clean energy. The increasing…
Consumers Behavior Makes Food and Beverage Companies World Leaders in FMCG Rankings
Fast moving consumer goods (FMCG) are the important goods that consumers use in their daily activities. These products are otherwise known as consumer-packaged goods, thus, they include a range of products, such as food and beverages, healthcare…
Need of More Renewable’s Growth to Replace Fossil Fuel’s Dominance in 2024
The energy sector will go through dynamic changes in 2024. This is due to the rapid growth of the clean energy transition in the energy sector. Hence, renewables like wind and solar energy are gaining momentum in the market. However, fossil fuels…
Global Economy Attains Stability, may Affect Consumers Behavior
The global economy faces new challenges in 2024 that economically represent both positive and negative aspects. According to survey data, the global economy will stabilize for the first time in three years. The world economy will experience economic…
Shubhendra Anand
Head Research
Latest News
German Companies’ Joint Venture to Boost Large Scale Storage in 2024
Consumers Behavior Makes Food and Beverage Companies World Leaders in FMCG Rankings
Need of More Renewable’s Growth to Replace Fossil Fuel’s Dominance in 2024
Global Economy Attains Stability, may Affect Consumers Behavior
