Middle East and Africa Renewable Energy Market Size was valued at USD 18.2 Billion in 2022. The Middle East and Africa Renewable Energy market industry is projected to grow from USD 19.8 Billion in 2023 to USD 38.9 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.80% during the forecast period (2024 - 2032). Growing emphasis on enhancing air quality and growing public knowledge of the advantages of renewable energy are the major market drivers driving the Renewable Energy market in the Middle East & Africa.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The market CAGR is driven by the increase in energy demand. Energy demand in the MEA region is rising significantly, mostly as a result of fast urbanization, industrialization, and population development. The market is expanding as a result of the growing demand, which has sparked interest in these sources as a means of achieving sustainability objectives and guaranteeing energy security. Renewable energy comes from a variety of sources, including solar, geothermal, wind, hydropower, and biofuels. According to estimates, renewable energy sources currently provide around 7% of the world's energy needs. It is anticipated that this share will rise dramatically in the near future. Greenhouse gas emissions from a variety of energy-intensive industries, such as transportation, construction, energy, agriculture, and others, have increased, changing the pattern of the climate. These elements interfere with both environmental and human activity, and they also add to the increase in global temperature.
Furthermore, the cost of renewable energy is declining as a result of ongoing technological advancements, and the growing competitiveness of battery storage systems is helping to propel the renewable energy market's expansion. Massive investments are being made in the adoption of renewable energy sources as a result of growing global concerns about climate change and ESG. In many industrialized and emerging economies, the government provides financial incentives to businesses so they will switch to clean, green energy, protecting the environment and fostering sustainability. These elements have a major role in the global market expansion for renewable energy. Increasing energy efficiency and switching to alternative energy sources are two of the many steps being taken to mitigate these emissions. Utilizing alternative fuels and transferring knowledge from industrialized to poor nations are two of the many actions done to reduce emissions. Thus, driving the Middle East and Africa Renewable Energy market revenue.
The Middle East and Africa Renewable Energy market segmentation, based on End-user, includes Residential, Industrial, and Commercial. The residential segment dominated the market. For a variety of reasons, the industrial sector is leading the renewable energy market. Industrial facilities require a lot of electricity due to their high energy demands. Industrial players can lessen their carbon footprint and increase their independence from conventional fossil fuel-based energy by using renewable energy sources such as solar, wind, biomass, or hydropower.
Figure 1: Middle East and Africa Renewable Energy Market, by End-user, 2023 & 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The Middle East and Africa Renewable Energy market segmentation, based on Type, includes Hydropower, Wind, Solar, and Others. The Solar category generated the most income. This is because it receives plenty of sunlight all year round. The nation can use its enormous solar potential to help satisfy its expanding energy needs. The solar energy market is growing quickly as a result of the large expenditures made in solar power projects due to the abundance of sunshine.
The GCC region is ideally suited for the production of renewable energy due to its abundance of wind and solar radiation. These resources provide the region's nations a huge chance to capture clean energy and lessen their need for fossil fuels for the production of power. The industrial sector has produced more electricity over time as a result of the market's availability of more efficient solar cells. Increased industry competitiveness has led to a decrease in the cost of produced electricity and an increase in the diversity of solar panels. Over the course of the forecast period, these variables are anticipated to support the region's demand for renewable energy. Furthermore, it is anticipated that rising concerns about greenhouse gas emissions, the cost of generation, and laws aimed at reducing carbon footprint would spur the expansion of renewable energy.
Figure 2: MIDDLE EAST AND AFRICA RENEWABLE ENERGY MARKET SHARE BY REGION 2023 & 2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Leading market players are making significant investments in R&D to broaden their product offerings, which will support further growth in the Middle East and Africa Renewable Energy market. In addition, market players are engaging in a range of calculated initiatives to increase their presence, with significant market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Middle East and Africa Renewable Energy industry must provide reasonably priced goods.
Major players in the Middle East and Africa Renewable Energy market are engaging in research and development activities in an effort to boost market demand, including ACWA Power International, AKER HORIZONS, AKUO ENERGY SAS, AMEA Power, Electricite de France SA, Enel Spa.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 18.2 Billion |
| Market Size 2023 | USD 19.8 Billion |
| Market Size 2032 | USD 38.9 Billion |
| Compound Annual Growth Rate (CAGR) | 8.80% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019-2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | End-user, Type, and Region |
| Region Covered | Middle East & Africa |
| Countries Covered | The GCC Countries, Saudi Arabia, Iran and the Rest of the Middle East & Africa |
| Key Companies Profiled | ACWA Power International, AKER HORIZONS, AKUO ENERGY SAS, AMEA Power, Electricite de France SA, Enel Spa |
| Key Market Opportunities | ·        Growing public knowledge of the advantages of renewable energy. |
| Key Market Dynamics | ·        Growing emphasis on enhancing air quality ·        Growing Concern for Environmental Issues, and Growing Priority for Sustainable Development |
Frequently Asked Questions (FAQ) :
The Middle East and Africa Renewable Energy market size was valued at USD 19.8 Billion in 2023.
The market is projected to grow at a CAGR of 8.80% during the forecast period, 2024-2032.
The key players in the market are ACWA Power International, AKER HORIZONS, AKUO ENERGY SAS, AMEA Power, Electricite de France SA, and Enel Spa.
The residential category dominated the market in 2023.
The solar category had the largest share of the market.
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Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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