Certified Global Research Member
Key Questions Answered
- Global Market Outlook
- In-depth analysis of global and regional trends
- Analyze and identify the major players in the market, their market share, key developments, etc.
- To understand the capability of the major players based on products offered, financials, and strategies.
- Identify disrupting products, companies, and trends.
- To identify opportunities in the market.
- Analyze the key challenges in the market.
- Analyze the regional penetration of players, products, and services in the market.
- Comparison of major players’ financial performance.
- Evaluate strategies adopted by major players.
- Recommendations
Why Choose Market Research Future?
- Vigorous research methodologies for specific market.
- Knowledge partners across the globe
- Large network of partner consultants.
- Ever-increasing/ Escalating data base with quarterly monitoring of various markets
- Trusted by fortune 500 companies/startups/ universities/organizations
- Large database of 5000+ markets reports.
- Effective and prompt pre- and post-sales support.
The MENA (Middle East and North Africa) region has seen a significant rise in solar energy adoption in recent years, driven by various market trends. One prominent trend is the increasing recognition of solar energy as a viable and sustainable alternative to traditional fossil fuels. As concerns about climate change and environmental sustainability grow, governments and businesses in the MENA region are increasingly turning to solar power to meet their energy needs while reducing carbon emissions.
Government support and favorable policies have also played a crucial role in driving the growth of the solar energy market in the MENA region. Many governments in the region have implemented incentives such as feed-in tariffs, tax breaks, and subsidies to encourage investment in solar energy projects. These policies have helped to create a more conducive environment for solar energy development and have attracted both domestic and foreign investors to the market.
Additionally, technological advancements and falling costs have made solar energy more accessible and economically viable in the MENA region. The declining cost of solar panels, batteries, and other components, coupled with improvements in efficiency and reliability, have made solar energy increasingly competitive with conventional forms of energy generation. This has led to a surge in solar energy installations across the MENA region, with utility-scale solar projects becoming increasingly common.
Another significant trend in the MENA solar energy market is the increasing adoption of solar energy by businesses and industries. Many companies in the region are investing in solar energy systems to reduce their dependence on grid electricity, lower their energy costs, and enhance their sustainability credentials. This trend is particularly evident in sectors such as manufacturing, hospitality, and agriculture, where energy-intensive operations can benefit significantly from solar power.
Furthermore, the MENA region's abundant sunlight and vast desert landscapes make it particularly well-suited for solar energy generation. Countries such as Saudi Arabia, the United Arab Emirates, and Morocco have some of the highest solar irradiance levels in the world, making them ideal locations for large-scale solar energy projects. As a result, these countries have emerged as leaders in the MENA solar energy market, attracting significant investment and driving innovation in solar technology.
Looking ahead, the MENA solar energy market is expected to continue its rapid growth trajectory, driven by ongoing technological advancements, supportive government policies, and increasing environmental awareness. As the cost of solar energy continues to decline and the efficiency of solar technology improves, solar power is likely to become an even more attractive option for meeting the region's growing energy demand.
The MENA solar energy market is experiencing significant growth driven by various market trends such as increasing recognition of solar energy's sustainability, supportive government policies, technological advancements, and the region's abundant solar resources. With continued investment and innovation, solar energy is poised to play a crucial role in the MENA region's transition towards a more sustainable and renewable energy future.
MENA Solar Energy Market Highlights:
MENA Solar Energy Market Overview:
MENA Solar Energy Market size was valued at USD 35,379 Million in 2022. The solar energy market industry is projected to grow USD 66,721.27 Million by 2032, exhibiting a compound annual growth rate (CAGR) of 6.60% during the forecast period (2023 - 2032). The surge in the requirement for sustainable energy resources is one of the major market drivers driving the solar energy market in MENA. Increasing awareness of renewable energy, favorable policies, technological advancements, and the commitment of regional players to transition towards sustainable and clean energy solutions drives market expansion.
Source: Secondary Research, MRFR Database, Primary Research, and Analyst Review
Solar Energy Market Trends
-
Supportive government policies is driving the market growth
The MENA solar energy market CAGR is expanding due to abundant sunlight and increasing regional commitment to sustainable energy sources. Governments in the region, recognizing the economic and environmental benefits, have implemented supportive policies, including feed-in tariffs, tax incentives, and regulatory frameworks, fostering solar project development. As energy security and environmental concerns gain prominence, coupled with decreasing solar technology costs, the MENA region is witnessing a substantial shift towards solar power, driving innovation and investment in renewable energy infrastructure. Moreover, major players employ diverse strategies, such as large-scale project development, technology innovation, strategic partnerships, and government collaborations. Companies focus on enhancing project efficiency, implementing storage solutions, and participating in public-private initiatives to advance solar energy adoption and achieve sustainable growth in the MENA region.
Furthermore, the MENA region is experiencing rising investment in renewable energy projects, particularly solar power. This surge in investment reflects a strategic shift towards cleaner energy sources, driven by environmental concerns, energy security, and the economic benefits associated with harnessing the region's significant solar potential, driving the solar energy market revenue. For instance, in March 2022, as per the Ministry of Industry and Mineral Resources, Saudi Arabia launched a new plan to support green energy initiatives and reduce its reliance on crude oil.
Solar Energy Market Segment Insights:
Solar Energy Technology Insights
The MENA solar energy market segmentation, based on technology, includes photovoltaic systems and concentrated solar power systems. The photovoltaic systems segment dominated the market due to the surge in the growth of the electric vehicle market, which is driving the market for solar-powered EV assessing infrastructure, which has a favorable influence on the solar energy market. However, concentrated solar power systems are the fastest-growing category in the market as they have experienced significant expansion in recent years, driven by declining costs and government incentives. Furthermore, governments around the region increasingly prioritize renewable energy sources, and the demand for solar power is expected to rise.
Figure 1: MENA Solar Energy Market, by Technology, 2022 & 2032 (USD Billion)
Source: Secondary Research, MRFR Database, Primary Research, and Analyst Review
Solar Energy Solar Module Insights
The MENA solar energy market segmentation, based on solar modules, includes monocrystalline, polycrystalline, cadmium telluride, amorphous silicon cells, and others. The polycrystalline category generated the most income. Multi-Si technology is widely utilized in the electronic industry to manufacture calculators and smartwatches. However, amorphous silicon cells is the fastest-growing category owing to an increase in the disposable income of customers and a rise in the standard of living have boosted the market for electronics and smart devices, which in turn is projected to expand the need for multi-Si solar cell technology.
Solar Energy Application Insights
The MENA solar energy market segmentation, based on application, includes residential, commercial, and industrial. The industrial category generated the most income. Rapid industrialization across the region and an expansion in population have increased the demand for various commercial products. The increase in production has led to the demand for power, which led to a surge in the utilization of solar concentrators in the power generation sector. However, commercial is the fastest-growing category as a commercial investment, solar power offers businesses sustainable, cost-effective solutions, enhancing energy independence and environmental stewardship while providing long-term economic benefits.
Solar Energy End-Use Insights
The MENA solar energy market segmentation, based on end-use, includes electricity generation, lighting, heating, and charging. The electricity generation category generated the most income due to increased awareness regarding the impact of greenhouse gases on the environment, which led to the search for alternative power generation solutions that led to solar concentrators. However, lighting is the fastest-growing category owing to rising environmental consciousness and government incentives. Advancements in technology, declining costs, and increasing energy demand contribute to its growth.
Solar Energy Country Insights
The MENA solar energy market is burgeoning as governments in the region are implementing policies promoting renewable energy, coupled with abundant sunlight, driving increased investments in solar projects. Additionally, growing environmental awareness and a desire for energy diversification contribute to the region's growing solar sector. This expansion aligns with the region's efforts to transition towards sustainable energy solutions, fostering economic growth and reducing dependence on traditional fossil fuels in the MENA region. The government support, abundant sunlight, and a growing need for sustainable energy solutions. Solar power addresses environmental concerns and energy security as a pivotal force in the electricity industry. The region's commitment to diversifying its energy mix, technological advancements, and favorable regulatory frameworks accelerates the adoption of solar energy, positioning it as a key player in transforming the MENA electricity landscape.
Figure 2: MENA Solar Energy Market Share By Region 2022 (USD Billion)
Source: Secondary Research, MRFR Database, Primary Research, and Analyst Review
Solar Energy Key Market Participants & Competitive Insights
Leading market participants are investing heavily in research and development to extend their product portfolio, which will assist the solar energy market to grow even more. Market participants are also undertaking different strategic activities to extend their footprint, with significant market developments including recent product establishment, contractual agreements, mergers and acquisitions, more increased investments, and collaboration with other institutions. The solar energy industry must deliver cost-effective items to grow and stay in a more competitive and increasing market climate.
Major participants in the solar energy market are attempting to expand market demand by investing in research and development operations, including ACWA Power, Masdar (Abu Dhabi Future Energy Company), First Solar, JinkoSolar, SunPower, DEWA (Dubai Electricity and Water Authority), Saudi Aramco, Scatec Solar, ACWAPower and Engie.
Key Participants in The Solar Energy Market Include
- Masdar (Abu Dhabi Future Energy Company)
- ACWA Power
- First Solar
- JinkoSolar
- SunPower
- DEWA (Dubai Electricity and Water Authority)
- Saudi Aramco
- Scatec Solar
- ACWAPower
- Engie
Solar Energy Industry Developments
January 2023: Oman Power and Water Procurement Company (OPWP) announced solar energy projects Manah 1 and 2 worth USD 777 million. The project is likely to procure 2 million solar PV panels. It will jointly produce a total of 1,000MW, which is set to come up by the end of 2025 on a 15 million sq m area within the Governorate of A'Dakhiliyah.
Solar Energy Market Segmentation:
Solar Energy Solar Module Outlook
- Monocrystalline
- Polycrystalline
- Cadmium Telluride
- Amorphous Silicon Cells
- Others
Solar Energy Technology Outlook
- Photovoltaic Systems
- Concentrated Solar Power Systems
Solar Energy End-Use Outlook
- Electricity Generation
- Lighting
- Heating
- Charging
Solar Energy Application Outlook
- Residential
- Commercial
- Industrial
Solar Energy Regional Outlook
- MENA
- Jordan
- Morocco
- GCC
- Egypt
- Saudi Arabia
- Abu Dhabi
- Dubai
Leading companies partner with us for data-driven Insights
Kindly complete the form below to receive a free sample of this Report
Tailored for You
- Dedicated Research on any specifics segment or region.
- Focused Research on specific players in the market.
- Custom Report based only on your requirements.
- Flexibility to add or subtract any chapter in the study.
- Historic data from 2014 and forecasts outlook till 2040.
- Flexibility of providing data/insights in formats (PDF, PPT, Excel).
- Provide cross segmentation in applicable scenario/markets.
