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Middle East & Africa Solar Photovoltaic (PV) Market to Exhibit 30.8% CAGR by 2028; Increasing Fuel Demand Globally to Bolster Growth: Fortune Business Insights™

·10 min read

Leading companies in the Middle East & Africa solar photovoltaic (PV) market are A.R.E Group (Egypt), SARL Algerian PV Company, Aton Enerji (Turkey), Aures Solaire (Algeria) Aurasol (Tunisia), Copex Solar (UAE), Cleanergy (Morocco), DuSol Industries (UAE), Emirates Insolaire (UAE), Specialized Battery Systems (South Africa), Genergy (South Africa), Asunim Solar (Turkey), Sinetech (PTY) Ltd. (South Africa), Seraphim Solar (China), Jetion Solar (China) and others

Pune, India, Aug. 23, 2021 (GLOBE NEWSWIRE) -- The Middle East & Africa solar photovoltaic (PV) market size was USD 2.19 billion in 2020. The market is projected to grow from USD 3.47 billion in 2021 to USD 22.68 billion in 2028 at a CAGR of 30.8% in the 2021-2028 period. This information is published by Fortune Business Insights™ in its report titled, “Middle East & Africa Solar Photovoltaic (PV) Market, 2021-2028.”

As per our report, the capability of solar PV to be economical and serve the demand from the vast population is estimated to fuel demand in the market. Solar parks and distinct solar installations can avail the power demand for a large chunk of the population and a single house accordingly. Solar installations help to decline the rate of electricity per unit. Incentives given by the government for solar power generation are the key factors that interest consumers to mount solar at a singular level. Coupled with no carbon releases, this is among the chief causes that have resulted in the development of the solar PV market worldwide. This is estimated to drive the solar power installations in the Middle East region during the forecast period.

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List of Key Players Covered in the Market Report

  • A.R.E Group (Egypt)

  • SARL Algerian PV Company

  • Aton Enerji (Turkey)

  • Aures Solaire (Algeria)

  • Aurasol (Tunisia)

  • Copex Solar (UAE)

  • Cleanergy (Morocco)

  • DuSol Industries (UAE)

  • Emirates Insolaire (UAE)

  • Specialized Battery Systems (South Africa)

  • Genergy (South Africa)

  • Asunim Solar (Turkey)

  • Sinetech (PTY) Ltd. (South Africa)

  • Seraphim Solar (China)

  • Jetion Solar (China)

Report Scope & Segmentation

Report Coverage

Details

Forecast Period

2021 to 2028

Forecast Period 2021 to 2028 CAGR

30.8%

2028 Value Projection

USD 22.68 Billion

Base Year

2020

Market Size in 2021

USD 3.47 Billion

Historical Data for

2017 to 2019

No. of Pages

136

Segments covered

Size, Technology,Grid Type, Installation, Geography

Growth Drivers

Surging Adoption of Solar for Power Generation across Countries to Boost the Solar Photovoltaic Market

The Ability of Solar PV to Be Cost-effective & Suffice Demand for Huge Population Will Drive Market

Increasing Government Efforts to Maximize Energy from Solar is a Vital Trend

Pitfalls & Challenges

Installation Area Constraint and High Operation & Maintenance Cost May Hinder Industry Growth

COVID-19 Outbreak Regulations to Hinder Market Growth in MEA

The global health crisis triggered by the spread of the COVID-19 pandemic resulted in an adverse impact on almost every sector and industry. The Middle East & Africa solar photovoltaic (PV) industry is greatly reliant on imports from other countries and also technical workforce, which mostly comes from EPC contractors. With the national lockdowns announced and the absence of workers, the investment movement for solar in the Middle East is likely to observe a collapse with a postponement in distribution time for current schemes. In accordance with the Arab Petroleum Investments Corporation (APICORP), the energy investments in the MENA region as expected to fall by USD 73 billion between 2020 and 2024. Moreover, like other nations, the Middle East countries too observed an extensive reduction in solar energy installation volume in comparison to the prior year.

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/middle-east-africa-solar-photovoltaic-pv-market-105691

Report Coverage

We have executed an exclusive research approach that comprises statistics triangulation based on the famous bottom-up and top-down approaches. Our researchers have led thorough primary research to authenticate the projected size of the Middle East and Africa solar industry. The data utilized to depict the shares for multiple segments at the national, regional, and global levels are extracted from comprehensive interviews with various investors. Our analysts have also obtained information from paid databases, industry journals, SEC filings, and many other similar resources.

Segmentation

On the basis of technology, the Middle East & Africa solar PV market is categorized into monocrystalline silicon, thin-film, multicrystalline silicon, and others. Amongst all the obtainable technologies, multicrystalline silicon solar panels hold supreme efficacy. Long operational life is the other chief feature that has been steering their adoption over the last few years. It procured 55.3% in terms of share in 2020.

By installation, the market is classified into ground-mounted, rooftop, and others. Based on grid type, the market is segregated into on-grid and off-grid. By application, the market is divided into utilities, residential and non-residential.

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Drivers and Restraints

Rising Government Practices to Maximize Energy from Solar Set to Aid Market Growth

The world has made major changes, such as the shift from fossil fuels to renewable energy sources. The identical structure has been observed in the Middle East & Africa solar photovoltaic (PV) industry with energy requirement for renewables growing and governments concentrating on obtaining extreme conceivable energy from these sources. The governments in the region aim to endorse solar at a distinct level and are also planning to offer enticements and aids to people to decrease the usage of fossil fuels.

For instance, in UAE, according to the small-scale solar PV Energy Netting Regulation sanctioned in Abu Dhabi in 2017, holders of the solar PV panels are indebted to be accredited for any excess production beyond use in their properties. This guideline is applicable to proprietors, manufacturers, supply companies, approved contractors, or other people involved in the association of small-scale PV systems to the circulation system or distribution firms. This is expected to thrust the Middle East & Africa solar photovoltaic (PV) market growth in the foreseeable future.

Country Insights

Surging Dependence on Solar Power Systems in U.A.E., Algeria, and Egypt to Bolster Growth

The regional market size was worth USD 9.85 billion in 2019. The market is being carefully observed in several nations such as UAE, Egypt, South Africa, Saudi Arabia, Oman, Iraq, Ghana, Tunisia, Namibia, Algeria, Nigeria, and the other parts of MEA. At present, United Arab Emirates (UAE), South Africa, Egypt, and Algeria are the nations in the region that have perceived an augmentation in solar power systems over the past years.

Extensive funding by numerous companies to build novel solar structures to regularly supply power to countless commercial and industrial segments is prepared to upgrade the electricity production technology blend in this region. The lack of electricity in several African countries is a major source of encouragement for investors to invest in such solar projects. For example, as per the data provided by the World Bank as of July 2020, considerably economically contributing nations such as Nigeria and Kenya have a mere 56.5% and 75% of the total population with admission to electricity as of the year 2018, respectively. This factor would propel the Middle East and Africa solar photovoltaic (PV) industry.

Competitive Landscape

Key Players Focus on Extending Their Reach in the Region to Gain a Competitive Edge

The competitive landscape of the market portrays a market controlled by solar PV producers who hold a larger position in the global market. The players who have firm supply chains with fondness from customers have conquered the market in the Middle East too. Key companies such as Jetion Solar, Seraphim Solar, and Asumin solar hold a leading position in the Middle East market. As the companies rising in the region are fresh and are functioning towards extending their reach in the market are projected to be having abundant players in the upcoming years, which will further benefit the Middle East & Africa solar PV industry.

Industry Development

April 2021: Saudi Arabia contracted a novel power buying agreement for seven new solar power plans. The fresh developments in the country will consist of a capacity of nearly 3600 MW. The accomplishment of this mission will provide electricity to roughly 6 00,000 households in the country.

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Major Table of Contents:

  • Introduction

    • Research Scope

    • Market Segmentation

    • Research Methodology

    • Definitions and Assumptions

  • Executive Summary

  • Market Dynamics

    • Market Drivers

    • Market Restraints

    • Market Opportunities

  • Key Insights

    • Key Emerging Trends – For Major Countries

    • Latest Technological Advancement

    • Regulatory Landscape

    • Porters Five Forces Analysis

  • Qualitative Analysis – Impact of COVID-19

    • Impact of COVID-19 on the Solar Photovoltaic (PV)Market

    • Steps Taken by the Government to Overcome the Impact

    • Key Developments in Industry in Response to COVID-19

    • Potential Opportunities and Challenges due to COVID-19 Outbreak

  • Global Renewable Energy Development Overview, 2017-2020

    • Global Renewable Energy Development (MW) – By Type

    • North America Renewable Energy Development (MW) – By Type

    • Europe Renewable Energy Development (MW) – By Type

    • Asia Pacific Renewable Energy Development (MW) – By Type

    • Latin America Renewable Energy Development (MW) – By Type

    • Middle East & Africa Renewable Energy Development (MW) – By Type

  • Middle East & Africa Electricity Demand Potential (Exajoules), by Country, 2017-2028

    • South Africa

    • UAE

    • Egypt

    • Saudi Arabia

    • Iraq

    • Oman

    • Ghana

    • Namibia

    • Tunisia

    • Algeria

    • Nigeria

    • Rest of Middle East & Africa

TOC Continued…!

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