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.
Request a Sample Copy of Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/middle-east-africa-solar-photovoltaic-pv-market-105691
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.
Speak To Our Analyst: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/middle-east-africa-solar-photovoltaic-pv-market-105691
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.
Quick Buy - Middle East & Africa Solar Photovoltaic (PV) Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/105691
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
Ask for Customization of this Report: https://www.fortunebusinessinsights.com/enquiry/customization/middle-east-africa-solar-photovoltaic-pv-market-105691
Have a Look at Related Research Insights:
Alkaline Water Electrolysis Market Size, Share & COVID-19 Impact Analysis, By Type (<10 m3/h, <30 m3/h, <50 m3/h, <80 m3/h, and >80 m3/h), By Application (Power Plants, Steel Plant, Electronics and Photovoltaics, Industrial Gases, and Others), and Regional Forecast, 2021-2028
Hydrogen Generation Market Size, Share & COVID-19 Impact Analysis, By Type (On-site and Portable), By Technology (Steam Methane Reforming, Water Electrolysis, Partial Oil Oxidation, and Coal Gasification), By Application (Ammonia Production, Petroleum Refinery, Methanol Production, Transportation, Power Generation, and Others), and Regional Forecast, 2021-2028
Russia Gas Generator Market Size, Share and COVID-19 Impact Analysis, By Power Rating (Up to 100 kVA, 100-350 kVA, 350-750 kVA, 750-1000 kVA, 1000-2000 kVA, 2000-3000 kVA, and Above 3000 kVA), By End-user (Mining, Data Centers, Construction, Manufacturing, Tourism/Hospitality, Oil & Gas, Residential, Agricultural/Greenhouse, Water Treatment/Landfill, Power Utilities, Cold Storage Warehouse, and Others) and Forecast, 2021-2028
Wind Turbine Operation and Maintenance Market Size, Share and COVID-19 Impact Analysis, By Type (Scheduled and Unscheduled), By Location (Onshore and Offshore), and Regional Forecast, 2021-2028
MicroTurbines Market Size, Share And Industry Analysis By Application (Standby Power, Combined Heat and Power (CHP)), By Power Rating (Up to 50 kW, 51 kW to 100 kW, 100 kW to 200 kW, Above 200 kW), By End User (Residential, Commercial, Industrial) And Regional Forecast, 2019-2026
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in. Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune - 411045, Maharashtra, India.
Phone:
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: sales@fortunebusinessinsights.com
You can also contact us/follow us on:
Facebook: https://www.facebook.com/FortuneBusinessInsightsPvtLtd
Twitter: https://twitter.com/FBInsightPvtLtd?s=20
LinkedIn: https://www.linkedin.com/company/fortune-business-insights/
