New York, Sept. 24, 2021 (GLOBE NEWSWIRE) -- According to the statistics by the International Renewable Energy Agency (IRENA), total renewable energy capacity in Africa increased from 27705 MW in 2011 to 53685 MW in 2020, whereas in the Middle East, it increased from 12557 MW to 24224 MW between the same period. Moreover, renewable hydropower capacity in Africa increased from 25103MW in 2011 to 34073MW in 2020, whereas in the Middle East, it grew from 12170 MW to 16233 MW between the same period. On the other hand, according to the statistics by the Global Wind Energy Council (GWEC), wind power capacity in the Middle East & Africa is expected to reach 23335 MW in 2025 from 7277 MW in 2020. Furthermore, according to the statistics by the African Energy Commission, the production of electricity from biofuels and waste in Africa was projected to reach 2288 GWh in 2019 from 1060 GWh in 2000, whereas, electricity generated from geothermal was expected to reach 4440 GWh in 2019 from 434 GWh in 2000.
Research Nester has recently added a report on “Middle East & Africa Renewable Energy-as-a-Service (EaaS) Market” in its repository of market research reports. The report includes a comprehensive study of the key players operating in the market and also includes the market dynamics that are expected to drive the growth of the market during the forecast period, i.e., 2021-2028.
The demand for energy amongst the end-users in Middle East & Africa is growing at a significant pace owing to rapid urbanization and emerging businesses in the region. According to the statistics by the World Bank, the urban population as a share of the total population in the Middle East & North America, increased from 58.596% in 2000 to 65.974% in 2020, whereas in South Africa, it increased from 56.891% to 67.354% between the same period. Moreover, with the growing concern for the environment, and the stringent regulations by the government, there is a rising need to shift to renewable energy sources, so as to meet the targets of the sustainable development goals (SDGs) set by the United Nations. However, as the widespread deployment of low-carbon energy solutions is still limited in the region, the adoption of the renewable energy-as-a-service model proves to be a feasible solution, which is further anticipated to drive the growth of the Middle East & Africa renewable energy-as-a-service (EaaS) market. The market registered a revenue of USD 1050.86 Million in 2019, and is further projected to reach USD 1805.91 Million in 2028 by growing at a CAGR of 10.54% during the forecast period.
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Based on country, the market is segmented into Israel, GCC, Egypt, Kenya, Ethiopia, Democratic Republic of Congo (DRC), Morocco, Nigeria, South Africa, and the Rest of MEA. Amongst the market in these countries, the market in GCC is anticipated to hold the largest market share throughout the forecast period and further reach a revenue of USD 907.76 Million by the end of 2028, up from a revenue of USD 484.68 Million in 2019. The market in GCC is also expected to grow with the highest CAGR of 11.59% during the forecast period. Further, the market in GCC is divided into Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, and Oman. Amongst these countries, the market in Saudi Arabia is anticipated to garner the largest market share throughout the forecast period and further register the largest market revenue of USD 196.39 Million by the end of 2021. The market in Saudi Arabia is also anticipated to grow with the highest CAGR of 12.32% during the forecast period. The growth of the market in the country can primarily be attributed to the fact that solar PV projects and wind farms are economically viable, which, as a result, is allowing investors to invest more in renewable energy sources.
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The Middle East & Africa renewable energy-as-a-service market is segmented by service type into energy procurement, operations & maintenance, efficiency & optimization, equipment upgrade & refurbishment, and others. Among these segments, the operations & maintenance segment is expected to grab the largest market share throughout the forecast period and further attain a market revenue of USD 644.71 Million by the end of 2028, up from a revenue of USD 359.39 Million in 2019. The segment is also expected to grow with the highest CAGR of 11.07% during the forecast period. In GCC, the segment is expected to garner the largest market revenue of USD 145.45 Million by the end of 2021 and further grow with the highest CAGR of 12.13% during the forecast period. Additionally, in Saudi Arabia, the segment is expected to garner the largest market revenue of USD 158.11 Million by the end of 2028, up from a revenue of USD 76.26 Million in 2019. The segment in the country is also anticipated to grow with the highest CAGR of 12.85% during the forecast period.
TMiddle East & Africa renewable energy-as-a-service market is also segmented on the basis of end user.
Middle East & Africa Renewable Energy-as-a-Service (EaaS) Market, Segmentation by End User
- Residential
- Commercial
- Industrial
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Some of the leading players in the Middle East & Africa renewable energy-as-a-service (EaaS) market are QTM, Smart4Power LLC, Energy Savers FZE, Enova (Veolia Environnement), Schneider Electric, SGS, and others.
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