Dublin, April 18, 2023 (GLOBE NEWSWIRE) -- The "Middle East And Africa Solar System Market | Share, Growth, Industry, Value, Trends, Size, Analysis, Revenue, Segmentation, Outlook & COVID-19 IMPACT: Market Forecast By Type, By Module Type, By Applications, By System Type, By Countries And Competitive Landscape" report has been added to ResearchAndMarkets.com's offering.
Middle East and Africa Solar System market is projected to grow at a CAGR of 9.5% in terms of revenues during 2023-2029F.
The Middle East and Africa Solar System Market registered decent growth in past few years on the back of initiatives by various countries such as "Saudi Green Initiative 2030", "Egypt Vision 2030", "Bahrain Vision 2030", "Kuwait Vision 2035" that led to the growth of solar system market in Middle East and Africa.
Moreover, the government in UAE aims to produce 50% electricity from carbon-free sources by 2050, Bahrain plans to have 15% renewable energy by 2035, Lebanon targets 30% renewable energy mix by 2030 that would further augment the growth of solar system market in upcoming years.
Middle East and Africa Solar System Industry has grown significantly in the past few years owing to the construction of solar plants such as 300 MW Sakaka PV plant in Saudi Arabia, 3 MW Tatweer Petroleum in Bahrain along with Dubai Electricity & Water Authority had installed 1,276 solar panels till 2019 under the Shams initiative.
The construction of upcoming solar projects by Middle East and African nations such as Manah solar 1 and Manah solar 2 (Oman), Al-Ajban solar park (UAE), Saad solar PV project (Saudi Arabia), Kisumu solar one PV park (Kenya), Ashama solar power station (Nigeria) would propel the market for solar panels, solar inverters and solar batteries. Moreover, the rising contribution of solar energy in power generation across Middle East and African countries would drive the market for solar system in upcoming years.
Solar System Market in Middle East and Africa is also projected to grow in the future on account of the development of new solar power plant such as Hurghada Solar Park(Egypt), Aswan Solar Project(Egypt), Diass solar power station (Senegal), and Subiya Water Storage Solar PV Plant (Kuwait).
Market by Type
By types, solar panels accounted the maximum revenue share in Middle East and Africa solar system market owing to the construction of Diass Solar Power Station that had nearly 85,248 solar panels installed and development of 1.8 MWp rooftop solar plant in Kenya comprising of 3,334 solar panels.
Furthermore, "Shams initiative" that supported the installation of PV panels for producing electricity in UAE led to the growth of solar panels in past few years. The same segment will continue to grow in the years to come.
Market by Module Type
Solar Panel Industry was dominated by thin film in 2022 owing to their usage in powering the low light equipment such as street lights and traffic lights and the same segment will continue to grow in the sector.
Market by Applications
Government application gathered the maximum revenue share and the same trend is expected to continue in the years ahead on the back of initiatives taken by the countries in both regions.
Market by System Type
Off Grid accounted for major revenue share in 2022 and same trend would witness in future due to ongoing construction 400 MW solar photovoltaic project along with 1,300 MW battery energy storage solution. The on grid will account for the largest share in countries like Kuwait, UAE, Qatar, Bahrain, Egypt, and Senegal.
Market by Countries
In 2022, UAE has garnered major revenue share in MEA Solar System market on the back of the projects such as Al Ajban Solar PV, which is the world's third leading large scale utility solar PV after development of Noor Abu Dhabi and Al Dhafra Solar PV project in the region.
Further, the market would grow in the years ahead as UAE government has set a target of installing solar PV capacity from 2.1 GW to 8.5 GW by the year 2025.
Company Profiles
- Huawei Technologies
- Growatt New Energy
- Canadian Solar
- Philadelphia Solar
- JA Solar
- Suntech
- Longi Solar
- Jinko Solar Co., Ltd.
- Trina Solar Co., Ltd.
- SMA Solar Technology AG
- Victron Energy
- Exide Industries Limited
- Fronius International Gmbh
- Sungrow Power Supply Co., Ltd
- Bluesun Group
- ARE Group
- Copex Solar Group
- Orb Energy
- ABB Ltd.
Key Attractiveness of the Report
- COVID-19 Impact on the Market.
- 11 Years Market Numbers.
- Historical Data Starting from 2019 to 2022.
- Base Year: 2022
- Forecast Data until 2029.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Market Scope and Segmentation
- MEA Solar System Market Overview
- MEA Solar System Market Outlook
- MEA Solar System Market Forecast
- Historical Data and Forecast of MEA Solar System Market Revenues for the Period 2019-2029F
- Historical Data and Forecast of MEA Solar System Market Revenues, By Countries, for the Period 2019-2029F
- Historical Data and Forecast of MEA Solar System Market Revenues, By Solar Panels, for the Period 2019-2029F
- Historical Data and Forecast of MEA Solar System Market Revenues, By Solar Inverter, for the Period 2019-2029F
- Historical Data and Forecast of MEA Solar System Market Revenues, By Solar Battery, for the Period 2019-2029F
- MEA Solar System Market Trends
- Market Drivers and Restraints
- Industry Life Cycle
- Porter's Five Force Analysis
- Company Ranking
- Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
By Type
- Solar Panel
- Solar Inverter
- Solar Battery
By Module Type
- Thin Film
- Crystalline
By Applications
- Government
- Private
By System Type
- On Grid
- Off Grid
- Hybrid
For more information about this report visit https://www.researchandmarkets.com/r/udnzfq
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