Middle East and Africa Renewable Energy Market Size More Than Doubles to Cross Whopping USD 105 Billion by 2029

Published | 05 October 2023

Middle East and Africa renewable energy market is gaining traction because of the rising energy demand in emerging economies and governments’ supportive initiatives toward the clean energy sector.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Middle East and Africa renewable energy market size at USD 48.13 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the Middle East and Africa renewable energy market size to grow at a robust CAGR of 13.91% reaching a value of USD 105.12 billion by 2029. Rising energy consumption in developing countries due to thriving commercial and industrial sectors is one of the key driving factors behind the flourishing Middle East and Africa renewable energy market. In order to satisfy the increased demand, governments in the MEA region are making major investments in the clean energy industry, which is predicted to fuel market expansion throughout the forecast period.

Middle East and Africa Renewable Energy Market – Overview

Renewable energy is energy generated from renewable sources that will naturally be replenished over a human timescale. Sunlight, wind, rain, tides, and geothermal heat are some of the most common sources of renewable energy. They provide a very effective alternative to non-renewable energy sources such as fossil fuels. These energy sources are most prominently used for electricity generation, air and water heating/cooling, transportation, and rural (off-grid) energy services. Solar and wind energy are considered extremely economical, which makes them popular.

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Segmental Information

Middle East and Africa Renewable Energy Market – By End Use

Based on end use, the Middle East and Africa renewable energy market is segmented into residential, commercial, industrial, and others. The industrial segment accounts for the highest market share and is projected to register the highest growth rate during the forecast period as well. The growth of industrial end-use segment is attributed to the flourishing industrial sector in the MEA region. Various countries across the region are significantly investing in strengthening their manufacturing sector to reduce their dependence on the oil and natural gas sector. The commercial segment is also projected to gain significant traction during the forecast period.

Impact of COVID-19 on the Middle East and Africa Renewable Energy Market

The COVID-19 pandemic disrupted the growth of the Middle East and Africa renewable energy market. The MEA nations' development of renewable energy infrastructure was hampered by lockdown restrictions. The development of the industry was stalled by the temporary halt in the manufacturing operations and supply chain disruption of renewable energy components like solar panels, wind and water turbines, microinverters, racking systems, etc. The market is anticipated to grow, nonetheless, in the years following COVID-19 owing to the rise in sustainability consciousness and rising focus towards resource conservation.

Competitive Landscape

Major players operating in the Middle East and Africa renewable energy market include MASE, Enerwhere Sustainable Energy DMCC, Solarwind ME, Akuo Energy SAS, and Yellow Door Energy.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Middle East and Africa Renewable Energy Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Middle East and Africa Renewable Energy Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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