Egypt Renewable Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Egypt Renewable Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The market for Renewable Energy in Egypt is expected to grow at a CAGR of more than 12% in the forecast period of 2020-2025. Factors such as encouraging government policies and pressure to meet power demand using renewables to decrease dependency on fossils to decrease Carbon footprints are significant contributors to the growth of the market. With the introduction of the Integrated Energy Strategy 2035, the government is committed to increase the share of renewable to 42% by 2035. The declining costs of renewable technologies are becoming competitive with fossil fuel sources, and additional subsidies on renewables are driving the renewable market further. On the other hand, with the slow pace of development of large-scale projects and limited land and limited power capacity by variable renewable energy sources, there can be a fall in the growth of renewable.

Key Highlights

• Wind energy is expected to surpass hydropower, generating 12% of electricity, by 2022, with an estimated installed capacity of 7000 MW. With this, different large-scale projects are already in construction that is expected to be operational in the forecast period.
• Egypt announced its Integrated Sustainable Energy Strategy 2035, which is emphasizing on the growth of renewable to 20% by 2022 and 42% by 2035. With this growth, Egypt is aiming to generate 61,000 MW of renewable energy by 2035. This is expected to act as an opportunity for renewable energy market in the country.
• With the massive potential of 1800 MW, the Benban Solar Park powered by 7.2 million photovoltaic solar panels is going to drive the solar energy of Egypt to a new level. The project also assisted in driving down the cost of PV systems.

Key Market TrendsWind Energy to Grow at the Fastest Rate

• • With an installed capacity of more than 2700 MW from Wind Energy by the end of 2019, wind energy holds a significant share in the renewable market of Egypt and working towards the 2035 Integrated Sustainable Energy Strategy, Egypt is planning to install 18000 MW of wind energy by 2035.
• With the opening of the Ras Ghareb Wind Farm project with a capacity of 262.5 MW, in November 2019, Egypt has taken a giant leap towards achieving its goal of 7 GW of wind energy by 2022.
• Projects like West Bakr wind farm with a capacity of 250 MW are expected to be operational in 2021. The plant is expected to generate 1000 GWh of clean energy that will supply power to 350,000 houses.
• Investments of international companies like Vestas, Siemens Gamesa, Toyota Tsusho, and others have helped in bringing down the cost of renewables in Egypt, significantly creating a more developing and competitive market.
• With upcoming projects and large-scale investments in wind energy under various policies and strategies, the wind energy share in Egypt is expected to drive at a considerable rate.

Upcoming Projects And Government’s Initiatives to Drive the Market

• Under Integrated Sustainable Energy Strategy 2035, Egypt is aiming to generate 20% of electricity from renewable by 2022 and 42% by 3035. According to this strategy, 61000 MW of renewable capacity, including 31,000 MW from solar 12,000 from CSP and 18,000 MW from wind energy, will be installed by 2035.
• In December 2019, AMEA Power signed The Egyptian Electricity Transmission Company to build 200 MW solar project and 500 MW wind farm in Egypt under the 20-year take-or-pay agreement.
• With the massive potential of 1800 MW, the Benban Solar Park powered by 7.2 million photovoltaic solar panels is going to drive the solar energy of Egypt to a new level. With huge investments of USD 2.1 billion, the project also assisted in driving down the cost of PV systems.
• The bold steps and visionary policies of the Egypt government are expected to drive Egypt towards a renewables, making it possible to achieve the renewable goal of 2035.

Competitive Landscape

Egypt renewable energy market is partially fragmented. The major companies include Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy SA, Scatec Solar ASA, SkyPower Ltd, New & Renewable Energy Authority, and others

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

IBM Corporation
Oracle Corporation
Internap Corporation
Packet Inc. (An Equinix Inc. Company)
Scaleway Inc.
Amazon Web Services Inc
Rackspace Inc.
CenturyLink, Inc.
LightEdge Solutions, Inc

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