MENA Solar Photovoltaic

MENA Solar Photovoltaic

The MENA solar photovoltaic market, a dynamic and burgeoning sector, revolves around harnessing the power of sunlight to generate electricity. This renewable energy market has witnessed remarkable growth over the past decade, driven by several key factors. First and foremost, the abundant solar potential across the region, with an abundance of sunlight year-round, presents a compelling opportunity for harnessing this clean energy source. Governments in many MENA countries have recognized this potential and implemented favorable policies and incentives to stimulate solar PV deployment. Falling solar costs and advancements in photovoltaic technology have further accelerated the market's growth, making solar energy more cost-competitive. Additionally, the region's increasing energy demand, driven by population growth and economic development, has created a robust market for solar PV, offering a sustainable solution to meet these needs.

The MENA solar photovoltaic market is expected to grow at a steady rate of around 24.3%. This is mainly due to the growing demand for solar energy in the region. For instance, as of 2021, Saudi Arabia had the largest installed capacity of solar energy in the Middle East at about 439 megawatts. Also, the solar PV installed capacity in the Middle East grew to 12.440 GW in 2022, which is higher compared to the 9.239 GW installed in 2021. This is the most prominent factor for this market which will contribute to its growth.

• Based on technology, the market is segmented into monocrystalline silicon, thin film, polycrystalline silicon, and others. Among them, the monocrystalline silicon category is witnessing the highest market share during the forecast period. Monocrystalline silicon solar panels are known for their high efficiency and durability, making them an attractive choice for the MENA region. The hot and arid climate prevalent in this region demands technologies that can withstand harsh conditions. These factors are contributing to the growth of the market.
• Based on grid type, the market is segmented into on-grid and off-grid. Among them, the on-grid category is witnessing the highest market share forecast period. On-grid systems allow excess electricity to be fed back into the grid, contributing to the stability and reliability of the local power supply. Many governments in the MENA region offer incentives and net metering programs for on-grid solar systems, making them financially appealing for both residential and commercial users. This, in turn, stimulates investment and encourages the widespread adoption of solar energy.
• On the basis of the installation, the market is categorized into ground-mounted, rooftop, and others. Among these, the ground-mounted category is expected to dominate the market during the forecast period. The vast expanses of open land in the region offer ample space for large solar farms. Ground-mounted systems benefit from economies of scale, which can result in lower installation costs and higher electricity generation. These projects often attract foreign investments, contributing to the growth of the regional solar industry and helping governments meet their renewable energy targets.
• On the basis of the application, the market is categorized into residential, non-residential, and utilities. Among these, the residential category is expected to dominate the market during the forecast period. Due to the increasing awareness of the benefits of solar energy, homeowners are increasingly installing solar panels on their rooftops. Incentives, such as subsidies and net metering, make residential solar systems an attractive investment. Additionally, the desire for energy independence and the ability to reduce electricity bills during peak energy demand hours are strong motivators for homeowners. The growing middle-class population in the MENA region contributes to the rising demand for residential solar systems, driving the overall growth of the solar PV market.
• For a better understanding of the market adoption of the MENA organic baby food industry, the market is analyzed based on its worldwide presence in countries such as UAE, Egypt, Saudi Arabia, Kuwait, and the Rest of MENA Countries. Saudi Arabia is expected to dominate the growth of the market forecast period. In Saudi Arabia, the solar photovoltaic market is experiencing substantial growth driven by a variety of factors. Chief among these drivers is the government's Vision 2030 initiative, which aims to diversify the Saudi economy and reduce its dependence on oil. For instance, Saudi Arabia's Vision 2030 aims to generate 50% of its electricity from renewable sources by 2030. The country is also striving towards a Net Zero future by 2060, and sustainability is a key part of Saudi Arabia's Vision 2030. As part of this vision, Saudi Arabia has set ambitious renewable energy targets, making solar power an essential component of the nation's energy mix. Additionally, abundant solar resources, vast land availability, and competitive solar project tenders further stimulate market growth. Technological advancements in solar PV and the declining cost of solar panels contribute to the sector's overall growth.
• Some of the major players operating in the market include Jinko Solar; First Solar; Enerwhere; Canadian Solar; ACWA POWER; A.R.E Group; Aton Energy; Aurasol; COPEX SOLAR GROUP OF COMPANIES; Jetion Solar.