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The solar photovoltaic market in the Middle East and Africa region is expected to grow at a CAGR of more than 8% in the forecast period. The large-scale solar power plants under construction are likely to be operational in the forecast period and expected to drive the market significantly. With goals of shifting towards renewables in the future, different policies have been implemented in different nations, which are supporting the growth of solar photovoltaics across the region. On the other hand, lack of support for residential solar and the availability of oil and gas abundantly for power generation are some of the restraining factors for the growth of the market studied.
– The utility-scale solar market is expected to dominate in the forecast period. With multiple projects of large capacity and the aim of different nations to reduce the share of thermal-based plants, the utility sector is expected to witness considerable growth.
– Countries like the United Arab Emirates, Egypt, and others have ambitious goals to increase the share of renewables in the future, which will create vast opportunities for solar photovoltaic companies in the near future.
– The United Arab Emirates is leading the solar photovoltaic market in the Middle-East and Africa region. Due to the Coronavirus pandemic in 2020, slow growth is expected, yet the country is expected to dominate the market owing to the large-scale solar power porjects.
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Key Market Trends
Utility Sector to Dominate the Market
– Many utility-scale projects are under construction in the Middle-East and Africa regions, which are estimated to feed the grid in the forecast period.
– According to the Middle East, the Solar Industry Association, the total value of solar projects expected to come online by 2020-2024 is expected to be USD 15 billion to USD 20 billion.
– In 2019, 32 plants with a capacity of 1,465 MW were completed and started commercial operation in Benban Solar Park of Egypt. Four other plants with a capacity of 200 MW are estimated to be operational in the forecast period and drive the solar market.
– The 500 MW Ibri II Solar Independent Solar Project, with an estimated value of USD 400 million, was awarded in early-2019 and is expected to be commercially operational in 2021. The project will drive the solar market of Oman significantly in the forecast period.
– The electricity generation from solar energy has increased in Middle-East from 2.4 TWh in 2014 to 3.1 TWh in 2018. Upcoming projects are expected to increase further significantly in the forecast period.
– With several projects under construction or under the tender phase in countries like Jordon, Morocco, and the United Arab Emirates, considerable growth in the utility sector is expected.
The United Arab Emirates to Dominate the Market
– United Arab Emirates has multiple policies and plans like The UAE Vision 2021, Green Growth Strategy, UAE Future Strategy, the Centennial Plan (2071), the UAE Climate Plan, and UAE Energy Plan 2050, which will be assisting in the growth of solar photovoltaics in the region.
– In November 2019, under the fifth phase of Mohammad Bin Rashid Al Maktoum Solar Park, tender for construction of 900 MW capacity was secured by ACWA. The project is expected to be operational in phases starting from mid-2021.
– In early-2019, Abu Dhabi's Emirates Water & Electricity Company planned to construct a 2 GW solar project in Al Darah. The project is expected to be completed in 2022, driving the solar photovoltaic market in the forecast period.
– The United Arab Emirates has 1783 MW installed capacity of solar photovoltaics in 2019, which is one-third of the Middle-East. The projects mentioned above and policies are expected to add significant capacity in the forecast period also.
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Competitive Landscape
The Middle-East and Africa solar photovoltaic (PV) market is moderately fragmented. Some of the major companies include First Solar Inc, Jinko Solar Holding Co Ltd, ACWA POWER BARKA SAOG, Canadian Solar Inc and others
1 INTRODUCTION
1.1 Scope of Study
1.2 Market Definiton
1.3 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
4.1 Introduction
4.2 Installed Capacity and Forecast in MW, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
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