UAE's solar market prepares for rapid growth, surpassing global average
Date
7/29/2024 7:47:12 AM
(MENAFN) A recent report by Mordor Intelligence Global Research and Studies predicts a remarkable expansion in the solar energy market within the United Arab Emirates, with an expected compound annual growth rate exceeding 35 percent through to 2029. This growth is underscored by the UAE's strategic energy goals, which aim to triple the contribution of renewable energy over the next seven years. The national investment in renewable energy during this period is projected to be between 150 and 200 billion dirhams, supporting the country’s climate neutrality targets for 2050.
The report highlights that the UAE’s push towards renewable energy, particularly solar power, will create numerous opportunities within the solar energy sector. This shift aligns with the country's broader energy transformation strategy, positioning solar energy as a critical component of future growth. In contrast, a global report from Mordor Intelligence forecasts a slower growth rate of up to 29 percent for the global solar energy market from 2024 to 2029, indicating that the UAE's solar sector growth will surpass the global average.
Over the past decade, the UAE has significantly advanced its solar energy capabilities. From a modest 12 megawatts of solar capacity in 2012, the UAE’s solar energy production has surged to over 3,040 megawatts, according to the Energy Institute. By 2022, the UAE had established itself as a significant player in the global solar market, ranking second worldwide in per capita solar energy consumption, as reported by the Statistical Review of World Energy.
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