(MENAFN- The Peninsula)
Joel Johnson
|
The Peninsula
Doha: market experts state that Qatar's solar energy is driven by two key factors: the country's energy transition goals to increase the share of renewables in power generation and the abundance of solar irradiation in the country.
As per a recent study by Mordor Intelligence, the market is impeded by competition from other renewable options, mainly the prospects of green hydrogen and bioenergy, which are more reliable than solar energy in the country.
The report also notes that Qatar's Solar Energy market is expected to grow with a CAGR of 15.5 percent in the years leading up to 2029.
It highlights that solar photovoltaic systems (PV) are anticipated to grow at the fastest rate during the forecast period, due to low power production cost.
However, the biggest opportunity for the solar energy market in Qatar lies in the high fossil-fuels-based power generation share, which includes the high carbon-emissions rate, and the reduction in hydrocarbon reserves which are more required in the export sector.
Industry leaders explain that the country's economy is largely driven by its natural gas exports, which are affected negatively by the consumption of gas in the power sector, while the favorable government policies promote renewable power generation spearheading resilient market growth.
Research experts unveil the market trends that shaped the Qatar solar energy market by outlining major developments during the past years.
Solar photovoltaic(PV) systems have more prospects for renewables penetration in the power production of the country, due to the ease of installation, particularly in large-scale projects.
The installed capacity of solar power generation in Qatar was recorded as 5.1MW, as of 2020, which is far from the required targets to have a considerable share of renewables in the energy mix.
Thus umpteen solar PV projects are lined up to boost the capacity in the nation.
In January 2022, the power and water supply company Qatar General Electricity and Water Corporation declared the plans to get the Al-Kharsaah solar PV project integrated into the nation's grid very soon, after completing the necessary studies for the operations.
In October 2021, Siraj Energy and QEWC signed two Memorandum of Understanding (MoUs) with Qatar Foundation and WOQOD for the deployment of photovoltaic (PV) systems in spaces like hospitals, and WOQOD stations to achieve energy efficiency.
Owing to such developments, the solar PV segment is forecast to have the highest share in the years ahead.
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