Renewables Market to Expand Robustly in 2021 by Nidhi is published on MW Creators of 4 December 2021. Some details of this renewables market particularly amongst certain MENA nations are reviewed and found to Expand Robustly in 2021. Excerpts are below.
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It is the Latest Study on the Industrial Growth of the Middle East and North Africa (MENA) Renewables Market 2021-2027.
A detailed study accumulated to offer Latest insights about acute features of the MENA’s Renewables market. The report contains different market predictions related to revenue size, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary and SWOT analysis.
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The report provides a comprehensive review of the trends, opportunities and challenges in Middle East’s fast-changing renewable energy sector. Updated in April 2020 to reflect the huge disruption caused by the Covid-19 pandemic, the report looks at the immediate impact of the virus on the regional energy market, and its impact on the region’s ambitious plans to develop solar, wind and waste-to-energy projects in the region. The report looks at the long-term investment plans as well as the current project opportunities planned or under development across the region.
Mena Renewables 2020 with Covid-19 update is the latest premium market report from MEED, the leading provider of Middle East business intelligence.
The report provides a comprehensive country-by-country review of the renewable energy sector across the Mena region with in-depth analysis of projected investments, policy and legislative frameworks, and the projects planned and under way.
It also details the key government bodies driving the development of renewables in each country.
Written by MEED, the Middle East market experts within the HTF MI Group, the report is a valuable asset for anyone seeking to do business in the Middle East’s energy sector that will help in shaping business development and strategy in the region.
Updated in April 2020, the report looks at the impact of Covid-19 on the renewable energy sector in the Middle East and North Africa, and what that means for business and investment in the region.
Middle East renewable energy ambitions face new challenges
The de-facto shutdown of much of the global economy in the first four months of 2020 caused by measures to stop the spread of coronavirus (Covid-19) is challenging many of the drivers of business growth and investment in the Middle East and North Africa. The collapse of oil prices and fall in tourism and consumer spending has raised deep questions about some of the region’s highest growth sectors.
One sector that shows no sign of disappearing is renewables. While the supply chain for projects has been disrupted, and the commercial model for privately finance power plants has been upset, the region remains committed to diversifying is energy sources and lowering its costs through renewables.
With about 28GW of renewable energy production capacity installed across the Middle East and North Africa (Mena), of which by far the biggest component is hydropower with 21GW, renewable energy represents only 7 per cent of the region’s power generation capacity. But with electricity demand rising at about 5 per cent a year, and with a shortage of readily available natural gas supplies, expanding renewables capacity is now one of the top policy priorities for governments in the region.
Boosted by falling technology costs and the drive to reduce carbon dioxide emissions, most countries are planning and procuring solar and wind projects. Across the region, governments have set ambitious clean energy targets, with Dubai the most aggressive, aiming for 75 per cent of its energy to come from clean sources by 2050. At the start of 2020, about 98GW of new renewable energy generation capacity was planned across the region, with 39GW of additional capacity due to come on stream by 2025.
The latest edition of Abu Dhabi’s World Future Energy Summit (WFES) in January 2020, highlighted the strides that have been taken in the region, and particularly by the UAE, to play a leading role in the transition from unsustainable carbon-production to sustainable renewable energy.
Completion of the GCC’s first utility-scale renewables projects has increased confidence among governments, developers and financiers. This has reduced the cost of financing and delivering projects. The market also expects greater adoption of small and medium-scale schemes such as rooftop solar.
At present, it is countries with hydropower capabilities that have the highest renewables capacity. The landscape is changing rapidly however as a series of large-scale solar and wind projects are being delivered. But as renewables move from the fringes to the centre of the region’s energy eco-system, regulators, investors and consumers must overcome several structural and technical obstacles.
Regulatory reform is the biggest challenge facing renewables. Merging renewable energy, primarily photovoltaic solar power, into power grids requires policy adjustments and new regulations. This includes ensuring grid flexibility and stability, integrating new technologies such as battery-storage and electric vehicles, and establishing commercially-attractive business models. Another challenge is to break the link between electricity and water production that is hard-coded into the region’s utilities.
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