Middle East and Africa Photovoltaic Market – Growth & Forecast (2024

Middle East and Africa Photovoltaic Market - Size

Study Period

2018 - 2030

Base Year For Estimation

2023

Forecast Data Period

2024-2030

Historical Data Period

2018-2021

CAGR

7 %

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

Photovoltaics is the science behind the most prominent form of exploiting solar energy. It is the process of converting sunlight precisely into electricity. The photovoltaic (PV) effect was first observed in 1839. However, it wasn’t available until 1954, that scientists were able to discover exactly how it works. Space programs were the largest supporters of PV technology as the system was the best energy source for their satellites. The increasing efficiency, decreasing cost and increased environmental concern have made the photovoltaic installations increase drastically in recent years.

The Middle East & Africa Photovoltaic Market Segments Size & Growth:

The Middle East & Africa Photovoltaic Market size is projected to reach approximately $XX billion by the end of 2024 with a CAGR of close to XX% from $XX billion in 2017 during the forecast timeline 2018-2024. Key parameters promoting the market growth include increasing demand for solar systems in residential applications, the decline in the cost of the photovoltaic, and supportive government policies and initiatives. However, the high cost of installation, storage, and power conversion devices, and an inadequate number of certified installers are thereby hampering the market growth.

The drop in the photovoltaic cost is one of the major factors driving the market. In 2017, photovoltaic module prices reduced by 75%, as compared to that in 2009. The fall of cost can be mainly attributed to the improvement in material efficiency, production optimisation, and economies of scale. Photovoltaic modules can be installed at the utility, commercial, and

Middle East and Africa Photovoltaic Market - Growth

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

residential scales. Volatility in crude oil price, the environmental concern of hydropower, and risk of nuclear radiation accidents in nuclear power plants provide a great opportunity for solar power to meet the increasing demand of energy soon. This would, in turn, have a positive impact on the growth of the Middle East & Africa photovoltaic market.

The Middle East & Africa Photovoltaic Market Segments Share:

The Middle East & Africa Photovoltaic Market is categorised into a type which comprises organic PV, and inorganic PV. By the component, the market is segmented into cells, optics, and trackers. By application, the market is segmented into residential applications, non-residential, and utility applications. Among them, the utility segment accounted for the largest market size in 2017 at 59% because of growing usage of photovoltaics in power plants, military applications, and other utility applications such as space & defence, industrial projects, and so on. By Geography, Middle East is projected to dominate the market with largest share and Africa has been the fastest growing region during the forecast period because of growth in the population, government regulations, and emerging markets. Also, the increasing focus of players on the development of new products and technological advancements is likely to accelerate the growth of the Middle East & Africa in the next few years.

The Middle East & Africa Photovoltaic Market Trends:

SunPower company will be going to supply 291 MW of its high-efficiency solar panels to the projects awarded to the company in

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Middle East and Africa Photovoltaic Market - Porter's Five Force Analysis

Source: Envision Intelligence Analysis & Experts Insights.

*Graph shown for illustrative purpose only, the final report will have the graph with actual data and data labels

the second round of France’s CRE tender process.

Trina Solar has inaugurated the operation of its photovoltaic modules in a 455MW DC

the solar power plant in Andhra Pradesh.

JinkoSolar Holdings Co. Ltd is going to supply polycrystalline photovoltaic panels to the first solar power plant in Armenia.

The Middle East & Africa Photovoltaic Market Research Report:

An executive summary condensing the whole report such that essential authority can rapidly twist up doubtlessly acquainted with brief overview and conclusion.

To have complete market analysis, industry value chain analysis, Porter’s Five Force Analysis, PESTLE, SWOT analysis, and Y-o-Y analysis were carried to understand the market more comprehensively.

Regional and global diversity is analysed with the major countries and the unions. Scrutinizing the revenue generation on Year-On-Year

Identifying DROC in the current market and their impact in altering the market dynamics.

Competitive landscape analysis to identify the mergers and acquisitions which will have a comparative financial analysis with major competitors.

Expertise investment opportunities by an analyst to the individual and organisation to have a better foothold in the market.

The major market players, such as

Kaneka Corporation
Kyocera Corporation
Mitsubishi Electric Corporation
Panasonic Corporation
China sunergy

Along with these companies, there were many other companies considered/cited in the report while analysing the Middle East & Africa Photovoltaic market. These companies hold substantial share-owning to the nature of the industry whereas rest of the market shares are marginal chunks to regional and local level manufacturers. Other players have considerable presence owing to its robust brand image, geographical reach and strong customer base.

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