Egypt Renewable Energy Market

Egypt Renewable Energy Market Overview:         

The Egypt renewable energy market size reached 25.2 TWH in ​2023​. Looking forward, IMARC Group expects the market to reach 38.43 TWH by ​2032​, exhibiting a growth rate (CAGR) of 4.50% during ​2024-2032​. The market in Egypt is majorly driven by changing government policies, abundant natural resources, international investments, economic diversification efforts, continual technological advancements, increasing energy demand, climate change concerns, job creation, energy independence, and regional leadership aspirations.

Egypt Renewable Energy Market Trends: 

Government Policies and Incentives    

The Egyptian government has deployed a complete focus on the development of the renewable energy sector through numerous policy and incentive initiatives. The country has made efforts to reform regulation in recent years to escalate the investment appetite for the private sector in the development of renewable energy projects. The law accounts for feed-in tariffs (FITs) and competitive bidding that has in turn stoked investment in solar and wind energy projects. The government also has ambitious plans to increase the percentage of renewable energy in the energy mix of the country. The integrated sustainable energy strategy (ISES) seeks to deliver major renewable energy share of electricity by 2035. This has resulted in the development of utility-scale renewable energy installations, such as the Benban solar park which is one of the largest solar ornate worldwide. Egyptian government incentives such as tax breaks, land allocation, and wider paths to approvals, coupled with a US-funded stress on project referents, have contributed to a swell in investor enthusiasm, helping support the country's shift to renewables. 

International Investment and Financing          

Multi-lateral financial institutions from the world bank to the international finance corporation (IFC) and the European bank for reconstruction and development (EBRD) have been investing heavily into renewable energy projects. These institutions provide financial backing for the projects and have also provided technical support and risk mitigation which are essential for de-risking investments and to attract the private sector to participate. International collaborations and partnerships with well-established global renewable players have also enriched the range of technology and skill set which has accelerated the deployment of utility scale renewable energy projects. The partnership of Egypt and international companies in the construction of Benban Solar Park, was a new breakthrough in a project of the future. It has led to increased renewable energy capacity across the country, job creations and building local technical capabilities.   Additionally, these investments have facilitated the transfer of cutting-edge renewable technologies and practices to the Egyptian market, fostering innovation and efficiency. The success of such initiatives is also positioning Egypt as a regional leader in the renewable energy sector, attracting further international interest and investment.

Economic Diversification and Energy Security 

The broader drive for renewable energy in Egypt is, in part, a push for long term economic diversification and a concerted effort to reduce the country's reliance on energy imports. The economy of the country is traditionally strong depending on oil and gas exports, which leaves the country exposed to fluctuations in global oil prices. In Egypt, it seeks to diversify Egypt energy mix and to reduce its reliance on fossil fuels too as these resources are limited and the spread use of these kinds of fuels in the industry will limit the potential for growth. Renewable energy diversity in supply as renewable energy provides a domestic alternative to imported energy, a significant increased use of renewable energy would contribute to energy security. It is especially critical amid rising energy demands increased by population growth and economic development. Realizing its renewable energy potential can help Egypt cut its energy import bill, enhance the reliability of its power supply, and reduce the environmental footprint of its energy sector.          

Egypt Renewable Energy Market News:            

• On 16^th January 2024, Vestas has established a partnership with ArcelorMittal to launch a low-emission steel offering that significantly reduces lifetime carbon dioxide emissions from the production of wind turbine towers. The low-emission steel is produced using 100% steel scrab which is melted in an electric arc furnace powered by 100% wind energy at the ArcelorMittal steel mill, Indu steel Charleroi, in Belgium.
• On 16^th January 2024, Indian renewable energy development agency (IREDA) and Indian overseas bank have joined hands by signing a memorandum of understanding (MoU). The partnership aims to streamline loan syndication and underwriting processes, management of trust and retention account (TRA) for IREDA borrowers.  
   

Egypt Renewable Energy Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for ​2024-2032​. Our report has categorized the market based on type and end user.

Type Insights:

• Hydro Power
• Wind Power
• Solar Power
• Bioenergy
• Others
   

The report has provided a detailed breakup and analysis of the market based on the type. This includes hydro power, wind power, solar power, bioenergy, and others.

End User Insights:

• Industrial
• Residential
• Commercial
   

A detailed breakup and analysis of the market based on the end user have also been provided in the report. This includes industrial, residential, and commercial.

Region Insights: 

• Greater Cairo
• Alexandria
• Suez Canal
• Delta
• Others 
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Greater Cairo, Alexandria, Suez Canal, Delta, and Others.  

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape in the market. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Egypt Renewable Energy Market Report Coverage:

Key Questions Answered in This Report:

• How has the Egypt renewable energy market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Egypt renewable energy market?
• What is the breakup of the Egypt renewable energy market on the basis of type?
• What is the breakup of the Egypt renewable energy market on the basis of end user?
• What are the various stages in the value chain of the Egypt renewable energy market? 
• What are the key driving factors and challenges in the Egypt renewable energy?
• What is the structure of the Egypt renewable energy market and who are the key players?
• What is the degree of competition in the Egypt renewable energy market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Egypt renewable energy market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Egypt renewable energy market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Egypt renewable energy industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.