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UAE Solar Energy Market Report by Type (Solar Photovoltaic (PV), Concentrated Solar Power (CSP)), and Region 2024-2032
Report Format: PDF+Excel | Report ID: SR112024A24532
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UAE Solar Energy Market Overview:
The UAE solar energy market size reached 8.9 TWh in 2023. Looking forward, IMARC Group expects the market to reach 74.9 TWh by 2032, exhibiting a growth rate (CAGR) of 23.50% during 2024-2032. The increasing implementation of favorable government policies to promote the use of renewable energy, technological advancements to enhance solar panel efficiency, energy storage solutions, and grid integration, rising focus on diversifying economic aspects are some of the factors impelling the growth of the market.
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Report Attribute
|
Key Statistics
|
|---|---|
|
Base Year
|
2023 |
|
Forecast Years
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2024-2032 |
|
Historical Years
|
2018-2023
|
| Market Size in 2023 | 8.9 TWh |
| Market Forecast in 2032 | 74.9 TWh |
| Market Growth Rate (2024-2032) | 23.50% |
UAE Solar Energy Market Trends:
Government Initiatives and Policies
The UAE made a significant stride by investing in the solar energy market with initiatives and policies that encourage renewable energies. One such policy is the UAE Energy Strategy 2050, which intends to generate clean energy towards an overall contribution of up to 50% by 2050. A significant number of investments in solar power infrastructure are made under this strategy, showcasing the dedication of governing authorities to cleaner sources. This policy and the Abu Dhabi Economic Vision 2030 both emphasize the importance of solar energy in achieving sustainable economic growth. These policies provide a clear framework and set ambitious targets for the expansion of solar energy, creating a favorable environment for investment and development in the sector. Such initiatives are projected to further expand the UAE solar energy market size.
Economic Diversification and Sustainability Goals
The pursuit of economic diversification and sustainability is propelling the UAE solar energy market growth. Traditionally reliant on oil revenues, the UAE has been actively seeking to diversify its economy to ensure long-term economic stability and sustainability. Solar energy presents an attractive avenue for diversification by reducing dependence on fossil fuels and promoting a more sustainable energy mix. This aligns with the shift towards sustainable development and the reduction of carbon emissions. The adoption of solar energy supports the UAE’s goals of reducing its carbon footprint, addressing climate change, and enhancing energy security. By investing in solar energy, the UAE not only contributes to global environmental goals but also positions itself as a leader in renewable energy, attracting international investment and fostering innovation within the country. For instance, in 2023, Abu Dhabi Future Energy Company PJSC – Masdar, and its partners Abu Dhabi National Energy Company (TAQA), EDF Renewables and JinkoPower, along with procurer Emirates Water and Electricity Company (EWEC), inaugurated the world's largest single-site solar power plant before the UN climate change conference, COP28.
Technological Advancements
Expansion of the solar energy market in UAE is getting a considerable impetus from advances in technology. Breakthroughs in solar panel efficiency, energy storage solutions, and grid integration technologies are driving down the commercial cost levels of these projects. For example, bifacial solar panels have been developed, allowing sunlight exposure from two sides, leading to enhanced power output and efficiency. Advances in energy storage technologies, especially high-capacity batteries, are improving the reliability and stability of solar power, which makes it a more practical option to supply our continuous need for electrical energy. In 2024, LONGi introduced Hi-MO X6 Anti Dust Module, which is created to mitigate the impact of dust accumulation on solar panels at the Abu Dhabi National Exhibition Centre (ADNEC).
UAE Solar Energy Market News:
- July 2024: Abu Dhabi Energy Services (ADES) announced the commencement of a 9000-kilowatt peak (kWp) solar photovoltaic (PV) project for the United Arab Emirates University (UAEU) in Al Ain.
- June 2024: Azerbaijan and the UAE announced plans for three large scale solar and wind projects in Azerbaijan, compiling 1 GW capacity, during a ceremony held at the Baku Energy Forum.
UAE Solar 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.
Type Insights:
- Solar Photovoltaic (PV)
- Concentrated Solar Power (CSP)
The report has provided a detailed breakup and analysis of the market based on the type. This includes solar photovoltaic (PV) and concentrated solar power (CSP).
Regional Insights:
- Dubai
- Abu Dhabi
- Sharjah
- Others
The report has also provided a comprehensive analysis of all the major regional markets, which include Dubai, Abu Dhabi, Sharjah, and Others.
Competitive Landscape:
The market research report has also provided a comprehensive analysis of the competitive landscape. 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. The companies in the market are adopting various strategic initiatives including new product launches and business alliances to gain a significant UAE solar energy market share.
UAE Solar Energy Market Report Coverage:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Units | TWh |
| Scope of the Report | Exploration of Historical and Forecast Trends, Industry Catalysts and Challenges, Segment-Wise Historical and Predictive Market Assessment:
|
| Types Covered | Solar Photovoltaic (PV), Concentrated Solar Power (CSP) |
| Regions Covered | Dubai, Abu Dhabi, Sharjah, Others |
| Customization Scope | 10% Free Customization |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Questions Answered in This Report:
- How has the UAE solar energy market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the UAE solar energy market?
- What is the breakup of the UAE solar energy market on the basis of type?
- What are the various stages in the value chain of the UAE solar energy market?
- What are the key driving factors and challenges in the UAE solar energy?
- What is the structure of the UAE solar energy market and who are the key players?
- What is the degree of competition in the UAE solar energy market?
- What are the emerging trends in the UAE Solar 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 UAE solar energy market from 2018-2032.
- The research report provides the latest information on the market drivers, challenges, and opportunities in the UAE solar 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 UAE solar 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.
Need more help?
- Speak to our experienced analysts for insights on the current market scenarios.
- Include additional segments and countries to customize the report as per your requirement.
- Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
- For further assistance, please connect with our analysts.
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