Middle East & Africa Solar Photovoltaic (PV) Market to Increase Gradually with CAGR of 27.4% by 2030, Growing Adoption of Solar Power has been on Rise in the Middle East to Drive Market Growth

The Middle East & Africa Solar Photovoltaic (PV) market size is estimated to display strong growth by reaching USD 37.71 billion by 2030. Fortune Business Insights™ in its report titled “Middle East & Africa Solar Photovoltaic (PV) Market Size, Share & COVID-19 Impact Analysis, By Technology (Monocrystalline Silicon, Multicrystalline Silicon, Thin Film, and Others), By Grid Type (On-Grid and Off-Grid), By Installation (Ground Mounted, Rooftop, and Others), By Application (Residential, Non-Residential, and Utility), and Regional Forecast, 2023-2030” observes that the market size in 2022 stood at USD 5.00 billion and is expected to reach USD 6.93 billion in 2023. The market is expected to witness a strong CAGR of 27.4% during 2023-2030. Solar Photovoltaic (PV) power systems convert sunlight into electricity with assistance of semiconducting materials. For the past 10 years, growing adoption of solar power has been on a rise in the Middle East. The ability Solar Photovoltaic to be cost-effective and meet the demand from huge population will drive the market.

Saudi Arabia Signed New Solar Power Projects with the Capacity of About 3600 MW

In April 2021, Saudi Arabia signed new solar power projects with the capacity of about 3600 MW. The completion of this project will provide electricity to approximately 600,000 houses in the country.    

Impact on the Solar Industry Affected Market Growth

The COVID-19 pandemic led to a public health emergency which also affected the solar energy industry in the Middle East. The region is heavily dependent on imports from other countries and also technical workforce which mainly comes from EPC contractors. Decrease in the number of solar energy installations compared to last year affected the market growth. Further, like other countries, the Middle Eastern countries also witnessed a considerable decrease in number of solar energy installations compared to the previous year.

Increasing Number of Government to Maximize Solar Energy to Propel Market Development

Increasing number of government to maximize solar energy is predicted to drive the Middle East & Africa Solar Photovoltaic (PV) market growth. With shift from fossil fuels as the source of energy, Middle Eastern countries with energy demand for renewables rising and governments focusing on harnessing maximum possible energy from these sources. In addition, solar parks and separate solar installations can increase the power demand for increasing number of population. Along with no carbon emissions, this is one of the major reasons that has led to the growth of the solar PV market share at a global level. This is expected to drive the solar power installations in the Middle East in the coming years.   

However, deployment of a solar system in large areas can have significant impacts on natural areas and biodiversity due to the large extent of land occupied by the power plants, which is hampering the market growth.

Partnership, Collaboration, and Acquisition to Expand their Businesses by Key Market Players

The market is fragmented with various key players globally. The companies operating in the market are increasing strategic moves such as partnership, collaboration, and acquisition to expand their businesses and grab untapped opportunities in emerging markets. In February 2021, Sensata Technologies acquired Lithium Balance for the electrification business and strategy in the clean energy markets of the Sensate. The addition of Lithium Balance further expands Sensata’s portfolio to offer battery management solutions to various automotive OEMs and integrated energy storage solutions to commercial and industrial customers.

Notable Industry Development

• March 2023: Oman awarded over USD 700 million contracts for solar energy projects. Oman Power and Water Procurement Company (OPWP) is set to award solar energy projects worth more than USD 770 million to international investors after securing approvals from the Authority for Public Services Regulation (APSR). The Manah 1 and 2 projects, which will jointly produce a total of 1,000MW, is set to come up on a 15 million sq. m area within the Governorate of A’Dakhiliyah.

List of Key Companies Profiled in the Report:

• A.R.E Group (Egypt)


• Aton Enerji (Turkey)


• Aures Solaire (Algeria)


• Aurasol (Tunisia)


• Copex Solar (UAE)


• Cleanergy (Morocco)


• DuSol Industries (UAE)


• Emirates Insolaire (UAE)


• Specialized Battery Systems (South Africa)


• Genergy (South Africa)


• Asunim Solar (Turkey)


• Sinetech (PTY) Ltd. (South Africa)


• Seraphim Solar (China)


• Jetion Solar (China)

Further Report Findings

• The Middle East & Africa Solar Photovoltaic market share is characterized by boost in the number of solar projects in countries such as the United Arab Emirates (UAE), South Africa, Algeria, and Egypt. There is increasing number of funding for the construction of new solar projects for the continuous supply of power to different commercial and industrial sectors.


• According to World Bank, in July 2020, Nigeria and Kenya had 56.5% and 75% of the population with access to electricity in 2018.  


• On the basis of application, the market is segmented into utility, residential, and non-residential. Utility segment is set to dominate the segment due to the adoption of solar as a central resource and therefore directly relates it to central utilities.

Table of Segmentation