Solar Energy Market in UAE 2024:
How Big is the UAE Solar Energy Industry?
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 market is rapidly expanding due to abundant sunlight, government support, and ambitious renewable energy targets.
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Size in 2023: 8.9 TWh
Market Size in 2032: 74.9 TWh
Market Growth Rate (CAGR) 2024-2032: 23.50%
UAE Solar Energy Market Trends and Drivers:
The UAE solar energy market is expanding rapidly, driven by the government’s commitment to diversifying the energy mix and reducing reliance on fossil fuels. With abundant solar resources and ambitious renewable energy targets, the UAE is emerging as a regional leader in solar adoption. Key initiatives, such as the UAE Energy Strategy 2050, set the goal of producing 50% of the country’s energy from clean sources by mid-century. A central part of this transformation is the Mohammed bin Rashid Al Maktoum Solar Park, one of the largest solar projects worldwide. Additionally, declining costs and advancements in solar photovoltaic (PV) technology are making solar power increasingly affordable and appealing, fueling market growth.
Innovative technologies like concentrated solar power (CSP) and energy storage systems are enhancing the reliability and consistency of solar energy, further boosting the market. Distributed solar systems, particularly rooftop installations for residential and commercial buildings, are also on the rise, as more businesses and households pursue cost savings and sustainability goals. Supportive government policies, including favorable tariffs and incentives, are attracting private-sector investments and international partnerships in solar projects. In line with global climate goals, the UAE’s focus on sustainability and carbon reduction is expected to further accelerate solar energy adoption, solidifying solar’s role as a cornerstone of the nation’s future energy landscape.
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UAE Solar Energy Industry Segmentation:
The report has segmented the market into the following categories:
Type Insights:
- Solar Photovoltaic (PV)
- Concentrated Solar Power (CSP)
Regional Insights:
- Dubai
- Abu Dhabi
- Sharjah
- Others
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Competitive Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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