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This forecast was issued in the latest energy report by the research firm Frost and Sullivan, in relation to the renewable energy industries in the United Arab Emirates, Saudi Arabia, Qatar, Oman, Kuwait, Bahrain, Iran, Iraq, Jordan and Lebanon. It amounts to a growth of the renewable energy industry in the region by a factor of 18. These governments are all committing to increasing the share of green fuels in their energy grids, as a priority in reducing greenhouse gas emissions.
Progress has faltered in 2020, as the Covid-19 pandemic has caused severe disruption to renewable energy supply chains – as well as delays to tenders and lower oil prices. But this is not expected to negatively affect the solar and wind industries in the mid- and long-term.
Saraswathi Venkatesan, energy & environment research analyst at Frost & Sullivan, commented: “Capabilities in solar are more pronounced compared to wind energy as most countries in the region fall under the Sun Belt.
“Going forward, with wind making less than 20% of the total renewable energy installed capacity by 2025, solar energy investments are relatively more attractive.
“Qatar and Saudi Arabia are hubs of polysilicon production. Solar cell manufacturing and solar panel assembly are key areas to consider for investment. Going forward, in terms of value, solar PV investments are expected to contribute the most, at 67.4% of the opportunity size for the next five years, followed by solar CSP investments at 17.5%.”