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Opportunities Abound for Renewable Companies with Possible RE Capacity Addition of More Than 57.0 GW on the Radar
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Sustainable development is the theme gaining unparalleled levels of attention and importance across the globe. The Middle East hosts top oil exporters in the world along with some of the top carbon emitters. The onus to reduce greenhouse gases (GHG) has fallen on the region and, therefore, the countries in the region have ambitious targets to promote renewables and thereby, reduce the carbon footprint. Therefore renewable energy presents a $341.1 billion opportunity for companies wishing to ride on the growth in this decade.Key drivers of market growth are climate change commitments, abundance of resources, falling costs of renewables, and progressive policies being implemented by countries in the region to promote clean energy and reduce carbon footprint.This study explores the avenues for investments available for renewables companies in this region that arise as a result of this serious effort towards promoting renewables in the region and also as a result of localisation efforts by these countries as they move towards building well-diversified and non-oil dependent economies.The scope of the study is limited to solar (PV and CSP) and wind (onshore) technologies and geographic coverage is the Middle East, covering the Gulf Cooperation Council (GCC) countries and also Iran, Iraq, Jordan, and Lebanon.Opportunities are abound with capacity additions of more than 57.0 GW in the pipeline. This study explores critical success factors and growth opportunities available for companies with the right strategy, along with technology trends and growth themes.While the Kingdom of Saudi Arabia (KSA) is the leader in terms of planned capacity addition, other key markets include Qatar and the UAE. In terms of technologies, solar PV is expected to gain maximum traction during the next 5 years compared to other technologies. The study touches upon the current capacity of local equipment manufacturers, the key participants in the market and possible future capabilities of manufacturers.This is a market that requires strategic partnerships and critical local market knowledge for success. Besides, due to limitations in resources other than oil, a robust procurement strategy is key to sustain profits.
Key Issues Addressed
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