MARKET STATISTICS

The Covid-19 epidemic caused a year of lockdown and unpredictability, so 2022 pushed the envelope to resume the deployment of renewable energy projects Although the market anticipates a recovery by 2022, the year saw swings in solar pricing, material costs, and supply chain difficulties By 2025, it is anticipated that the installed solar capacity would have increased by over 1,000 GW globally Additionally, over the next five years, projects fusing solar and storage will increase by 30% on average.

Few contracts for oil- or gas-fueled power stations were issued in the MENA region in the first half of 2022, according to the Middle East, Energy Transition reports However, almost two billion dollar’s worth of renewable energy projects were awarded in the area during the same period. As a result, it is anticipated that renewable energy will advance exponentially, and in the ensuing years, more solar projects will be completed The pace of storage projects is also increasing Additionally, there are more and more green hydrogen projects being developed, and pilot projects have already begun Additionally, plans are being made to participate in the following stage of the energy revolution

MIDDLE-EAST INSTALLED SOLAR PV CAPACITY (CUMULATIVE)

The region-installed solar PV capacities touching the 10 GW market by the end of 2022, as the investment in the sector is increasing compared to other power mixes. Middle East region is the hottest place both in terms of climate as well as for investment in Solar PV projects Among them, UAE & Saudi Arab showing tremendous growth in the year 2022 The UAE boosted its production of renewable energy by over 18 times between 2015 and 2021, going from 136 MW to above 2 5 GW It is also considering some of the largest renewable energy projects in the world, such as the Mohammed bin Rashid Al Maktoum Solar Park, which could be the biggest solar power plant ever built and have a 5 GW capacity.

The overall installed solar power capacity in the Middle East is rising as measures to carry out environmental goals nearby Nearly 40 GW of additional solar capacity is anticipated by 2025 On the other hand, solar-plus-storage projects will be approximately manifold The development of technology is one of several elements that will determine how solar energy is used in the future The solar industry is likely to undergo a revolution thanks to TOPCon technology as cell efficiency rise during the coming year.