Middle East Renewable Energy Market Key Trends Reshape Power Sector
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The Middle East renewable energy market size is anticipated to reach USD 109.56 billion by 2033 and is expected to expand at a CAGR of 9.5% during the forecast period, according to a new report by Grand View Research, Inc. The growth of the market in the Middle East is being propelled by a strategic shift among regional governments toward diversifying their energy portfolios and reducing dependence on fossil fuels.
This transition is largely motivated by the need to address climate change, meet international sustainability commitments, and ensure long-term energy security. National visions and policy frameworks, such as Saudi Arabia’s Vision 2030 and the United Arab Emirates’ Energy Strategy 2050, are actively promoting the adoption of clean energy technologies and encouraging investment in large-scale renewable infrastructure.
Abundant solar and wind resources across the region serve as a natural advantage, enabling countries to harness renewable energy at competitive costs. The Middle East benefits from high solar irradiance levels, making it particularly well-suited for photovoltaic and concentrated solar power installations. Similarly, coastal and elevated areas offer favorable conditions for wind energy development. These geographic advantages, combined with declining technology costs, are making renewable energy projects increasingly viable and attractive to both public and private stakeholders.
Furthermore, the region is witnessing growing interest in green hydrogen as a future energy carrier. Several Middle Eastern countries are investing in hydrogen production facilities powered by renewable sources, positioning themselves as potential exporters in the emerging global hydrogen economy. This trend reflects a broader commitment to innovation and long-term competitiveness in the global energy landscape.
Order a free sample PDF of the Middle East Renewable Energy Market Intelligence Study, published by Grand View Research.
Further key findings from the report suggest:- Based on application, the industrial segment held the highest market share of 56.01% in 2024.
- Based on product, the solar segment held the highest market share in 2024.
- In January 2025, Masdar announced the commencement of construction on a 1.5 GW solar PV project in Saudi Arabia as part of a joint venture under the country’s National Renewable Energy Program. The project, located in the Al Shuaibah region, is expected to power over 250,000 homes and reduce carbon emissions by approximately 2.9 million tons annually.
List of Key Players in the Middle East Renewable Energy Market
- ACME Group
- ACWA Power International
- AMEA Power LLC
- EDF Renewables
- Engie
- First Solar, Inc.
- JinkoSolar Holding Co., Ltd.
- Masdar
- Siemens Energy AG
- TotalEnergies
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