MEA Region Expects 15 Percent Growth in Solar PV Installations: SolarPower Europe
The increased solar capacity installations in 2023 resulted in a stable market share for the MEA at 3 percent, and the situation is expected to be similar this year, according to a new report by SolarPower Europe.
June 28, 2024. By News Bureau
According to the report 'SolarPower Europe (2024): Global Market Outlook for Solar Power 2024-2028,' the MEA region has experienced a considerable growth of 78 percent in 2023, adding 14.8 GW of capacity in comparison to its previous 8.3 GW of solar power installed in 2022.
2023 brought 447 GW of new solar capacity compared to the 239 GW installed in 2022, representing an 87 percent growth. Globally, the cumulative installed capacity reached 1,624 GW by the end of 2023. The MEA region accounted for 45 percent of growth with a cumulative installed solar capacity of 48.1 GW, which neither affected its overall solar ranking in the world nor the region’s market share of 3 percent. However, MEA was positioned third out of the 31 GW-scale solar power markets in 2023 that installed at least 1 GW of solar energy.
The UAE stepped into the GW territory for the first time after installing 3.1 GW since 2019, mainly after the finalisation of the 2 GW Al Dhafra solar photovoltaic plant located around 30 km south of Abu Dhabi city.
The other MEA market that entered the GW territory was Saudi Arabia with its 1.9 GW grid-connected solar capacity, largely from the initial phase of Sudair 1.5 GW solar facility. However, South Africa maintained its top position after installing 3.2 GW, a growth rate of 142 percent driven by rising demand for residential solar PV, regulatory reforms and energy security.
Having said that, of the three aforementioned MEA regions, only Saudi Arabia and South Africa are expected to maintain their positions in the global GW-scale market in 2024. South Africa is expected to be the biggest contributor to the MEA region for the second year in a row, adding over one-fifth of all installed capacity to reach 3.5 GW, while Saudi Arabia, marking a 20 percent decline in installed capacity, will only add 1.5 GW compared to 1.9 GW in 2023.
The report noted that the UAE is not expected to figure in the GW-scale market in 2024 as it is expected to account for only 5 percent (0.8 GW) of MEA installed capacity compared to 21 percent (3.1 GW) in 2023 because no major PV power plant projects are expected to be grid-connected this year.
The SolarPower Europe report states, “UAE is not expected to figure in the GW-scale market in 2024 as it is expected to account for only 5 percent (0.8 GW) of MEA installed capacity compared to 21 percent (3.1 GW) in 2023 because no major PV power plant projects are expected to be grid-connected this year.”
“Despite this, many smaller markets in the region, all with very favourable irradiation conditions, are increasingly recognising the cost advantages, business opportunities, and energy security potential of solar power, leading to an upsurge in solar activities throughout the area,” the report said.
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