PUBLISHER: GlobalData | PRODUCT CODE: 1424888
PUBLISHER: GlobalData | PRODUCT CODE: 1424888
The Middle East's power market continues to be dominated by traditional fossil fuels and this is unlikely to change for the foreseeable future, with gas based thermal power providing the majority of power generation into 2035. The region has abundant oil and gas reserves and is a major exporter of hydrocarbons. It accounts for almost 20% of total global natural gas supply and approximately 30% of the world's supply of crude oil. The existence of massive oil and gas reserves and the low cost of production makes it cheaper for many countries in the region to burn fuel for power generation. As a result, the pace of adoption of renewable energy is still therefore quite slow.
The power generation outlook shows that renewables will experience a strong growth, increasing at a CAGR of 14% between 2023 and 2035. Most of the increase will come from solar energy, reaching 9% of the total mix by 2035.
Recent initiatives set by Middle Eastern countries show a gradual shift in trend from a fossil fuel-dominated market into one that embraces renewable sources. Steps taken to support the energy transition include investing in solar and wind power generation, electric vehicles, carbon capture technology and hydrogen production. The main regional policies and projects across all energy transition strategies have been identified, along with the key parties involved.
Renewables shares of GCC countries from 2020 to 2035
Regional policies supporting renewable energy, electric vehicles and CCS technology
Regional partnerships and financial incentives in hydrogen production
Decommissioning and upcoming thermal capacity outlook from 2023-2031
Obtain the most up to date information on recent developments and policies in the Middle East energy transition
Identify opportunities in upcoming projects involving electric vehicles, solar and wind power generation, EVs, CCS and hydrogen production in the Middle East
Assess competitors based on their active and pipeline capacities for renewable energy generation, CCS/CCU projects and hydrogen projects
Develop business strategies by identifying the most promising sectors for future growth