Research Nester published a report titled “Middle East & Africa Renewable Energy-as-a-Service Market: Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the Middle East & Africa renewable energy-as-a-service market in terms of market segmentation by service type, end user, and by country.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The Middle East & Africa renewable energy-as-a-service market is segmented on the basis of service type into energy procurement, operations & maintenance, efficiency & optimization, equipment upgrade & refurbishment, and others. Amongst these segments, the operations & maintenance segment is anticipated to hold the largest market share throughout the forecast period, i.e., 2021-2028, and further record a market revenue of USD 644.71 Million by the end of 2028. The segment is also projected to grow with a CAGR of 11.07% during the forecast period, backed by the need to enhance the availability, efficiency, and output of renewable energy power plant and also increase the life of plant.
The Middle East & Africa renewable energy-as-a-service market is estimated to grow with a CAGR of 10.54% during the forecast period, owing to the decreasing cost of renewable power generation processes, and for the rapidly increasing demand for low-carbon energy technologies. The International Renewable Energy Agency (IRENA), in one of its statistics stated that during the period 2017-2018, the total installed renewable energy capacity in the GCC nations was 867MW. Moreover, rising demand for energy from the countries in the region, along with the growing need to reduce overall energy cost are some of the additional factors anticipated to drive the market growth. The market which registered USD 1050.86 Million in the year 2019, is further projected to reach USD 1805.91 Million by the end of 2028.
The Middle East & Africa renewable energy-as-a-service market is segmented based on geography into Israel, GCC, Egypt, Kenya, Ethiopia, Democratic Republic of Congo, Morocco, Nigeria, South Africa, and Rest of MEA, out of which, the market in GCC is anticipated to hold the largest market share of 50.27% and is further projected to reach USD 907.76 Million by the end of 2028. The growth of the market in the region can be attributed to the growing adoption of renewable energy, increasing advancements in renewable energy technology, and for the rise in focus to generate electricity from renewable energy sources. Further, amongst all the countries in GCC, Saudi Arabia renewable energy-as-a-service market is anticipated to grow with the highest CAGR of 12.32% during the forecast period.
Growing Demand for Low-Carbon Energy Technologies
Backed by the rising concerns for the environment, and the concern for the depleting conventional fuel sources in the region, there is a growing awareness for renewable energy sources. The government of nations in the countries of Middle East & Africa are therefore increasingly focusing on to adopt renewable energy-as-a-service model as it proves to be a feasible solution amongst the end users. Moreover, with the growing need to meet the targets of the Sustainable Development Goals (SDGS) of the United Nations, countries in the region are following a paradigm shift towards low-carbon energy technologies so as to have a sustainable future. Such factors are anticipated to drive the market growth during the forecast period.
However, the challenges related to the integration and deployment of the service model is expected to operate as key restraint to the growth of Middle East & Africa renewable energy-as-a-service market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the Middle East & Africa renewable energy-as-a-service market which includes company profiling of QTM, Smart4Power LLC, Energy Savers FZE, Enova (Veolia Environnement), Schneider Electric, SGS, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Middle East & Africa renewable energy-as-a-service market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.