Geographically, the Middle East & Africa renewable energy-as-a-service market is segmented into Israel, GCC, Egypt, Kenya, Ethiopia, Democratic Republic of Congo, Morocco, Nigeria, South Africa, and Rest of MEA. Amongst these countries, 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 adoption of renewable energy has witnessed a significant increase in the GCC countries over the last decade. Technological innovations in tandem with the region’s sustainable energy targets are among the key factors, which have resulted in the increased adoption of renewable sources of energy in the region. The region has witnessed a significant growth in the utilization of renewables, which in turn, is expected to strengthen the region’s power supply in the upcoming years. In addition, growing focus towards increased adoption of renewable forms of energy coupled with the increasing demand for primary energy in the region is also projected to greatly improve the utilization of renewable energy-as-a-service model in the forthcoming years. Amongst the countries in GCC, the market in Saudi Arabia is anticipated to grow with the highest CAGR of 12.32% during the forecast period.
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, out of which, the operations & maintenance segment is anticipated to hold the largest market share throughout the forecast period. The segment is further anticipated to record a market revenue of USD 644.71 Million by the end of 2028 and grow with a CAGR of 11.07% during the forecast period. The operations and maintenance services include continuous optimization of the operations in order to enhance the availability, efficiency, and output of renewable energy power plant and also increase the life of plant. A preventive and periodic maintenance services of the equipment ensures that the machinery operates efficiently, safely, and optimally in peak conditions. Some of the key O&M services include audit and analysis of complete O&M function, development and implementation of site-specific practices & procedures, integrated on-site services for O&M function, short-term O&M labor support, and others.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the Middle East & Africa renewable energy-as-a-service market that are included in our report are QTM, Smart4Power LLC, Energy Savers FZE, Enova (Veolia Environnement), Schneider Electric, SGS, and others.
Key Reasons to Buy Our Report
August 24, 2020: Enova (Veolia Environnement) announced that in partnership with Dubai International Academic City and Dubai Outsource City, it has successfully completed the two solar photovoltaic carports that is anticipated to generate around 4.25GWh of clean electricity annually.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The rapidly increasing demand for low-carbon energy technologies, along with the decreasing cost of renewable power generation are some of the major factors anticipated to drive the market growth.
Ans: The market is anticipated to attain a CAGR of 10.54% over the forecast period, i.e., 2021-2028.
Ans: The challenges related to integration and deployment of the service model is one of the major factors estimated to hamper the market growth.
Ans: The major players in the market are QTM, Smart4Power LLC, Energy Savers FZE, Enova (Veolia Environnement), Schneider Electric, SGS, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by service type, end user, and by country.
Ans: The operations & maintenance segment is anticipated to hold the largest market share over the forecast period and further record a market revenue of USD 644.71 Million by the end of 2028.