Exploring the changing Middle East solar landscape will be a key focus of the World Future Energy Summit, taking place from 16-18 April 2024 at ADNEC, Abu Dhabi
Taking stock of the world’s solar growth patterns is a topic of keen interest not only to those benchmarking global progress on climate change, but also to investors and project developers in the solar power space. While 2023 has been a highly successful year for boosting solar adoptions across key regions, time will tell if the pace is fast enough for keeping collective climate goals on track.
As a region, the Middle East has consistently remained a bright spot in solar developments, even despite the disruption of the pandemic and then the impact of the ongoing energy crises that have driven up oil and gas prices on global markets. The region added 7.14GW of new solar PV capacity in 2022, up massively from just 2.64GW the year before. This led to the MEA Solar PV market gaining a US$5bn valuation in 2022, although it is due to catapult itself towards a US$27.71bn by the end of this decade.
Committed to solar
Cumulatively, installed solar PV capacity is set to leap upwards in leading GCC economies. Saudi Arabia looks set to outperform all its ME peers, with a predicted CAGR of 63.4% between 2019-2030, where it will have 40.88GW installed. The UAE is predicted to achieve an impressive 10.22GW during this period, representing a CAGR of 17.4%. This commitment to solar can be attributed to its key position within ME nations’ respective economic diversification and decarbonisation plans, as they strive to achieve a sustainable, Net Zero future.
Where the industry comes together
Exploring exactly how the ME solar landscape is changing, and where it is headed next, is best done via leading energy industry platforms such as the World Future Energy Summit which will take place from 16-18 April 2024 at ADNEC, Abu Dhabi. Here, attendees can get to grips with the most crucial factors shaping the development of solar energy in the region through the well regarded conference track. Additionally, an extensive showcase of products relevant to this sector surge will be on hand as well as the ability to source from leading global business innovators through the highly popular exhibition. The three-day event will also bring together academics, government policymakers and influential figures from the clean energy industry.
Crucial to the Middle East’s ongoing success in solar adoptions is the ability of leading ME economies to attract growing investment volumes not just from sovereign wealth funds and national infrastructure budgets, but also from diverse international sources. The region is successfully courting global investors and innovators because it not only has the right geographical conditions for solar to thrive, but it also continues to demonstrate the political will to radically overhaul its respective economies. Alongside major solar PV installations, EV charging infrastructure, energy storage solutions, green hydrogen production, solar rooftops and off-grid deployments are all contributing to the creation of a Middle Eastern solar ecosystem that is rapidly growing in size, scale and sophistication.
Learn more about World Future Energy Summit and its mission to create bluprints for a sustainable future at: https://www.worldfutureenergysummit.com/