The GCC accounts for approximately 47% of the total energy generating capacity in the MENA region and an estimated $316bn worth of investments are needed by 2020 to meet growing demand.
Much of these investments will be directed at building up power generation capacities from Solar Photovoltaic and Concentrated Solar Power installations, with some of the highest gains in the UAE (10%), Kuwait (10%), and Saudi Arabia (8%).
This report offers an overview of the GCC solar market by looking at some of the critical factors that are strengthening the adoption of solar energy, including clean energy strategies and advancements in solar technology.
▪The GCC governments are investing in solar production capabilities as part of a long-term energy diversification strategy.
▪ The growing population in the GCC is driving the demand for energy, which has traditionally been met through locally sourced fossil fuel.
▪ Improvements in technology allow for the widespread adoption of solar energy solutions across different sectors.
▪ Photovoltaic and Concentrated Solar Power technologies are driving efficiency in energy production and have far-reaching applications in the region.