According to the 2019 Solar Outlook Report, the Middle East and North Africa (MENA) are preparing to host over $15 billion worth of new and operational solar projects in the next five years.
Currently, the MENA region’s solar power market is valued at $20 billion, with $5 billion worth of projects in operation.
The report is commissioned by the Middle East Solar Industry Association (MESIA), which is the largest solar trade association in the MENA region. The report said that the prices for solar technology will continue to drop at 50 percent cheaper than natural gas in the MENA region.
In the next three years, solar prices will reach 1 US cent/kWh, making it among the cheapest globally.
Vahid Fotuhi, founder of MESIA, told the media that, “We are thrilled to see how rapidly solar energy has grown towards becoming a multi-billion dollar industry. The pace of change has been incredible over the past 10 years. And the future for solar continues to shine brightly.”
The UAE covers 58 percent of the largest operational and in the pipeline solar projects in the MENA region, while Egypt has 23 percent, Jordan has 10 percent and Morocco has 6 percent.
The Kingdom of Saudi Arabia has started constructing its first utility scale project—and will award 58,000 MW of solar power by 2030. The project’s capacity makes it one of the top five solar markets in the world.
Likewise, Algeria, Oman and Tunisia have significant solar projects projects in the planning stage or ready for launch. The solar market is anticipated to boom, particularly in commercial and industrial sectors.