Web Exclusive | January 2017
GCC solar equipment market to reach $8,852.5 mn by 2022 - 6Wresearch
Growing energy requirements, infrastructure development, decrease in global oil prices along with the increased focus on renewable sources especially solar energy are some of the key factors that would spur the demand for solar equipment in GCC region.
According to 6Wresearch, GCC solar equipment market is projected to reach $8,852.5 million by 2022. The market for solar equipment in GCC region has registered growth in last few years due to growing awareness and initiatives taken by the governments to promote power generation from solar power. During the forecast period, the market for solar equipment is anticipated to rise owing to the renewable energy targets of various GCC countries.
According to Ravi Bhandari, Research Analyst, 6Wresearch, in GCC region major revenue share in the overall market is taken by the equipment used in Solar PV plant as compared to the equipment used in Solar CSP plants. Even though the capacity of plants made from Solar CSP technologies is higher, but ease of usage and considerably lower pricing are driving its market.
In the coming years, UAE is exhibited to lead due to projects such as the 800 MW project which was given to the consortium of Masdar, Gransolar and FRV and DEWA Shuaa solar PV plant along with the Sweihan solar project in Abu Dhabi. Further, Oman and UAE have introduced plans to encourage solar roof top projects in residential, commercial and industrial sectors.