Renewable Energy in Egypt Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

 Egypt has a high potential for electricity generation through solar PV plants across the county. It is considered a sunbelt country with 2,000 to 3,000 kWh/m2/year of direct solar radiation. The county's sunshine stands about 9-11 hours a day from north to south, with few cloudy days.

Egypt has set plans to increase the supply of electricity generated from solar photovoltaic (PV) by 22% and concentrate solar power (CSP) by 3% by 2035. The private sector is expected to deliver most of this capacity over the forecast period.

With an installed capacity of more than 1694 MW by the end of 2020, solar energy holds a significant share in the renewable energy market. The country is working toward the 2035 Integrated Sustainable Energy Strategy, i.e., to install 31,000 MW of solar power by 2035.

With the opening of the Benban Solar Park project with a capacity of 1,465 MW in November 2019, Egypt has taken a giant leap toward achieving its goal of generating electricity from renewable sources to 20% by 2022.

In December 2020, AMEA Power secured approvals to expand a solar project in Egypt. The Abydos solar plant is to be built in the Aswan governorate and will be expanded by 300 MW to a total of 500 MW.

The Egypt Renewable Energy Market size is expected to grow from 6.69 gigawatt in 2023 to 9.87 gigawatt by 2028, at a CAGR of 8.09% during the forecast period (2023-2028).

The COVID-19 outbreak in Q1 of 2020 had a transient impact on the renewable sector, especially electricity export projects, which were temporarily put on hold. Though there was an impact on the supply chain during H1 of 2020, the renewable energy sector in the country managed to grow at a steady phase in 2020. Factors such as supportive government regulations and growing demand for solar energy are expected to drive the market. However, the slow pace of energy infrastructure development, restricted land, and limited power capacity by variable renewable energy sources are expected to hinder the market growth during the study period.

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