Egypt Solar PV Market Forecast Report 2020 – 2027 – Top Key Players Analysis
The market report analyses the market while considering various aspects of the market such as market size, market status, market trends, and forecast. The report also offers brief information on the competitors and specific growth opportunities while covering the key drivers of the market. The report has been categorized based on the different segments, including product type, end-user, and deployment.
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Egypt Solar PV Market drivers:
The primary factors responsible for the growth of the Egypt Solar PV market include the growing requirement for sustainable energy resources and favorable government regulations to reduce dependency on fossil fuels. Solar PV power generation systems are environment-friendly, and renewable has proved to be lucrative in Egypt. In 2019, the Egypt government started the 1.8-gigawatt installation of the first utility-scale PV plant in the country. The main purpose of the project is to raise its generation capacity and incorporate more renewable sources into the mix. According to the Intergovernmental Panel on Climate Change, the climatic condition in Egypt is significantly changing as the sea, and air surface temperatures are growing by an average of 1 degree Celsius above the pre-industrial levels. In Egypt, global warming will adversely impact agricultural productivity, induce flooding in the fertile Nile Delta, and result in more deaths causing heat stress. All these factors will promote the end-users to opt for solar PV to enhance the environmental condition of Egypt.
The government of Egypt is planning to develop the Benban Solar Park, which will offer two million tons of CO2 emissions per year. This initiative will create various growth opportunities for the market during the forecast period. The reducing cost of solar PV modules due to the increasing production volumes is another factor propelling the growth of the market. Additionally, the cost of components has also experienced a significant decrease owing to the lower raw material prices.
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Egypt Solar PV Market Segmentation:
According to the report published by GMI Research, titled “Egypt Solar PV Market,” the industry is predicted to witness the highest CAGR during the forecast period. The segmentation of the market is as follows:
By Product Type:
- Thin film
- Multi-Si
- Mono-Si
By End-User:
- Residential
- Commercial
- Utility
By Deployment:
- Ground Mounted
- Rooftop Solar
About GMI Research
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