Egypt Solar PV Market Forecast and Trends Analysis Research Report 2020-2027

 

The GMI Research forecasts that the Egypt Solar PV Market is witnessing an upsurge in demand during the forecast period. This is mainly due to the supporting government regulations to reduce dependence on fossil fuels, followed by the growing need for sustainable energy resources.

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Egypt Solar PV Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

Key Drivers

The supporting government regulations to reduce dependence on fossil fuels, followed by the growing need for sustainable energy resources, are the major factors driving the growth of the Egypt Solar PV market. Solar PV power generation systems are lucrative, environment-friendly, and renewable, particularly in Egypt. In 2019, the Egyptian government launched the 1.8-gigawatt installation of the first utility-scale PV plant. The main aim of the project is to fuel its generation capacity and integrate more renewable sources together. According to the Intergovernmental Panel on Climate Change, there is a fundamental change in the climatic situation in Egypt while the air and sea surface temperature is rising by an average of 1 degree Celsius or above the pre-industrial levels. Global warming will make flooding in the fertile Nile Delta, and decrease agricultural productivity, which in turn, will lead to more deaths owing to heat stress in Egypt. These factors will promote the end-uses for solar PV to enhance the environmental condition of Egypt. The government of Egypt is also preparing to introduce Benban Solar Park, will offer two million tons of CO2 emissions per year. This initiative will bring various growth opportunities for the market during the forecast period. The reduction in the price of solar PV modules as a result of growing production volumes will boost market growth. Moreover, there is a sharp fall in the cost of components driven by decrease raw material prices.

Type Segment Drivers

Based on the type, the thin film segment is expected to grow at a higher CAGR over the next six years owing to increasing consumption of energy, rising awareness regarding green energy, and the various advantages provided by a thin film such as cost and performance efficiency, and higher flexibility. They are cost-effective and are an effective way to convert sunlight into electricity. These films need ten times less quantity of material to absorb light in comparison to silicon.

Egypt Solar PV Market Segmentation:

Segmentation by Product Type:

·        Thin film

·        Multi-Si

·        Mono-Si

Segmentation by End-User:

·        Residential

·        Commercial

·        Utility

Segmentation by Deployment:

·        Ground Mounted

·        Rooftop Solar

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