The Middle East’s power market continues to be dominated by traditional fossil fuels and this is unlikely to change for the foreseeable future, with gas based thermal power providing the majority of power generation into 2035. The region has abundant oil and gas reserves and is a major exporter of hydrocarbons. It accounts for almost 20% of total global natural gas supply and approximately 30% of the world’s supply of crude oil. The existence of massive oil and gas reserves and the low cost of production makes it cheaper for many countries in the region to burn fuel for power generation. As a result, the pace of adoption of renewable energy is still therefore quite slow.
The power generation outlook shows that renewables will experience a strong growth, increasing at a CAGR of 14% between 2023 and 2035. Most of the increase will come from solar energy, reaching 9% of the total mix by 2035.
Recent initiatives set by Middle Eastern countries show a gradual shift in trend from a fossil fuel-dominated market into one that embraces renewable sources. Steps taken to support the energy transition include investing in solar and wind power generation, electric vehicles, carbon capture technology and hydrogen production. The main regional policies and projects across all energy transition strategies have been identified, along with the key parties involved.
The power generation outlook shows that renewables will experience a strong growth, increasing at a CAGR of 14% between 2023 and 2035. Most of the increase will come from solar energy, reaching 9% of the total mix by 2035.
Recent initiatives set by Middle Eastern countries show a gradual shift in trend from a fossil fuel-dominated market into one that embraces renewable sources. Steps taken to support the energy transition include investing in solar and wind power generation, electric vehicles, carbon capture technology and hydrogen production. The main regional policies and projects across all energy transition strategies have been identified, along with the key parties involved.
Key Highlights
- Renewable energy policies and targets from Middle Eastern Countries.
- Renewable share in Middle East’s power capacity share
- Major players in the Middle East’s renewable energy market
- Regional electric vehicle policies
- CCUS capacity in the Middle East 2018 – 2030
- Upcoming hydrogen plants and their end use sectors.
Scope
– Renewables shares of GCC countries from 2020 to 2035- Regional policies supporting renewable energy, electric vehicles and CCS technology
- Regional partnerships and financial incentives in hydrogen production
- Decommissioning and upcoming thermal capacity outlook from 2023-2031
Reasons to Buy
– Obtain the most up to date information on recent developments and policies in the Middle East energy transition- Identify opportunities in upcoming projects involving electric vehicles, solar and wind power generation, EVs, CCS and hydrogen production in the Middle East
- Assess competitors based on their active and pipeline capacities for renewable energy generation, CCS/CCU projects and hydrogen projects
- Develop business strategies by identifying the most promising sectors for future growth
Table of Contents
- Executive Summary
- Sector Grid and Leaders
- Power Outlook & Generation
- Renewable Energy: Policies & Economics
- Power Capacity Outlook Share
- Share of Power & Renewable Generation
- Share of Renewable Generation in GCC Countries
- Thermal Power Decommissioning & Emissions
- Major players: Solar Vs Wind Owners
- Electric Vehicles
- Regional Policies
- Regional Projects
- CCS/CCU
- CCS/CCU Capacity
- CCS/CCU Projects
- Hydrogen
- Regional Policies
- Hydrogen Projects & Production in the Middle East
- Hydrogen intended use sectors
- Hydrogen demand sectors for future growth
- Renewable energy targets of Middle Eastern Countries 7
- Regional electric vehicle policy 14
- Regional electric vehicle projects 15
- Largest current and upcoming CCS/ CCUS projects in the Middle East 18
- Hydrogen policies and agreements 20
- Largest current and upcoming hydrogen plants in the Middle East 21
- Hydrogen financing opportunities 22
- Likely hydrogen demand sectors for future growth 24
- Middle East levelized cost of energy (LCOE) 7
- Middle East power capacity, 2018 - 2035 8
- Middle East power generation share, 2018 - 2035 9
- Middle East energy generation by type, 2018 - 2035 9
- GCC countries renewable generation share, 2020 - 2035 10
- Middle East upcoming and decommissioning thermal capacity, 2023 - 2030 11
- Middle East emissions from thermal power, 2018 - 2030 11
- Middle East major solar players by active and pipeline capacity 12
- Middle East major wind players by active and pipeline capacity 12
- Middle East CCS and CCUS capacity and projects, 2018 - 2030 17
- Main Middle East CCS/ CCUS projects as of April 2023 18
- Middle East low carbon hydrogen capacity in 2025 by development stage 21
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Acwa Power
- ACME
- Abu Dhabi Power Corporation
- Mubadala
- Mowasalat
- ABB
- Karwa
- ADNOC
- Saudi Aramco
- Al Reyadah
- OQ
- InterContinental Energy
- National Technology Enterprises Company
- Power Construction Corporation of China
- China National Machinery Industry Corp
- Abengoa SA
- JinkoSolar Holding Co Ltd
- LONGi Green Energy Technology Co Ltd
- Zhejiang Chint Electrics Co Ltd
- Vestas Wind Systems AS
- General Electric Co
- Saipem SpA
- Siemens AG
- Mays Motors
- Lucid Motors
- Hyzon Motors
- Eni
- Engie
- Masdar
- Fertiglobe
- TAQA
- CPC Corp
- Dutco Group of Companies
- Air Products and Chemicals Inc
- Neom Co
- LCY Chemical Corp
- QatarEnergy
- Petroleum Development Oman
- Emirates Stee
- Saudi Power Procurement Co
- Air Products and Chemcials Inc
- Air Products Qudra
- Softbank Group
- Dubai Electricity and Water Authority
- QatarEnergy
- Saudi Aramco
- Exxon Mobil Corp
- National Oil and Gas Authority of Bahrain
- Kuwait Petroleum Corp
- Occidental Petroleum Corp
- Linde
- Scatec ASA
- H2 Industires
- Hydrogen Rise AG
- Hyzon Motors.
