GCC Solar Equipment Market to Reach $8.8 Billion by 2022 – Increased Focus on Renewable Sources – Research and Markets

Research and Markets has announced the addition of the “GCC Solar Equipment Market (2016-2022): Market Forecast by Types, Countries and Competitive Landscape“ report to their offering.

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. 

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. 

In the 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

At present, majority of energy generated in the region is from the oil and natural gas; however, with growing environment concerns and reducing solar equipment prices, the market for GCC solar equipment would record growth over the next six years.” 

The GCC solar equipment market is majorly led by countries such as UAE and Saudi Arabia, wherein in 2015 majority of the market revenues were generated from Saudi Arabia due to significant initiatives taken by the government in the areas of installation of PV plants. 

Source : PR Newswire