Packaging Manufacturer Collabs with Solar Projects to Enhance Cleantech in 2024
Middle East Region Ramps Up Renewables Production in 2024
By Shubhendra Anand , 01 August, 2024
Globally, countries are ramping up the production of renewable energy in 2024. Nations worldwide aim to achieve net zero emissions by the end of 2050. Therefore, nations are shifting from conventional energy markets to renewable energy markets in 2024 on a competitive landscape. Western developed countries are making several changes in the energy markets to cope with the transformation process. Similarly, the Middle East region is progressing in the renewable energy market in 2024.
According to the survey, the renewable energy market in the Middle East region is expected to overcome conventional fuels in 2024. The production of renewables drives the energy market in light of the clean energy transition. Hence, fossil fuel usage in the Middle East will decrease by the end of 2040. The clean energy transition will be enhanced in the Middle East region with the help of solar photovoltaic (PV) installations. Solar PV is an important renewable energy source that claims to increase the power supply of the Middle East region. Studies have proven that solar PV supplies power to 50 percent of the Middle East region.
Additionally, statistics for clean energy transition in the middle east region show that solar, hydro, and wind energy together can contribute around 70 percent to the Middle East's energy market. This power transformation in the Middle East's energy market is expected to be achieved by 2050. However, experts' views differ because of the current energy market landscape in the Middle East region. Experts claim that the Middle East will depend heavily on natural gas till 2030.
The transformation in the Middle East region shows positive signs in the energy market. However, the main highlighting point is that the Middle East is known for its oil and gas. Middle East is the leading region in the oil and gas market. Therefore, rapid transformation from conventional fuels to renewables seems quite tricky. Thus, the Middle East's efforts on renewables are an example for the rest of the world to get motivated towards the clean energy transition.
Forecast of Renewable Power Sources in the Middle East
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Shubhendra Anand
Head Research
