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Renewable Energy Market

The Egypt renewable energy market is expected to expand at a CAGR of 12% during the forecast period, 2021-2028. The growth of the market is attributed to implementation of government policies to decrease dependency on fossils and carbon footprints. Furthermore, increasing demand for power in the country is driving the market growth.

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Renewable Energy Market

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  1. Renewable Energy Market - Egypt Industry Analysis, Growth, Share, Size, Trends, and Forecast The Egypt renewable energy market is expected to expand at a CAGR of 12% during the forecast period, 2021-2028. The growth of the market is attributed to implementation of government policies to decrease dependency on fossils and carbon footprints. Furthermore, increasing demand for power in the country is driving the market growth. Egypt hosts sunny weather and experiences high wind speeds, making it a prime location for renewable energy projects. The Government of Egypt is striving to fulfill the energy demand by using non- renewable sources and renewable sources. Renewables is anticipated to account for 22% of Egypt’s total final energy supply output by 2030. Egypt intends to increase the supply of electricity generated from renewable sources to 20% by 2022 and 42% by 2035, while the wind energy providing 14 percent, hydropower energy 2 percent, and solar energy 25 percent by 2035. The private sector is expected to deliver most of this capacity. The Benban Solar Park in Egypt is powered by 7.2 million photovoltaic solar panels, which has a massive potential of 1800 MW. In August2020, the Minister of Electricity and Renewable Energy Mohamed Shaker, said that large number of renewable projects are expected to be announced by end of 2020. He added that the country is partnering with European-based partners to finance the projects. Market Trends, Drivers, Restraints, and Opportunities  Declining costs of renewable technologies owing to technological advancement, which is becoming more competitive with fossil fuel prices, is expected to drive the market growth.

  2. Slow pace development of large-scale projects and limited land and power capacity of variable renewable energy sources, can restrain the growth of renewable energy market. The COVID-19 pandemic persuaded government bodies to impose restrictions on the manufacturing facilities. This, in turn, disrupted the supply chain activities and negatively impacted the production of components of renewable energy systems. However, the market is expected to recover so on owing to declining COVID-19 cases in most of the countries. Increasing number of wind and solar plants in the east and west Nile is expected to create opportunities in the coming years. Growing awareness about renewable energy benefits and presence of low-cost renewable energy systems are anticipated to proliferate the growth of the renewable energy industry in the country.    Sample - https://growthmarketreports.com/request-sample/763 Market Segment Insights Wind segment to grow at a rate Based on types, the market is segregated into hydro power, wind, solar, and others. The wind segment is projected to grow at a rapid rate owing to the upcoming projects and large-scale investments in the wind energy sector under various policies and strategies. Government bodies in Egypt is planning to install 18000 MW of wind energy by 2035. In November 2019, the opening of the Ras Ghareb Wind Farm project with a capacity of 262.5 MW resulted in a giant leap toward achieving the country’s goal of 7 GW of wind energy by 2022.The project West Bakr wind farm with a capacity of 250 MW is expected to be operational in 2021. The plant is expected to generate 1000 GWh of clean energy that can supply power to 350,000 houses. Investments of international companies like Vestas, Siemens Gamesa, Toyota Tsusho, and others have helped in bringing down the cost of renewables in Egypt, significantly creating a more developing and competitive market. Inquiry- https://growthmarketreports.com/enquiry-before-buying/763 Competitive Landscape Egypt renewable energy market is partially fragmented. Some of the major players in the market are Vestas Wind Systems A/S, Siemens Gamesa Renewable Energy SA, Scatec Solar ASA, SkyPower Ltd, and New & Renewable Energy Authority. Companies are focusing on engaging in business strategies such as partnerships with state government bodies to expand their market share. Moreover, major industry players are looking to acquire emerging players to stronghold their market position. About Growth Market Reports: GMR provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Industry Intelligence Solutions”. GMR has a targeted view to provide

  3. business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. Our key analysis segments, though not restricted to the same, include market entry strategies, market size estimations, market trend analysis, market opportunity analysis, market threat analysis, market growth/fall forecasting, primary interviews, secondary research & consumer surveys. Contact: Growth Market Reports Phone: +1 909 414 1393 Email: sales@growthmarketreports.com Web: https://growthmarketreports.com Follow Us: LinkedIn | Twitter

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