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MENA Solar Market to be Worth 50 Billion Dollars by 2020

published: 2014-01-23 11:59

Middle East Solar Industry Association reported that the solar industry in the Middle East is set to be worth 50 billion dollars, indicated FC Business Intelligence, a company helps corporations define their strategy and direction. This outlook makes MENA the highest wealth solar market in the world, and the Solar GCC Alliance has been launched to help achieve this.

The Solar GCC Alliance was a new example of cross-border cooperation announced at the World Future Energy Summit. As well as enhancing advocacy efforts, the program will also improve knowledge transfer to nationals of member states who show a high-potential in energy entrepreneurship. This is not the first ever cross-border cooperation within the GCC countries. The GCC Interconnection Authority has linked grids across the region, leading to a clear stabilisation of grid supply.

However, the value of the market still depends on large-scale policy programs in the majority of markets. Without these programs, major large-scale solar growth is not assured. At present, the photovoltaic market is set to take up a larger share of solar due to a lack of announcements for concentrated solar power in the region. Concentrated Solar Power could be a very valuable addition to the grid as it is able to supply energy for the evening peak. The desalination and petroleum industries are now looking at solar but the use of this type of green energy in their processes is still in its infancy.

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