The United Arab Emirates (UAE) power market is expected to expand at a CAGR of 6% during the forecast period, 2021-2028. The growth of the market is attributed to rising inclination toward deployment of solar energy infrastructure.
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The energy mix for electricity generation in the country is dominated by fossil fuels such as coal, oil and natural gas. This three electricity generation source constitutes about 65% of the total electricity generation in the country.
UAE has one of the most advanced and efficient power sectors in the Middle East & Africa. The country has distinct structures and favorable government policies. UAE is exploring its potential in renewable energy, particularly in solar power. With various projects being under construction, renewable energy is expected to drive the UAE power market significantly.
Market Drivers, Restraints, Trends, and Opportunities
- Growing consumption of electricity owing to strong economic activity, rising population, infrastructure development, and industrialization is expected to boost the market growth.
- Nuclear and waste-to-energy projects are gradually gaining momentum in the country apart from solar power, which is expected to create ample opportunities for the power sector in the country.
- In 2017, the UAE launched 'Energy Strategy 2050', which aims to increase clean energy in the total energy mix to 50% by 2050 and reduce the carbon footprint of power generation by 70%. This, in turn, is expected to create significant market opportunities for the renewable energy companies in the projected timeline.
- Major industry players are diversifying their power generation business by providing renewable energy systems and deploying large-scale renewable projects, positively influencing the market growth.
UAE Power Market Segment Insights
Renewable segment to account a large market share
Based on generation sources, the market is segregated into thermal, renewables, and others. The renewables segment is projected to account for a large market share during the forecasted period. With multiple government initiatives, the country's renewable power generation has grown at a significant rate in the recent years. In 2019, the nation reported 1.8 GW of installed renewable energy capacity. As of May 2020, the share of clean energy in Dubai's energy mix increased to around 9%.
Transmission & distribution segment to grow at a steady rate
The transmission & distribution segment is expected to play a major role in the UAE market. Increasing number of government policies to deploy transmission and distribution infrastructure for solar energy is expected to drive the segment growth. Moreover, the deployment of renewable energy systems by local players is anticipated to foster the transmission & distribution segment.
Compititive Landscape
Some of the major companies include Abu Dhabi National Energy Company PJSC (TAQA), Abu Dhabi Transmission & Despatch Company (Transco), Dubai Electricity and Water Authority (DEWA), Emirates Nuclear Energy Corporation (ENEC), and Emirates Water and Electricity Company.
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PESCO International is an EPC contracting company specialized in Power Plants, Oil & Gas and Substation projects in UAE, Egypt and all over MENA.
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