Egypt Solar Photovoltaic (PV) Market Size (2024 - 2029)

Egypt Solar Photovoltaic (PV) Market Size Summary

The Egypt Solar Photovoltaic (PV) market is poised for significant growth, driven by factors such as the decreasing cost of solar PV modules, supportive government policies, and rising energy demand. The country's commitment to increasing the share of renewable energy, as outlined in its Vision 2030 plan, aims to reduce carbon emissions and enhance energy security. Despite the competition from other renewable technologies like wind and hydropower, Egypt's untapped solar generation capacity presents a substantial opportunity for market expansion. The market landscape is characterized by a mix of large-scale ground-mounted projects and smaller grid-connected systems, supported by initiatives from the New and Renewable Energy Authority and international collaborations.

The Egyptian government's strategic focus on renewable energy is further evidenced by its adoption of the feed-in-tariff scheme, which has attracted international investment and bolstered the solar PV sector. Initiatives such as the CoM Initiative and the Egypt-sun Initiative aim to promote solar PV installations in government buildings and provide technical assistance, respectively. The market is moderately fragmented, with key players like Egyptian Electricity Holding Company, KarmSolar, and Scatec ASA contributing to the sector's development. Recent projects, including the construction of the Abydos Solar Plant and the announcement of a new utility-scale solar plant, underscore the country's commitment to achieving its renewable energy targets by 2035.