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Ethiopia Renewable Energy Market Size (2024 - 2029)

The Ethiopian renewable energy market is poised for growth, driven by supportive government policies and the development of wind, solar, and hydropower projects. Despite the country's vast renewable potential, the expansion of coal power projects poses a challenge to the market's growth trajectory. The wind energy segment is anticipated to experience notable expansion due to increased capacity additions and government backing for new projects. Additionally, the implementation of energy storage systems to address intermittency issues presents significant opportunities for the market.

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Market Size of Ethiopia Renewable Energy Industry

Ethiopia Renewable Energy Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR > 7.00 %
Market Concentration Medium

Major Players

Ethiopia Renewable Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

Ethiopia Renewable Energy Market Analysis

The Ethiopian renewable energy market is expected to register a CAGR of greater than 4% during the forecast period of 2022 - 2027. The COVID-19 pandemic did not significantly affect the renewable energy market, as the country witnessed hassle-free project executions in 2020. It was recorded that in the year 2021, the renewable capacity grew by approximately 82% compared to 2015. Factors such as supportive government policies for renewable energy deployment and upcoming wind, solar, and hydropower projects are expected to drive Ethiopia's renewable energy market during the forecast period. Despite Ethiopia's abundant potential for renewable power, the country is embarking on building coal power developments funded by Government and private companies. Thus, this factor is expected to hinder the market studied.

  • The Wind Energy segment is expected to witness significant growth during the forecast period, owing to the country's increasing Wind Energy capacity additions. With government support for upcoming wind energy projects like the Assela wind power project, this trend is expected to continue in the coming years.
  • Solving intermittency problems by using energy storage systems is likely to provide huge opportunities for the market studied.
  • Upcoming renewable projects are expected to drive the Ethiopian renewable energy market during the forecast period.

Ethiopia Renewable Energy Industry Segmentation

The Ethiopia Renewable Energy Market Report Include:

Source
Hydropower
Wind
Geothermal
Solar
Others
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Ethiopia Renewable Energy Market Size Summary

The renewable energy market in Ethiopia is poised for significant growth, driven by supportive government policies and a series of upcoming projects in wind, solar, and hydropower. Despite the country's vast potential in renewable energy, there are challenges, such as the development of coal power projects, which could impede progress. The wind energy sector, in particular, is expected to experience substantial expansion, supported by government initiatives like the Assela wind power project. The integration of energy storage systems to address intermittency issues presents further opportunities for market growth. Ethiopia's commitment to diversifying its energy mix, especially by increasing wind power capacity, is part of a broader strategy to mitigate power outages caused by droughts, which have historically affected the hydropower-dependent power sector.

Ethiopia's renewable energy market is characterized by a consolidated landscape with key players such as ANDRITZ AG, Siemens Gamesa Renewable Energy SA, and others. The country is actively seeking international investments to bolster its renewable energy infrastructure, with plans to significantly increase solar and geothermal capacity. Notable projects include the development of a solar complex by Lotus Energy Cooperative and the construction of solar power projects in collaboration with Masdar. Additionally, Ethiopia is tapping into its geothermal potential in the Rift Valley, with plans to develop numerous geothermal projects. These initiatives, along with substantial financial commitments, are expected to drive the growth of Ethiopia's renewable energy market in the coming years.

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Ethiopia Renewable Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Renewable Energy Mix, As of 2021

    3. 1.3 Renewable Energy Installed Capacity and Forecast in MW, till 2027

    4. 1.4 Government Policies and Regulations

    5. 1.5 Recent Trends and Developments

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Supply Chain Analysis

    8. 1.8 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Source

      1. 2.1.1 Hydropower

      2. 2.1.2 Wind

      3. 2.1.3 Geothermal

      4. 2.1.4 Solar

      5. 2.1.5 Others

Ethiopia Renewable Energy Market Size FAQs

The Ethiopia Renewable Energy Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)

Vergnet Groupe, Siemens Gamesa Renewable Energy SA, Green Scene Energy PLC, ANDRITZ AG and Tulu Moye Geothermal Operations PLC are the major companies operating in the Ethiopia Renewable Energy Market.

Renewable Energy Market in Ethiopia Report Snapshots

Renewable Energy Market in Ethiopia Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)