Egypt Solar PV Market

Egypt Solar PV Market Overview

Solar Photovoltaics is the process of generating electricity through energy from the sun. The modern solar panels produce electricity from daylight and do not need direct sunlight, although more electricity is generated on bright and sunny days. Electricity produced from solar photovoltaic panels is inexhaustible and does not pollute, thus contributing to sustainable development.

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Major Egypt Solar PV Market Drivers

The Egypt Solar PV market is becoming more mainstream in the coming years due to the increasing requirement for sustainable energy resources, along with the favorable government regulations to decrease dependency on fossil fuels. Solar PV power generation systems are environmentally-friendly and renewable has proved to be lucrative, especially in Egypt. In 2019, the Egypt government started the 1.8 gigawatt installation of first-utility-scale PV plant in the country. The main objective of the project is to increase its generation capacity and incorporate more renewable sources into the mix. As per the Intergovernmental Panel on Climate Change, the climatic condition in Egypt is drastically changing as the sea and air surface temperatures are increasing by an average of 1 degree Celsius above the pre-industrial levels. In Egypt, global warming will decrease agricultural productivity, induce flooding in the fertile Nile Delta, and will result in more deaths due to heat stress. All these factors will encourage the end-users to opt for solar PV in order to improve the environmental condition of Egypt.

The government of Egypt is also planning to develop Benban Solar Park, which will provide two million tons of CO2 emissions per year. This initiative will open new doors for the growth of the market in the coming years. The declining cost of solar PV modules drive by the rising production volumes is another factor that is surging the growth of the market. In addition to this, the cost of components has also experienced drastic fall due to the lower raw material prices.

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Based on the type, the thin film segment is projected to grow at a higher CAGR during the forecast period. The increasing awareness related to green energy, growing consumption of energy, and the numerous benefits offered by a thin film such as higher flexibility, cost and performance efficiency, are the major factors that are surging the growth of the segment in the coming years. The thin film solar cells are highly cost-effective and are an efficient way to transform sunlight into electricity. These films require ten times less quantity of material to absorb light as compared to silicon.

On the basis of end user, the utility segment is predicted to witness a faster CAGR during the forecast period. This is mainly due to the continuous supply of energy and comparative lower expenses than conventional energy sources, which is attracting the application of solar PV in utilities. On the other edge, the residential segment is anticipated to dominate the market during the forecast period. The growing popularity of photovoltaic systems driven by its increasing employment in electricity generation, to offer heating for the residential building at a lower cost, is a significant factor that is contributing to the growth of the segment.

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Segments covered in the Report:

The Egypt Solar PV Market segmented into product type, End User, Deployment. Based on product type, the market is segmented into Thin Film, Multi-Si and Mono-Si. Based on End User, the market is segmented into Residential, Commercial and Utility. Based on Deployment, the market is segmented into Ground Mounted and Rooftop Solar.

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Market Segmentation

Egypt Solar PV Market by Product Type

• • Thin film
  • Multi-Si
  • Mono-Si

Egypt Solar PV Market by End User

• • Residential
  • Commercial
  • Utility

Egypt Solar PV Market by Deployment

• • Ground Mounted
  • Rooftop Solar