OMAN RENEWABLE ENERGY MARKET

Oman’s renewable energy market is growing rapidly propelled by favorable government policies for energy diversification along with the increasing energy demand.

Major Market Drivers and Emerging Trends

Oman’s renewable energy market growth is fueled by numerous innovative initiatives to reinforce the country as a leader in adopting clean energy alternatives. These efforts reflect a firm commitment to reaching zero net carbon emissions in 2050. The government aims to enhance its electricity generation capabilities via renewable power projects targeting thirty percent or more of electricity from renewable sources in 2030 largely through initiatives focused on solar energy and onshore wind.

The other factor supporting Oman’s renewable energy market size expansion is the significant increase in energy demand primarily due to rapid urbanization, industrial development, and population growth. As demand rises, the market is expanding which leads to greater interest in these sources as a way to meet sustainability goals and ensure energy security.

 Plans are underway for five wind power plants across the country such as Jalan Bani Bu Ali, Suhar, Mahout, Dhofar 2, and Duqm. With capacities between 99 and 400 megawatts these facilities are designed to greatly enhance renewable energy generation and expedite the country’s renewable energy goals. Another solar project named MIS Solar IPP with a 500-megawatt capacity is also planned for development in the Al Wusta region. It is expected to be operational by 2027 even though the project’s location and capacity may be subject to change.

Besides developing wind and solar sources, Oman is set to establish a waste-to-energy facility in the northern coastal city of Barka following a feasibility study conducted in 2018. With a capacity ranging from 130 to 140 MW, the facility will be fueled by municipal waste sourced from the South Batinah and Muscat Governorates.

By the end user, the market can be segmented into residential, industrial, and commercial. The industrial segment is at the forefront of the market for several reasons primarily because industrial facilities have substantial electricity needs owing to the high energy consumption. By adopting renewable energy like solar or wind, industrial players can reduce their carbon emissions and enhance their reliance on non-fossil fuel energy. The residential segment is also seeing significant growth as more homeowners are utilizing renewable energy due to their potential to decrease electricity expenses.

By the type, the market is categorized into solar, wind, and other sources. Solar category is generating the highest revenue due to its abundant sunlight throughout the year. The country can leverage its vast solar potential to meet its increasing energy demands. The solar energy is rapidly expanding due to substantial investments in solar power initiatives driven by the plentiful sunlight. Wind energy is also seeing significant growth as the country possesses potential for production due to its expansive coastlines and deserts that receive strong winds.

Top Market Players:

Several key players within the market include Akuo Enegery SAS, AMEA Power, Yellow Door Energy, among others.

Segments covered in the Report:

The Oman Renewable Energy Market has been segmented on the basis of product and application. By product, the market is segmented into wind power, solar power, and other. Based on application, the market is segmented into industrial, residential, and commercial.

Market Segmentation

Oman Renewable Energy Market by Product

• • Wind Power
  • Solar Power
  • Others

Oman Renewable Energy Market by Application

• • Industrial
  • Residential
  • Commercial

Oman Renewable Energy Market Leading players (Option 1: Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Akuo Energy SAS
  • AMEA Power
  • Yellow Door Energy