The renewable energy market is projected to exhibit a CAGR of 8.6% during the projection period. Major factors attributing to the market's growth include.
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Middle East to become a market leader in renewable and clean energy
DUBAI, May 3, 2021 The Middle East is set to become a market leader in renewable and clean energy due to well-designed auctions, favourable financing conditions, and declining technology costs, all contributing to bringing renewables into the mainstream. Research from Informa Markets revealed 83 GW of renewable and clean energy capacity, mainly solar and wind power, is planned across the Middle East and North Africa (Mena) region within the next 20 years, and more than AED55 billion ($14.97 billion) of solar power projects are expected to become operational by 2026. Against this backdrop, renewable and clean Energy will debut as the theme for Middle East Energy’s inaugural virtual focus week on May 17, 2021.