8.7% during the forecast period, states
Fortune Business Insights™ in its report, titled “
Middle East and CIS Power Generator Rental Market, 2021-2028”. The report also states that the value of the market stood at
USD 2.54 billion in 2020.
Rising Investments in Renewables in the Middle East to Boost Market Growth
The oil-rich countries of the Middle East are taking active steps to wean their economies off the dependence on hydrocarbons to renewable, clean energy sources. As a result, investments in renewables in Middle Eastern countries have been steadily increasing. According to the International Renewable Energy Agency (IRENA), the Arab countries invested just USD 1.2 billion in renewables in 2008; in 2016, these investments stood at USD 11 billion in the region. Similarly, in its World Energy Investment Report 2020, the International Energy Agency (IEA) has reported that countries in the Middle East have reduced their spending on gas-fired power generation systems. P