Middle East & Africa Fossil Fuel New Energy Generation Market Analysis

Based on source, the gas segment is set to surpass USD 80 billion by 2034. Increasing energy demand, ongoing exploration of gas across the region and abundant availability of reserves has augmented the business landscape. Gas-fired power plants continue to play a significant role in energy generation, contributing to energy security and providing cost-effective electricity further complementing the industry outlook. Growing inclination toward reducing carbon emissions from traditional power generation facilities along with focus on improving efficiency and meeting more stringent emission standards will positively influence the business dynamics.

Saudi Arabia fossil fuel new energy generation market is expected to surpass USD 9.5 billion by 2034. Ongoing expansion of power generation facilities to cater to the rising energy demand and rapidly growing industrial and commercial sector has complement the business landscape. Stringent emission regulations are prompting a shift towards more efficient and lower-emission technologies, including natural gas power plants that generate a smaller carbon footprint.

The availability of vast fossil reserves across the country, along with favorable energy generation policies, is augmenting the market outlook. For instance, according to the Saudi Green Initiatives, in December 2023, Saudi Arabia expanded its power sector by launching four efficient gas-fired plants totaling 5,600 MW. The nation is also developing 8.4 GW of plants with carbon capture technology, balancing energy needs with environmental concerns. Additionally, initiatives to enhance energy efficiency and the rising adoption of new technologies for improving power generation processes are complementing the industry landscape.