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Middle East & Africa Fossil Fuel New Energy Generation Market Size
The Middle East & Africa fossil fuel new energy generation market was valued at USD 24.6 billion in 2024 and is estimated to grow at a CAGR of 19.5% from 2025 to 2034. Increasing energy demand across multiple sectors, coupled with strategic partnerships and flourishing investments in energy generation, is shaping the business dynamics. Increased collaborations among technology firms, which aim to develop low-carbon technology is complementing the industry landscape.
Stringent environmental regulations for emission reduction, increasing energy consumption driven by industrialization, and improving living standards, leading to a greater focus on energy security requirements. For instance, The Integrated Resource Plan (IRP) establishes an emissions limit of 275 MtCO2/year for electricity generation starting from 2025. This constraint mandates that total emissions from electricity production must not exceed this threshold. The emissions cap has been a crucial mechanism in promoting the incorporation of renewable energy capacity targets.
Who are the major players in the Middle East & Africa fossil fuel new energy generation market?
Key players include ADNOC, Arcelormittal, Atkins Realis, Edra Power Holdings, Engie, Eskom Holdings, Iberdrola, Mitsubishi Heavy Industries, Oman Oil Company, Qatar Petroleum, RWE, Saudi Aramco, Sonatrach, TotalEnergies, and Uniper.
What is the size of Saudi Arabia's fossil fuel new energy generation market?
Saudi Arabia's fossil fuel new energy generation market is anticipated to exceed USD 9.5 billion by 2034, led by the expansion of power generation facilities and a growing industrial and commercial sector.
What is the growth outlook for the gas segment in this market?
The gas segment is expected to surpass USD 80 billion by 2034, supported by abundant reserves, ongoing gas exploration, and its role in providing cost-effective electricity while enhancing energy security.
How big is the Middle East & Africa fossil fuel new energy generation market?
The Middle East & Africa fossil fuel new energy generation market was reached USD 24.6 billion in 2024 and is projected to grow at a 19.5% CAGR from 2025 to 2034, driven by increasing energy demand across multiple sectors.