- The key vendors in the Renewable Energy Market in the MEA Region 2015-2019 are First Solar Inc., Suntech Power Holdings Co. Ltd., Trina Solar Ltd, Vestas Wind Systems A/S and Yingli Green Energy Holding Co. Ltd.
London, 02 December 2014: TechNavio, an independent tech-focused global research firm, has announced the publication of its market research report on the Renewable Energy Market in the MEA Region 2015-2019. Many vendors worldwide are striving to enhance existing technologies to gain better output and efficiency in terms of power generation. The integration of highly advanced actuation systems for north-to-south solar tracking and rotary drives for east-to-west solar tracking are recent advances in solar technology. Usage of such technology can help track the sun more efficiently, thereby increasing the overall output from solar power plants. The Renewable Energy market in the MEA Region is expected to grow at a CAGR of 11.01 percent during the forecast period of 2015-2019.
Governments in the MEA region have put in place a robust regulatory framework to facilitate increased growth of renewable power in the region. Success of large-scale deployments of renewable energy installations in the MEA region can be attributed to the robust regulatory framework prevalent across the region. The regulatory framework includes policies such as renewable energy targets, renewable energy plans, tradable renewable energy, and capital subsidy and energy production payment.
“The growing importance of renewable energy in addressing climate change and improving energy security has increased industry growth in recent years,” says Faisal Ghaus, Vice President of TechNavio Research.
“Moreover, the integration of renewable energy into smart grids will help reduce the carbon footprint of electric power systems.”
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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