Middle East Renewable Energy Market Size Worth USD 148.50 Billion by 2034 | CAGR: 11.0%

The middle east renewable energy market size is expected to reach USD 148.50 billion by 2034, according to a new study by Polaris Market Research. The report “Middle East Renewable Energy Market Size, Share, Trends, Industry Analysis Report By Product (Solar Power, Hydropower, Bioenergy, Wind Power, Others), By Application – Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The Middle East renewable energy market focuses on using clean power sources such as solar and wind to generate electricity. This transition helps the region move away from relying on traditional fossil fuels and meet a growing demand for energy. The market includes a variety of projects, from large solar farms to smaller-scale rooftop installations, all aimed at diversifying the energy mix.

The market has been seeing strong growth owing to major support from governments across the region. Countries are setting ambitious goals to use more renewable energy and are investing heavily in large projects. The cost of key technologies such as solar panels and wind turbines has dropped, making these projects more affordable and competitive. This shift is about protecting the environment, improving energy security, and creating new economic opportunities for the region.

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Middle East Renewable Energy Market Report Highlights:

• By product, the solar power segment held the largest share in 2024, driven by the region's abundant sunshine and vast, open land. Countries have leveraged these natural advantages to build massive solar projects, making solar energy a cost-effective and leading source of clean power.
• By application, the industrial sector held the largest share in 2024. This is due to the high energy demands of industries such as oil and gas, petrochemicals, and desalination plants. Renewable energy helps these sectors meet their power needs efficiently while supporting broader sustainability goals.
• By country, Saudi Arabia leads the market due to its ambitious Vision 2030 plan, which includes massive investments in large-scale solar and wind projects. When it comes to the fastest growth, Israel is showing a strong and dynamic expansion. The country is introducing more renewable energy capacity than it has in the previous decade, driven by competitive projects and a strategic focus on becoming a hub for green hydrogen production.
• A few key players in the market include ACWA Power; Masdar; Neom Energy; TotalEnergies; EDF Renewables; Jinko Power Technology Co., Ltd.; LONGi Green Energy Technology Co., Ltd.; Enel Green Power; Scatec ASA; Siemens Gamesa Renewable Energy; TBEA Co., Ltd.; and General Electric Company.

Polaris Market Research has segmented the Middle East renewable energy market report based on product, application, and country:

By Product Outlook (Revenue – USD Billion, 2020–2034)

• Solar Power
• Hydropower
• Bioenergy
• Wind Power
• Others

By Application Outlook (Revenue – USD Billion, 2020–2034)

• Commercial
• Residential
• Industrial

By Country Outlook (Revenue – USD Billion, 2020–2034)

• Saudi Arabia
• UAE
• Israel
• Rest of Middle East