The Middle East is located in the middle of Asia, Europe and Africa, including Saudi Arabia, Iran, Iraq, Kuwait, the United Arab Emirates, Oman, Qatar, Bahrain, Türkiye, Israel, the State of Palestine, Syria, Lebanon, Jordan, Yemen, Cyprus and other countries. It is the region with the largest oil reserves and the largest oil production and export in the world.
In recent years, driven by the dual factors of diversified internal economic development and maintaining energy hubs externally, the Middle East region has become increasingly willing to break away from a single energy structure and develop renewable energy. Countries are racing to accelerate their energy transition.
Saudi Arabia proposed the “2030 Vision” in 2016 and has repeatedly raised the upper limit. The latest plan is to bid for 20GW of renewable energy projects annually from 2024, and achieve 130GW of renewable energy installed capacity by 2030; The United Arab Emirates released its “2050 Energy Strategy” in 2017, aiming to increase the proportion of clean energy in the national energy structure to 50% by 2050; Jordan plans to increase the proportion of renewable energy generation to 31% by 2030
Benefiting from this, the energy storage market in the Middle East is booming, and it is expected that Saudi Arabia will build a total of 130GW of photovoltaic power plants and 60-80GWh of new energy storage projects by 2030. This is also why Chinese energy storage companies are flocking to the Middle East energy storage market.
The Middle East has obvious advantages over energy storage markets such as Europe, North America, and Southeast Asia: governments of various countries provide convenience in policy and seek international cooperation, which is conducive to Chinese enterprises going abroad to build factories; Moreover, the Middle East region is not entirely within the scope of the European and American tariffs. China Energy Storage Corporation’s production capacity bypassing the Middle East may maintain a high premium market share, which can be described as a “paradise” for Chinese energy storage companies struggling with high-intensity competition.
Multifit Solar also has a large number of customers in the Middle East. It has cooperated in energy storage system projects or system operation and maintenance in Saudi Arabia, Iraq, the United Arab Emirates, Oman, Qatar, Bahrain, Turkey, Lebanon, Jordan, Yemen and Cyprus. For example, the Saudi 500KW system and Qatar cleaning, operation and maintenance have provided more than 40 sets of equipment. At present, there is still more in-depth cooperation. As a company that has been working in the photovoltaic industry for fifteen years，It is believed that Multifit Solar can also bring more help to clean energy in the Middle East in the future.
Post time: Jan-20-2025