Middle East Energy Transition Market Trends and Analysis by Power and Renewables, Electrical Vehicles, Hydrogen and CCS/CCU, 2024 Update

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Middle East Energy Transition Market Overview

The presence of massive oil and gas reserves and the low cost of production make traditional fossil fuels the dominant source of power generation in the Middle East. However, the energy transition in the region is slow yet steady. The ‘Middle East Energy Transition Market Report’ analyzes the region’s energy transition to renewable energy sources from a fossil fuel-dominated market into a sustainable energy-producing region.

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Key Sectors ·       Renewable Energy

·       Electric Vehicles

·       CCS/ CCUS

·       Hydrogen

Key Players (Solar) ·       Abu Dhabi Power Corp

·       Abu Dhabi National Energy Co

·       Acwa Power Co

·       ACME Cleantech Solutions Pvt Ltd

Key Players (Wind) ·       Saudi Power Procurement Co

·       Electricity Holding Company SAOC

·       Oman Power and Water Procurement Co

·       ACME Group

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Middle East Energy Transition Market Segmentation by Major Sectors

Renewable Energy: Scaling up the adoption of renewables is the first step toward a sustainable transition to clean energy. Although thermal power will continue to support the bulk of the Middle East’s power generation mix up to 2035, the share of renewables is rising significantly.

The Middle East has rolled out a range of renewable energy policies and targets such as the Pan-Arab Clean Energy Initiative (PACE) to boost deployment of renewables. The Middle East energy market is growing and will attain a CAGR of more than 11% between 2023 and 2035.

Solar power in the Middle East will experience the fastest growth among of all the energy sources during the forecast period, followed by wind power. Meanwhile, coal will experience the strongest decline in its power capacity share from 2023 to 2035.

Electric Vehicles: As electrification becomes mainstream for global energy markets in transition, EVs are becoming more prominent as many countries attempt to tackle climate change. Although the policy framework for electric vehicles is still immature, several commercial partnerships and governmental initiatives have emerged. Countries such as the UAE, Qatar, Oman, and Saudi Arabia have robust plans to locally produce EVs and ambitious intentions for exports as well.

For instance, Abu Dhabi has a Low-Emission Vehicle Strategy, which supports the uptake of low-emission vehicles, develops charging infrastructure, and establishes a network of electric vehicle charging stations across the UAE capital.

CCS/ CCUS: Carbon capture and storage (CCS) technologies are attractive in the Middle East because of the high level of hydrocarbon activities in the Gulf states. The Middle East is set to capitalize on the opportunity of CCS, which allows the survival of its fossil fuel business while meeting its emission targets.

Hydrogen: The Middle East region is favorable to potential hydrogen production because of its abundant gas reserves, land, and solar radiation. There are currently multiple hydrogen projects in the feasibility phase, with most of them being operational around the middle of the current decade.

The hydrogen producers in the region see ammonia, transportation, and chemicals as the most preferred destinations for clean fuel. The financing landscape of hydrogen projects looks promising with active involvement from governmental agencies and national oil companies, particularly in the Gulf countries.

Middle East Energy Transition Sector Grid and Leaders
Middle East Energy Transition Sector Grid and Leaders
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Segments Covered in the Report

Middle East Energy Transition Market Sectors Outlook (2018-2035)

  • Electric Vehicles
  • Renewable Fuels
  • CCS/ CCU
  • Hydrogen


The report provides:

  • Renewable energy policies and targets from Middle Eastern Countries.
  • Renewable share in Middle East’s power capacity share.
  • Major players in the Middle East’s renewable energy market.
  • Regional electric vehicle policies.
  • CCUS capacity in the Middle East 2018-2030.
  • Upcoming hydrogen plants and their end-use sectors.

Reasons to Buy

  • Obtain the most up-to-date information on recent developments and policies in the Middle East energy transition.
  • Identify opportunities in upcoming projects involving electric vehicles, solar and wind power generation, EVs, CCS, and hydrogen production in the Middle East.
  • Assess competitors based on their active and pipeline capacities for renewable energy generation, CCS/CCU projects, and hydrogen projects.
  • Develop business strategies by identifying the most promising sectors for future growth.

Acwa Power
Abu Dhabi Power Corporation
Saudi Aramco
Al Reyadah
InterContinental Energy
National Technology Enterprises Company
Power Construction Corporation of China
China National Machinery Industry Corp
Abengoa SA
JinkoSolar Holding Co Ltd
LONGi Green Energy Technology Co Ltd
Zhejiang Chint Electrics Co Ltd
Vestas Wind Systems AS
General Electric Co
Saipem SpA
Siemens AG
Mays Motors
Lucid Motors
Hyzon Motors
CPC Corp
Dutco Group of Companies
Air Products and Chemicals Inc
Neom Co
LCY Chemical Corp
Petroleum Development Oman
Emirates Stee
Saudi Power Procurement Co
Air Products and Chemcials Inc
Air Products Qudra
Softbank Group
Dubai Electricity and Water Authority
Saudi Aramco
Exxon Mobil Corp
National Oil and Gas Authority of Bahrain
Kuwait Petroleum Corp
Occidental Petroleum Corp
Scatec ASA
H2 Industires
Hydrogen Rise AG
Hyzon Motors.

Table of Contents

  • 1. Executive Summary
  • 2. Sector Grid and Leaders
  • 3. Power Outlook & Generation

    • 3.1. Renewable Energy: Policies & Economics
    • 3.2. Power Capacity Outlook Share
    • 3.3. Share of Power & Renewable Generation
    • 3.4. Share of Renewable Generation in GCC Countries
    • 3.5. Thermal Power Decommissioning & Emissions
    • 3.6. Major players: Solar Vs Wind Owners

  • 4. Electric Vehicles

    • 4.1. Regional Policies
    • 4.2. Regional Projects

  • 5. CCS/CCU

    • 5.1. CCS/CCU Policies
    • 5.2. CCS/CCU Projects

  • 6. Hydrogen

    • 6.1. Regional Policies
    • 6.2. Hydrogen Production in the Middle East
    • 6.3. Financing Opportunities for Hydrogen
    • 6.4. Intended Use Sectors for Hydrogen


Renewable energy targets of Middle Eastern Countries 7

Regional electric vehicle policy 14

Regional electric vehicle projects 15

Largest current and upcoming CCS/ CCUS projects in the Middle East 18

Hydrogen policies and agreements 20

Largest current and upcoming hydrogen plants in the Middle East 21

Hydrogen financing opportunities 22

Likely hydrogen demand sectors for future growth 24


Middle East levelized cost of energy (LCOE) 7

Middle East power capacity, 2018 – 2035 8

Middle East power generation share, 2018 – 2035 9

Middle East energy generation by type, 2018 – 2035 9

GCC countries renewable generation share, 2020 – 2035 10

Middle East upcoming and decommissioning thermal capacity, 2023 – 2030 11

Middle East emissions from thermal power, 2018 – 2030 11

Middle East major solar players by active and pipeline capacity 12

Middle East major wind players by active and pipeline capacity 12

Middle East CCS and CCUS capacity and projects, 2018 – 2030 17

Main Middle East CCS/ CCUS projects as of April 2023 18

Middle East low carbon hydrogen capacity in 2025 by development stage 21

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