Released October 09, 2014 | JOHANNESBURG
en
Written by Richard Finlayson, Senior International Editor for Industrial Info Resources (Sugar Land, Texas)--Massive residential and industrial investments in the Gulf Cooperation Council (GCC) countries, reaching $283 billion, will drive a 43% rise in demand for electric power during the next five years, according to Nigel Blackaby, director of the Power-Gen Middle East 2014 conference and exhibition in Abu Dhabi.
The GCC includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). It remains one of the world's most attractive areas for global energy industry investments. The sector will see more capital flow, boosting huge power projects.
Investment in energy projects will grow at about 8.3% annually, with the need for the GCC to increase electricity production by 156 gigawatts (GW) during the next five years, adding to the current production of 234 GW.
Blackaby predicted that renewable and alternative energy sources in the Middle East-North Africa (MENA) region will experience a growth from 0.64% to between 9% and 11% by 2020, based on estimations from global consulting firm Frost & Sullivan (Mountain View, California).
"Solar energy and wind energy witnessed remarkable growth that reached 9% annually in the Middle East, which proves that countries in the region are serious about finding new power sources," he said.
Visit Industrial Info at Booth M20 at Power-Gen Middle East 2014, Abu Dhabi, October 12-14.
For related information, see September 24, 2014, article - Infrastructure Boom Returns to Middle East, and July 29, 2013, article - GCC Countries Look to Renewables to Avoid Energy Import Dependence.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
The GCC includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (UAE). It remains one of the world's most attractive areas for global energy industry investments. The sector will see more capital flow, boosting huge power projects.
Investment in energy projects will grow at about 8.3% annually, with the need for the GCC to increase electricity production by 156 gigawatts (GW) during the next five years, adding to the current production of 234 GW.
Blackaby predicted that renewable and alternative energy sources in the Middle East-North Africa (MENA) region will experience a growth from 0.64% to between 9% and 11% by 2020, based on estimations from global consulting firm Frost & Sullivan (Mountain View, California).
"Solar energy and wind energy witnessed remarkable growth that reached 9% annually in the Middle East, which proves that countries in the region are serious about finding new power sources," he said.
Visit Industrial Info at Booth M20 at Power-Gen Middle East 2014, Abu Dhabi, October 12-14.
For related information, see September 24, 2014, article - Infrastructure Boom Returns to Middle East, and July 29, 2013, article - GCC Countries Look to Renewables to Avoid Energy Import Dependence.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
