Release Date: 17-Aug-2012
GCC renewable energy initiatives offer opportunity for solar companies to expand their business in the region and to tap the unexplored business opportunities in future. Solar holds the key to renewable energy development in the GCC region as it is the single most abundant renewable source of energy available there. Power produced from solar energy is efficient and cheaper as compared to other renewable sources of energy. The research report investigates the solar power potential of the region and individual countries. Huge investments and research studies are happening in efforts to tap the solar energy in the region as part of the renewable energy development. Almost 85% to 90% of the money being spent on renewable energy development is being put in solar energy.
The topography of GCC region gives it immense solar energy potential throughout the year. For about 80% of the year the skies are clear in this cloudless rainless region giving it uninterrupted sunlight. The GCC region lies in the highest band of insolation in the world and forms a major part of the huge 18 TWe of the total worldwide solar radiation, thanks to its expansive desert like topography and climate. Solar insolation received by the region encourages the use of solar photovoltaics and concentrating solar power, the two most popular technologies for solar power generation in the world.
As per report findings, the GCC region receives the highest daily solar radiation in the world. In the summer months of April to August the sunlight is the highest for the maximum number of hours which peaks around in the months of June or July. For about 8 months in a year the region enjoys good amount of sunlight, March through October, better than most of the world. Kuwait has the highest amount of solar radiation at about 8,000 W hr/m2 followed by UAE and the Saudi Arabia.
Saudi Arabia has conducted a number of research and pilot projects and has planned an investment of USD 109 Billion. The country is investing heavily in solar technologies for power production and water desalination to help realize its 10% renewable energy target by 2020. UAE is the second largest country in the region after Saudi Arabia and quite inclined to develop its renewable sources of energy. The country has invested close to USD 25 Billion in renewable energy development with much more money to be invested in the coming few years to help it achieve the targeted 10% power production from renewable sources by 2020.
The “GCC Renewable Energy Sector Analysis” research report documents all the initiatives being taken in the individual countries to help boost their power production from solar energy. The research report from KuicK research vitalizes solar energy as a means to the targeted power production from renewable energy. The future of solar power in the GCC region, according to the report, is as bright as sunshine.
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