Massive growth in the Middle East’s new and renewable energy sector anticipated

Drastic increases in oil prices and increased awareness of the limited availability of traditional fossil fuels is giving the new and renewable energy sector enormous momentum, with many of the world leaders in the field of photovoltaics (solar power), wind power and other environmentally friendly energy schemes accelerating product innovations that are being embraced across the region as alternative power sources.
Countries throughout the region are actively looking to implement energy efficient systems, and many have conducted studies in the field of renewable energy resources, the implementation of energy saving systems in street lighting, water pumping stations and for electricity generation.

‘Typical of the huge growth in the new and renewable energy sector is photovoltaics, which had a worldwide turnover of €5.8 billion last year and a growth rate of around 40%,’ said Woodbridge. ‘Demand has been so high that there was a global shortage of silicon, the raw material essential to the industry, and this clearly illustrates the global trend that is seeing governments seriously look at the possibilities offered by alternative energy sources – the Middle East, with a virtually unlimited source of sunlight, is ideally placed to take full advantage of solar power.’

AME Info