ISRAEL RENEWABLE ENERGY MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2022 - 2027)
The Israeli renewable energy market is expected to register a CAGR of more than 6% during the forecast period, 2022-2027.
The COVID-19 outbreak in Q1 of 2020 had a negative effect on the generation and consumption of electricity across the country due to delayed ongoing projects and curbed investments. Factors such as growing demand for clean energy technologies, increasing investments in renewable energy, supportive government policies toward clean energy, and increasing solar installations are likely to drive the Israel renewable energy market during the forecast period. However, limited land and a low number of local private companies investing in the country's renewable energy are expected to restrain the growth of the Israeli renewable energy market.
- The solar energy segment is likely to dominate the market during the forecast period, owing to increasing investments and upcoming solar energy projects across the country.
- The Israeli government has planned to shut down its coal-fired projects and increase the renewable energy generation capacity to 30% by 2030. This is expected to create immense opportunities for the Israel renewable energy market in the future.
- Upcoming renewable energy projects are likely to drive the Israeli renewable energy market during the forecast period.