The Middle East renewable energy market reached USD 58.5 billion in 2026 and is projected to grow to USD 235.0 billion by 2040, registering a CAGR of 10.4% over the forecast period 2026 to 2040, driven by utility-scale solar procurement, grid storage, and national diversification programs.

Amongst the available energy sources, non-renewables (including fossil fuels and nuclear energy) have a share of about 76.3% and renewables have a share of about 23.7%, in global electricity production. The Paris Agreement at the 21st Conference of Parties (COP), the first ever legally binding global climate deal, was signed by 195 countries in 2015, where it was decided to limit the global average temperature rise to 1.5C till the year 2100, by reducing carbon emissions. As a result of the afor...