Green Technology: A Major Industry To Watch In Middle East :
Green Technology: A Major Industry To Watch In Middle East
The increasing adoption of Green Technology has outpaced its growth prediction. In 2020, the global Greentech market was worth $10.32 billion. At a growing CAGR of 21.9% from 2021 to 2030, global Greentech has expected to be valued at $74.64 billion by 2030. The key drivers to its adoption and growth are increasing environmental awareness, consumer interests, and industrial investments in clean energy.
The growing concerns among organizations about eliminating carbon emissions and reducing global warming have led to a surge in the Greentech industry in the coming years. In 2020, a total of 24,073 megawatts of renewable energy was installed in the Middle East, expected to reach USD 59,656 MW by 2027. Is green technology a major growth industry in the Middle East? Following are the facts you need to know.
Analyzing The Pandemic Impact On The Greentech Industry
The occurrence of COVID-19 harmed the renewable energy industry in 2020 because of the slowing economy. The government imposed a lockdown on various countries, disrupting their business operations. During the pandemic, most solar panels and Greentech-related projects came to a halt. People were even prevented from installing solar panels in their homes due to severe social distancing. However, the renewable energy provider developed strategic plans to survive and stay competitive in the Greentech industry.
Ending The Resource Curse In The Middle East
The Middle East is rich in natural resources and is highly dependent on exporting them. The fluctuations in the prices of the international oil market are a huge matter of concern for these countries because a small downturn can push them towards recession. However, the increasing growth and adoption of renewable energy have ended the resource curse in the middle east in the following ways.
Driving Economic Diversity And Developing Employment Opportunities
The Greentech industry will drive economic diversification in the Middle East because the construction and engineering industries will grow with the adoption of renewable energy. The peak demand for fossil fuels will decline from 20% to 50% until 2050, helping to stabilize the uncertain economy of the Middle East. The shift to renewable energy will fuel economic diversification. Clean energy will create massive job opportunities as more labor power will be required to produce it.
Making Renewable Energy Accessible To Poor Areas
Unlike fossil fuels, green energy providers can install solar systems and wind generators without accessing the power grid. Consequently, clean power will be supplied to poor regions or off-grid areas. Green technology will help businesses grow and diversify the economy, which will ultimately reduce poverty.
Improving Education And Health System In The Middle East
The booming economy and increasing access to renewable energy will improve the education and health system. The dropped unemployment rate will end poverty and enable the government to collect better tax revenues. A thriving economy will stimulate the Middle Eastern government to invest in healthcare and the public sector, which will ultimately improve the quality of life.
