The consumption of renewable power in the UAE has shown a substantial upward trend from 2013 to 2023, rising from 0.001 Exajoules in 2013 to 0.073 Exajoules in 2023. The year-on-year variations highlight significant growth phases, particularly in 2014 (200%) and 2019 (218.18%), with the Compound Annual Growth Rate (CAGR) of 46.01% over the last five years from 2018 to 2023.
Forecasts indicate continuous growth, with renewable energy consumption anticipated to reach 0.11 Exajoules by 2028. The forecasted 5-year CAGR from 2024 to 2028 stands at 6.7%, suggesting a steady but slower growth rate compared to historical trends.
Future trends to watch for:
- Technological advancements in renewable energy production.
- Government policies and support for sustainable energy projects.
- Global economic factors influencing investment in renewable energy.
- Increasing public and private sector initiatives towards energy diversification.