The UAE's renewable electricity generation, excluding hydroelectricity, stood at 0.38 units in 2023. From 2013 to 2023, this sector saw substantial fluctuations and growth. Particularly notable was the 174.38% increase in 2014, signaling a strong initial expansion phase. However, growth rates stabilized over time, with year-on-year variations averaging around 5-10% in the last few years.
In 2023, the year-on-year increase slowed to 4.87%. The compounded annual growth rate (CAGR) over the last five years was approximately 5.7%, indicating steady but decelerating growth. Looking ahead to 2028, forecasted figures suggest a 3.11% CAGR and a forecasted 5-year growth rate of 16.56%, pointing to a continuation of moderate growth.
Future trends to watch for include:
- Advancements in renewable technologies, which could drive higher efficiency and lower costs.
- Government policies and investments in renewable infrastructure that might influence growth rates.
- Consumer adoption trends and corporate sustainability initiatives that could accelerate demand for renewable electricity.