Electricity generation in the Middle East has shown a progressive increasing trend from 2013 to 2023. As of 2023, the generation value stood at 1.39 thousand terawatt-hours, marking a year-on-year increase of 1.8%. Over the past two years, the year-on-year changes have been moderate, reflecting a maturing market. The compound annual growth rate (CAGR) over the last five years has averaged 2.06%, indicating sustained, albeit slower, growth.
Looking to the future, from 2024 onwards, electricity generation is forecasted to continue its upward trajectory, reaching 1.51 thousand terawatt-hours by 2028. The forecasted 5-year CAGR is 1.35%, with an overall growth rate of 6.94% across this period. This suggests a steady but cautious expansion.
Future trends to watch for include increased investment in renewable energy sources, advances in grid technology, and regional policies aimed at reducing carbon footprints. These factors could play significant roles in shaping the electricity generation landscape in the Middle East over the coming years.