 |
| |
Middle East To Embrace Major Energy Sector Transition | |
| Sumita Pawar |
With other countries in the region, the Middle East is now taking a big step toward a decentralized, low-carbon, and digital energy future.
According to a new report, has a mission to improve energy security by reducing reliance on fossil fuels, lowering CO2 emissions, and improving segment-related investment resilience.
Yet the sector outlook report, by consultants Frost & Sullivan, says that though the region is currently investing in installed energy capacity at a rate of 4.5%–4.8% annually, there could soon be a tapering down in demand.
The report, commissioned by Middle East Energy, the region’s leading energy event, which runs at the Dubai World Trade Centre from March 7–9, envisages regional electricity demand slipping from its current 3.5% per annum to 3.3% by 2030.
 |
The report says gas is expected to continue to play a "critical role" in regional power generation.
Given the abundance of this fuel, there is a clear business case to continue its use, though we can expect to see an increase in the adoption of technologies that can reduce emissions further in these plants, as highlighted in the report.
Technologies that can yield the highest cost-benefit specific to requirements while ensuring future resilience are expected to be high on the regional sector's future investment agenda.
According to the report, this will launch a new wave of business, human capital development, and job creation opportunities, particularly for SMEs.
"The private sector and governments have critical roles to play for this opportunity to reach its true potential," says the report.
"For the energy mix to change in the right way, it will depend on how well people work together to make it easier for new technologies to come in and be used."
The potential for emerging technologies in the region’s energy sector is estimated at US $530 million and upwards for distributed solar PV until 2025.
US $400 million and above for hybrid systems until 2025.
Around US $8 billion for energy efficiency improvements over the next 12 years
US $50 billion and above for digital grids and smart networks to 2030
Azzan Mohammed, Exhibition Director, Energy Portfolio – MEA for Informa Markets, which organises Middle East Energy, commented, "The region is now undoubtedly a land of unprecedented transformative opportunity."
"The scale of the potential is reflected in the addition of the high-level, strategic "Powering the Energy Transition" conference to the event’s profile, which will enable senior sector decision-makers in the region to dig deep into the opportunities and challenges," he added.
Transitional sector pathways have increased interest in Middle East Energy 2023, and over 20,000 energy professionals are expected to attend what is expected to be the biggest event in the event's history.
The report says that so far, over 800 exhibitors from 170 countries have signed up for the five product areas of the exhibition: backup generators and critical power, transmission and distribution, energy conservation and management, smart solutions, renewables, and clean energy.
Informa anticipates the event will attract a record visitor turnout and could well surpass the 2022 event’s onsite business deal tally of over US $705 million.
report concluded, Middle East Energy (MEE) enjoys a 48-year legacy as a leading global energy industry event.
By catering to the entire product spectrum of the power industry, from critical and backup power to energy storage and management, year after year, the event attracts a more diverse audience of professionals seeking to source products from multiple sectors, drive cost-effectiveness and efficiency, and move projects forward.