The Middle East embraces a major energy sector transition towards a decentralised, decarbonised and digitalised future with regional nations looking to improve energy security by reducing fossil fuel dependency, cutting CO2 emissions and enhancing segment-related investment resilience, according to a new report published by Frost & Sullivan, the US-based Market research Company.
The report says the region is currently investing in installed energy capacity at a rate of between 4.5 per cent – 4.8 per cent annually, and 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 cent, per annum, to 3.3 per cent by 2030.
“The private sector and governments have critical roles to play for this opportunity to reach its true potential,” says the report.
“A collaborative approach that facilitates the inflow and adoption of new technologies will be a determining factor for the energy mix to evolve appropriately.” the report added.