Belarus Renewable Energy Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Belarus Renewable Energy Market is segmented by Source (Hydro, Wind, Solar, Bio-energy, and Other Sources).

Market Snapshot

Belarus Renewable Energy- Market Summary
Study Period: 2016 - 2026
Base Year: 2020
CAGR: >15 %

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Market Overview

The Belarusian renewable energy market is expected to register a CAGR of over 15% during the forecast period of 2020-2025. Factor, such as targets set by the country to reduce the carbon footprint and significantly declining prices of renewable energy installations, are likely to drive the Belarusian renewable energy market. However, the long investment return period is expected to restrain the Belarusian renewable energy market.

  • Solar energy held a significant market share in 2018, a sharp rise in the country's solar energy sector, and upcoming solar projects are likely to see substantial growth in the market.
  • The Belarusian government has set a target of getting 10% of the total power generation from renewable energy by 2030, thus, decreasing the greenhouse gas emissions by 25% to 30% compared to 1990. This is likely to create several opportunities for the Belarusian renewable energy market in the future.
  • Increasing renewable energy installed capacity and upcoming projects in the country, such as the installation of 500 megawatts (MW) of wind energy by 2030, are likely to drive the Belarusian renewable energy market over the forecast period.

Scope of the Report

The Belarusian renewable energy market report includes:

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Key Market Trends

Solar Energy to Dominate the Market

  • In 2018, out of the total installed capacity of renewable sources, approximately 33.7% of the installations were solar energy in the country. The installed capacity of solar power in 2018 was registered to be 154.3 megawatts (MW), which was higher than that in 2017, 152.6 megawatts (MW).
  • In 2018, the Belarusian government planned to install 250 megawatts (MW) of new solar power installations in the country by 2020. The government of Belarus also started using its land, which was affected by the Chernobyl Nuclear accident as a place to install a solar power plant.
  • The Government of Belarus is continuously putting efforts in favor of installing renewable energy. For instance, in 2019, Belarus completed the installation of 109 megawatts (MW) solar power plant in the country. Belarusian civil engineering company ZAO Belzarubezhstroy was awarded the contract to build a solar PV power plant in the Cherikov District of the Mogilev Region.
  • Therefore, owing to the aforementioned factors, it can be stated that solar energy is likely to see significant growth in the Belarusian renewable energy market during the forecast period.
Belarus Renewable Energy Market- Share of Renewable Energy Installed Capacity

Increasing Renewable Energy Installations are Expected to Drive the Market

  • In 2018, the total renewable energy generation plant installed capacity in the country was 457.3 megawatts (MW), which was higher than the installation capacity of 2017, 431.2 megawatts (MW). Renewable energy in the country includes hydro, solar, wind, and bio-energy.
  • In 2019, the Belarusian government announced to develop the country's largest wind power project with the installed capacity of 25 megawatts (MW) near the village of Veleshkovichi (Liozno District of Vitebsk Oblast). This clearly shows that the Belarusian renewable energy market is attracting foreign investments, which is likely to drive the market.
  • In 2020, Green Genius, a renewable energy company that is part of Modus Group, successfully launched a new biogas power plant in Belarus. The installed capacity of the plant is 1 megawatt (MW). Belarus, due to its large forest coverage area, has a significant potential for bio-energy in the country
  • Hence, the above points indicate that increasing renewable energy capacity is expected to drive the Belarusian renewable energy market during the forecast period.
Belarus Renewable Energy Market- Installed Capacity of Renewable Energy

Competitive Landscape

The Belarusian renewable energy market is consolidated. Some of key players in this market include Belzarubezhstroy, Guris Construction Engineering Co. Inc., Green Genius, China National Electric Engineering Co. Ltd, and M a v e l AS.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. EXECUTIVE SUMMARY

  3. 3. RESEARCH METHODOLOGY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Belarus Renewable Energy Installed Capacity Forecast, in Megawatts (MW), till 2025

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

      2. 4.5.2 Restraints

    6. 4.6 Supply Chain Analysis

    7. 4.7 PESTLE Analysis

  5. 5. MARKET SEGEMENTATION

    1. 5.1 Source

      1. 5.1.1 Hydro

      2. 5.1.2 Wind

      3. 5.1.3 Solar

      4. 5.1.4 Bio-energy

      5. 5.1.5 Other Sources

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers, Acquisitions, Collaboration, and Joint Ventures

    2. 6.2 Strategies Adopted by Key Players

    3. 6.3 Key Companies Profile

      1. 6.3.1 Belzarubezhstroy

      2. 6.3.2 Guris Construction Engineering Co. Inc.

      3. 6.3.3 Green Genius

      4. 6.3.4 China National Electric Engineering Co. Ltd

      5. 6.3.5 M a v e l AS

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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Frequently Asked Questions

The Belarus Renewable Energy Market market is studied from 2016 - 2026.

The Belarus Renewable Energy Market is growing at a CAGR of >15% over the next 5 years.

Belzarubezhstroy , Guris Construction Engineering Co. Inc., Green Genius , China National Electric Engineering Co., Ltd. are the major companies operating in Belarus Renewable Energy Market.

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