Market Size of Kazakhstan Renewable Energy Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 14.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Kazakhstan Renewable Energy Market Analysis
The Kazakh renewable energy market is expected to register a CAGR of more than 14% during the forecast period.
The market was negatively impacted by COVID-19. Presently, the market has reached pre-pandemic levels.
- Government initiatives to increase the share of renewable energy in the power generation mix may drive the market studied. With upcoming investment in wind energy and the target to achieve 1 GW by 2021 and 5 GW by 2030, the wind energy sector in Kazakhstan is expected to drive the market during the forecast period.
- However, the absence of a uniform feed-in tariff mechanism for renewable energy and the higher financial costs associated with the installation of renewable power plants are expected to hinder the market's growth during the forecast period.
- Increasing renewable share in electricity generation and reduced carbon emission are expected to create a growth opportunity for the market in the near future.
