Market Size of Russian Federation Renewable Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 2.16 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Russian Federation Renewable Energy Market Analysis
The Russian Federation renewable energy market is expected to register a CAGR of more than 2.16% during the forecast period of 2022-2027. The COVID-19 outbreak has not had much impact on the Russian renewable energy market since the country witnessed increasing wind and solar energy installations in 2020, surpassing the installations in 2019. Factors such as supportive government policies, rising environmental concerns, and incentives and tax benefits for solar panel installations are expected to drive the market during the forecast period. On the other hand, the high initial investment required for the grid development and upfront costs for setting up solar and wind plants are likely to hinder the Russian Federation renewable energy market.
- In 2020, hydropower generation dominated the Russian renewable energy market. During the forecast period, with several projects, hydropower is expected to dominate the market.
- According to the International Renewable Energy Agency (IRENA), in Russia, onshore wind capacity is expected to reach 23 GW, solar PV to 5 GW, and bioenergy to 26 GW by 2030. With this anticipated growth, multiple opportunities are expected in the renewable energy market.
- Growing solar energy installations within the country are likely to drive the Russian Federation renewable energy market during the forecast period.
