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

The Uzbekistan renewable energy market is expected to witness a CAGR of more than 4.5%, during the forecast period. The primary driver of the market includes government policies that are emphasizing on switching its electricity generation from natural gas to renewable fuels. Uses of renewable energy ensure energy diversification, to stabilize the increasing carbon emission in the country. However, due to its abundance of energy, the development of renewable energy is not on a high priority for the Uzbekistan government, except hydropower, which is expected to hinder the market growth during the forecast period.

Hydropower held a significant market share in 2019, and it is likely to dominate the market during the forecast period.

Uzbekistan's electricity generation mostly depends upon fossil fuel, but it is expected that the country has a potential for wind energy generation of around 15.27-775.72  kWh/m2. Places, like Nukus, Kungrad, Ak Bajtal, and Buhara, are expected to be the best sites for wind energy development in Uzbekistan. The estimated wind speed and power density of the sites are around 0.61-3.98 m/s and 1.74–88.55 W/m2, respectively. Thus, the country's wind energy holds an opportunity for the market groeth in the future.

Increasing solar energy projects are likely to drive the Uzbekistan renewable market, during the forecast period.