Market Size of Uzbekistan Renewable Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.50 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Uzbekistan Renewable Energy Market Analysis
Uzbekistan's renewable market is projected to register a CAGR of over 4.5% during the forecast period.
The market was negatively impacted by COVID-19. Presently, the market has reached pre-pandemic levels.
- Government policies emphasizing switching its electricity generation from natural gas to renewable fuels are expected to drive the market over the medium term.
- On the other hand, due to its abundance of energy, renewable energy development is not a high priority for the Uzbekistan government, except for hydropower, which is expected to hinder the market growth during the forecast period.
- Nevertheless, Uzbekistan's electricity generation mostly depends on fossil fuels. But the country has a potential for wind energy generation of around 15.27-775.72 kWh/m2. Places like Nukus, Kungrad, Ak Bajtal, and Bukhara 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 market growth in the future.
