Kazakhstan Renewable Energy Market Size
| 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 |
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.
Kazakhstan Renewable Energy Market Trends
This section covers the major market trends shaping the Kazakhstan Renewable Energy Market according to our research experts:
Hydropower Expected to be a Significant Segment
- Hydropower is a reliable, cost-effective, and sustainable natural energy source that requires the kinetic energy of the flowing water to generate electricity. It is one of the cleanest forms of energy source, which dominated Kazakhstan's renewable energy market in 2021, with a total installed capacity of around 3066 megawatts (MW).
- Kazakhstan produces more than 70% of its electricity from its plentiful coal resources. However, by 2050, it aims to rely on alternative sources for 50% of its energy. This change is designed to support the government's ambitious targets of achieving carbon neutrality by 2060 and reducing the nation's greenhouse gas emissions by 15% below 1990 levels by 2030.
- In order to meet the fluctuations of solar and wind output, Kazakhstan may have to invest more in a flexible capacity, such as gas-fired and hydropower facilities.
- The government targets to increase the amount of renewable energy in electricity generation to 3% by 2020, 30% by 2030, and 50% by 2050. By hosting the first-ever competitive auctions for renewable energy projects in Central Asia, where private enterprises bid to develop and operate facilities and sell electricity at a discount, the government of Kazakhstan has begun working toward achieving these objectives.
- Thus, with the supportive government policies and green energy target, hydropower is anticipated to become a major segment of the market during the forecast period.
Wind Energy to Drive the Market
- Kazakhstan's power sector relies heavily on fossil fuels, with 75% of the power plants powered by locally sourced coal. Rapid economic growth has been leading to a demand for electricity. However, the country has some constraints, with its aging generation and transmission infrastructure dating to the Soviet era. Converting the source of electricity generation from coal to renewable is expected to reduce carbon emissions and help the country meet the rising demand.
- Kazakhstan has enormous renewable energy potential, particularly from wind and hydropower plants. It has developed large-scale wind (>300 MW) and solar photovoltaic (>800 MW) capacities. Even though the nation has plans and initiatives to improve energy capacity, their implementation remains unfulfilled.
- USAID is committed to assisting the country in integrating additional renewable energy sources like wind, solar, and hydropower into its energy mix. USAID is also helping the government create laws and regulations that encourage the provision of energy at a low cost that is competitive with the current tariffs for power.
- In August 2022, the Eurasian Resources Group announced plans to spend up to USD 230 million on the construction of a sizable wind farm in Kazakhstan. The planned renewable energy facility, scheduled for commissioning in 2024, will have a maximum capacity of 155 MW.
- In 2021, Kazakhstan's wind energy capacity rose to 1,170 MW, more than double the capacity last year. Thus, with the increasing projects, capacity, and supportive government policies, wind energy is expected to grow further during the forecast period.
Kazakhstan Renewable Energy Industry Overview
Kazakhstan's renewable energy market is consolidated. Some of the key players in the market (not in particular order) include Samruk-Energy JSC, Eni SpA, General Electric Company, Total Eren SA, Andritz AG, KazHydro Operating LLP, and CATEK Green Energy LLP.
Kazakhstan Renewable Energy Market Leaders
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Samruk-Energy JSC
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Eni SpA
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General Electric Company
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Total Eren SA
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Andritz AG
*Disclaimer: Major Players sorted in no particular order
Kazakhstan Renewable Energy Market News
- In December 2022, TotalEnergies announced its plans to implement its energy transition strategy in Kazakhstan with the sale of its affiliate Total E&P Dunga GmbH and the massive Mirny wind farm project, which received support from both the French and Kazakh governments during the visit of Kazakhstan's President Kassym Jomart Tokayev to France.
- In June 2022, two significant solar projects received support from ADB and EBRD in Kazakhstan, supporting the nation's energy mix. These projects are the 100 MW M-KAT Solar Power Project and the 50 MW Baikonyr Solar Power Project.
Kazakhstan Renewable Energy Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Renewable Energy Installed Capacity and Forecast in MW, till 2027
4.3 Renewable Energy Mix, 2018
4.4 Recent Trends and Developments
4.5 Government Policies and Regulations
4.6 Market Dynamics
4.6.1 Drivers
4.6.2 Restraints
4.7 Supply Chain Analysis
4.8 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 Type
5.1.1 Hydropower
5.1.2 Wind
5.1.3 Solar
5.1.4 Other Types
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Samruk-Energy JSC
6.3.2 Eni SpA
6.3.3 General Electric Company
6.3.4 Total Eren SA
6.3.5 Andritz AG
6.3.6 KazHydro Operating LLP
6.3.7 CATEK Green Energy LLP
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Kazakhstan Renewable Energy Industry Segmentation
Renewable energy comes from natural sources that replenish themselves more quickly than they are used up, such as the sun and the wind. There are many different types of renewable energy sources.
The Kazakh renewable energy market is segmented by type into hydropower, wind, solar, and other types. The report offers the market size and forecast on a revenue basis (USD billion) for these segments.
| Type | |
| Hydropower | |
| Wind | |
| Solar | |
| Other Types |
Kazakhstan Renewable Energy Market Research FAQs
What is the current Kazakhstan Renewable Energy Market size?
The Kazakhstan Renewable Energy Market is projected to register a CAGR of greater than 14% during the forecast period (2024-2029)
Who are the key players in Kazakhstan Renewable Energy Market?
Samruk-Energy JSC, Eni SpA, General Electric Company, Total Eren SA and Andritz AG are the major companies operating in the Kazakhstan Renewable Energy Market.
What years does this Kazakhstan Renewable Energy Market cover?
The report covers the Kazakhstan Renewable Energy Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Kazakhstan Renewable Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Renewable Energy in Kazakhstan Industry Report
Statistics for the 2024 Renewable Energy in Kazakhstan market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Renewable Energy in Kazakhstan analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
