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Kazakhstan Renewable Energy Market Size (2024 - 2029)

The renewable energy market in Kazakhstan is poised for significant growth, driven by government initiatives aimed at increasing the proportion of renewable energy in the power generation mix. Despite challenges such as the lack of a uniform feed-in tariff mechanism and high installation costs, the market has rebounded to pre-pandemic levels. The wind energy sector, in particular, is expected to be a key driver of expansion, supported by substantial upcoming investments. The focus on increasing the renewable share in electricity generation and reducing carbon emissions presents promising opportunities for market growth in the near future.

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Market Size of Kazakhstan Renewable Energy Industry

Kazakhstan Renewable Energy Market Summary
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

Kazakhstan Renewable Energy Market 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 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
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Kazakhstan Renewable Energy Market Size Summary

The renewable energy market in Kazakhstan is poised for significant growth, driven by government initiatives aimed at increasing the share of renewables in the power generation mix. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. Wind energy, in particular, is expected to be a major driver, supported by substantial investments and ambitious targets. However, challenges such as the lack of a uniform feed-in tariff mechanism and high installation costs for renewable power plants may impede growth. Despite these hurdles, the increasing share of renewables in electricity generation and efforts to reduce carbon emissions present promising opportunities for market expansion.

Kazakhstan's energy sector is heavily reliant on fossil fuels, with a significant portion of electricity generated from coal. However, the country is making strides towards diversifying its energy sources, with a focus on wind and hydropower. The government has set ambitious targets to increase the renewable energy share in electricity generation significantly by 2050. Initiatives such as competitive auctions for renewable energy projects and international support from organizations like USAID are facilitating this transition. Key players in the market, including Samruk-Energy JSC and Total Eren SA, are actively involved in expanding renewable capacity. With ongoing projects and supportive policies, wind and hydropower are expected to play a crucial role in Kazakhstan's energy future.

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Kazakhstan Renewable Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Renewable Energy Installed Capacity and Forecast in MW, till 2027

    3. 1.3 Renewable Energy Mix, 2018

    4. 1.4 Recent Trends and Developments

    5. 1.5 Government Policies and Regulations

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Supply Chain Analysis

    8. 1.8 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Type

      1. 2.1.1 Hydropower

      2. 2.1.2 Wind

      3. 2.1.3 Solar

      4. 2.1.4 Other Types

Kazakhstan Renewable Energy Market Size FAQs

The Kazakhstan Renewable Energy Market is projected to register a CAGR of greater than 14% during the forecast period (2024-2029)

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.

Renewable Energy Market in Kazakhstan Report Snapshots

Renewable Energy Market in Kazakhstan Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)