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Russian Federation Renewable Energy Market Size (2024 - 2029)

The Russian Federation renewable energy market is poised for growth, driven by supportive government policies, environmental concerns, and incentives for solar panel installations. Despite challenges such as high initial investment costs for grid development and renewable plant setups, the market is expected to expand, with hydropower currently dominating and anticipated to continue its prominence. The increasing installations of wind and solar energy, along with bioenergy developments, are expected to contribute significantly to the market's expansion, offering multiple opportunities for growth.

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Market Size of Russian Federation Renewable Energy Industry

Russian Federation Renewable Energy Market Summary
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

Russian Federation Renewable Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

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.

Russian Federation Renewable Energy Industry Segmentation

The Russian Federation renewable energy market report includes:

Source
Wind
Solar
Hydro
Bioenergy
Other Sources
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Russian Federation Renewable Energy Market Size Summary

The Russian Federation renewable energy market is poised for growth, driven by supportive government policies and increasing environmental awareness. Despite the challenges posed by high initial investments for grid development and the setup of solar and wind plants, the market is expected to expand steadily. The country has seen a surge in wind and solar energy installations, with hydropower generation remaining dominant. The government's focus on reducing greenhouse gas emissions through hydroelectric generation and the development of new hydropower projects underscore the importance of this sector. Additionally, the roadmap to enhance solar energy's share in the energy mix reflects Russia's commitment to addressing climate change and air pollution concerns.

The solar energy sector is emerging as a significant driver in the Russian renewable energy market, supported by utility-scale solar plants and a new tender scheme for renewables. Investments in solar projects, such as the Fortum-RDIF joint venture and the Hevel LLC solar plant, highlight the country's potential for solar energy expansion. The market is moderately fragmented, with key players like RusHydro, Hevel LLC, Fortum Oyj, Rosseti PJSC, and Enel SpA actively participating in various projects. The development of wind farms, such as the Gukovskaya wind farm, further illustrates the diverse opportunities within the renewable energy sector in Russia, contributing to the overall market growth during the forecast period.

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Russian Federation 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 GW, till 2027

    3. 1.3 Government Policies and Regulations

    4. 1.4 Recent Trends and Developments

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Source

      1. 2.1.1 Wind

      2. 2.1.2 Solar

      3. 2.1.3 Hydro

      4. 2.1.4 Bioenergy

      5. 2.1.5 Other Sources

Russian Federation Renewable Energy Market Size FAQs

The Russian Federation Renewable Energy Market is projected to register a CAGR of greater than 2.16% during the forecast period (2024-2029)

RusHydro, Hevel LLC, Fortum Oyj , Rosseti PJSC and Enel S.p.A. are the major companies operating in the Russian Federation Renewable Energy Market.

Russian Federation Renewable Energy Report Snapshots

Russian Federation Renewable Energy Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)