The Kazakhstan Renewable Energy Market size was valued at nearly USD USD XX Billion in 2022 and is anticipated to reach USD XX Billion by 2031, expanding at a CAGR of 14% during the forecast period, 2023 – 2031. The growth of the market is attributed to the increasing number of government initiatives to increase the share of renewable energy in the power generation mix which is expected to drive the market studied.
Kazakhstan has adopted the “National Concept for Transition to a Green Economy up to 2050 that outlines the principles of the green economy for the sustainable future. The objective was to increase the share of renewable energy in electricity generation from zero to 3% by 2020, and then to raise it further to 30% by 2030 and 50% by 2050. Moreover, the country has a plan of reducing its carbon emissions by around 15-25% by 2030, compared with its 1990 level.
Kazakhstan’s power sector relies heavily on fossil fuel, with 75% of the power plants powered by locally sourced coal. Rapid economic growth has led to the increase in the demand for electricity. However, the country has some constraint with its aging generation and transmission infrastructure dating back to the Soviet-era. The country has enormous renewable energy potential, particularly from wind and hydropower plants. Increasing wind capacity is expected to grow the investment to USD 276 million until 2021.
Kazakhstan Renewable Energy Market Drivers, Restraints, Trends, and Opportunities
- Increasing investment in the wind energy industry and target to achieve one gigawatt (GW) by 2021 and 5 GW by 2030, the wind energy sector is expected to drive the Kazakhstan renewable market studied during the forecast period.
- The absence of a uniform feed-in tariff mechanism for renewable energy and high financial cost associated with the installation of renewable power plants are expected to hinder the market growth.
- The COVID-19 pandemic had plummeted the growth of the market owing to closedown of the manufacturing facilities. However, the market is expected to recover soon owing to gradual economy recovery due to declining cases of the virus.
- Rising renewable share in electricity generation and reduction in carbon emission are expected to create an opportunity for the market growth in the projected timeline.
Scope of Kazakhstan Renewable Energy Market Report
The report on the Kazakhstan renewable energy market includes an assessment of the market, trends, segments and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Renewable Energy Market - Kazakhstan Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Types (Hydropower, Wind, Solar, and Other Types)
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Geographic Zone
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Kazakhstan
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Samruk-Energy JSC, Eni SpA, General Electric Company, Total Eren SA, and Andritz AG
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Kazakhstan Renewable Energy Market Segment Insights
Type Segment Analysis
Based on types, the market is segregated into hydropower, wind, solar, and others. The wind segment is projected to account for a major market share and is expected to grow at a healthy growth rate during the forecast period. Increasing government investment is driving the growth of the market segment.
For instance, in December 2019, the Asian Infrastructure Investment Bank (AIIB) approved a loan of USD 46.7 million loans for the construction and operation of a 100-megawatt (MW) wind power plant in southern Kazakhstan, which upon completion would be the largest wind power plant in Central Asia. The project is estimated to generate nearly 319 GW hours of electricity.
The hydropower segment is expected to expand at a rapid pace during the forecasted period. Hydropower is a reliable, cost-effective, and sustainable natural energy source that requires kinetic energy of the flowing water to generate electricity. It is one of the cleanest forms of energy source, which has dominated the Kazakhstan renewable energy market, with an installed capacity of around 2.7 GW.
The solar segment is anticipated to exhibit a high CAGR during the forecast period. Declining cost of semiconductor in the global market and rapid industrialization in the country are expected to spur the growth of the market segment. Moreover, government incentives and low cost of the solar energy renewable system due to technological advancements are expected to drive the segment growth.
Segments
Types
- Hydropower
- Wind
- Solar
- Others
Country
Key players
Competitive Landscape
Kazakhstan's renewable energy market is highly consolidated. Some of the major players in the market studied are Samruk-Energy JSC, Eni SpA, General Electric Company, Total Eren SA, Andritz AG, KazHydro Operating LLP, and CATEK Green Energy LLP. Major industry players are engaging in partnerships, acquisitions, and mergers to expand their market share.
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