Market Size of Belarus Renewable Energy Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 18.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Belarus Renewable Energy Market Analysis
The Belarusian renewable energy market is expected to register a CAGR of over 18% during the forecast period.
The market was negatively impacted by COVID-19. Presently the market has now reached pre-pandemic levels.
- Factors, such as targets set by the country to reduce the carbon footprint and significantly declining prices of renewable energy installations, are likely to drive the Belarusian renewable energy market. Increasing renewable energy installed capacity and upcoming projects in the country, are likely to drive the Belarusian renewable energy market over the forecast period.
- However, the long investment return period is expected to restrain the Belarusian renewable energy market.
- The Belarusian government has set a target of getting 10% of the total power generation from renewable energy by 2030, thus, decreasing greenhouse gas emissions by 25% to 30% compared to 1990. This is likely to create several opportunities for the Belarusian renewable energy market in the future.
Belarus Renewable Energy Industry Segmentation
Renewable energy comes from natural sources that replace themselves more quickly than they are used up. Examples of such sources that are continuously replenished are the sun and the wind. There are many different types of renewable energy available to us. The Belarus renewable energy market is segmented by source into hydropower, wind, solar, bio-energy, and other sources. For each segment, the market sizing and forecasts have been done on the installed capacity (MW).
Belarus Renewable Energy Market Size Summary
The Belarusian renewable energy market is poised for significant growth, driven by the country's commitment to reducing its carbon footprint and the decreasing costs of renewable energy installations. The market has rebounded to pre-pandemic levels and is expected to expand rapidly over the forecast period. The government's ambitious targets, including generating a substantial portion of power from renewable sources by 2030, are set to create numerous opportunities in the sector. Despite challenges such as the long return on investment, the increasing installed capacity and forthcoming projects are expected to propel the market forward. Solar energy, in particular, is anticipated to experience substantial growth, supported by the government's efforts to utilize land affected by the Chernobyl disaster for solar power installations.
Belarus is actively investing in renewable energy, with a diverse portfolio that includes solar, hydro, wind, and bio-energy sources. The country aims to maintain a steady increase in renewable energy's share of total energy consumption, with specific targets set for 2025 and 2030. However, the completion of a nuclear power plant may impact the share of renewable energy due to the lower costs associated with nuclear energy. The market is consolidated, with key players such as Belzarubezhstroy and Green Genius contributing to its development. Notable projects, like the installation of powerful wind turbines by Sarens, highlight the ongoing advancements in the sector. Overall, the increasing capacity and strategic investments are expected to drive the growth of the Belarusian renewable energy market in the coming years.
Belarus Renewable Energy Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Renewable Energy Installed Capacity Forecast, in Megawatts (MW), till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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Belarus Renewable Energy Market Size FAQs
What is the current Belarus Renewable Energy Market size?
The Belarus Renewable Energy Market is projected to register a CAGR of greater than 18% during the forecast period (2024-2029)
Who are the key players in Belarus Renewable Energy Market?
Belzarubezhstroy , Guris Construction Engineering Co. Inc., Green Genius , China National Electric Engineering Co., Ltd. and Mavel AS are the major companies operating in the Belarus Renewable Energy Market.
