Russia Thermal Power Market Size (2024 - 2029)

The Russia thermal power market is anticipated to experience growth over the forecast period, driven by the country's substantial natural gas reserves and the development of new coal power plants. Despite the challenges posed by international sanctions and the impact of the Russia-Ukraine war, which have led to some companies withdrawing from the market, the sector is expected to recover to pre-pandemic levels. The introduction of clean coal technology and new natural gas-fired power plants are projected to offer significant opportunities, influencing the market size positively in the coming years.

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Market Size of Russia Thermal Power Industry

Russia Thermal Power Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 2.00 %
Market Concentration Medium

Major Players

Russia Thermal Power Market Major Players

*Disclaimer: Major Players sorted in no particular order

Russia Thermal Power Market Analysis

The Russia thermal power market is expected to register a CAGR of over 2% during the forecast period.

COVID-19 negatively impacted the market in 2020. Presently the market is expected to reach pre-pandemic levels.

  • Over the medium term, factors such as the vast reserves of natural gas and upcoming coal power plants will likely drive the Russia thermal power market during the forecast period.
  • On the other hand, international sanctions and various companies are terminating their business in Russia due to the Russia-Ukraine war. It is expected to hinder the growth of the Russia thermal power market.
  • Nevertheless, Clean coal technology and upcoming natural gas-fired power plants are expected to create significant opportunities in Russia's thermal power market in the future.

Russia Thermal Power Industry Segmentation

Thermal power generation utilizes steam from burning oil, liquid natural gas (LNG), coal, and other substances to rotate generators and create electricity.

The Russia thermal power market is segmented by source. By source, the market is segmented into oil, natural gas, nuclear, and coal. The report offers the installed capacity and forecast capacity in megawatts (MW) for all the above segments.

Source
Oil
Natural Gas
Nuclear
Coal
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Russia Thermal Power Market Size Summary

The Russia thermal power market is poised for moderate growth, driven by the country's substantial natural gas reserves and the development of new coal power plants. Despite the initial setbacks caused by the COVID-19 pandemic, the market is on a path to recover to pre-pandemic levels. However, the ongoing Russia-Ukraine conflict has led to international sanctions, prompting several companies to exit the market, which poses challenges to the sector's expansion. The reliance on natural gas remains significant due to its cost-effectiveness and availability, although the conflict has disrupted some supply chains and affected the quality of domestic coal, necessitating adjustments in power plant operations.

The market landscape is moderately consolidated, with key players such as Unipro PJSC, Inter RAO YEES PAO, SUEK JSC, PJSC Gazprom, and Rosatom State Atomic Energy Corporation playing pivotal roles. The geopolitical tensions have also spurred a shift towards renewable energy sources, as evidenced by the increase in Russia's installed renewable capacity. Despite these challenges, opportunities exist in clean coal technology and the construction of natural gas-fired power plants, which could bolster the market's growth trajectory. Nonetheless, the impact of sanctions on access to Western technology and financing continues to pose hurdles for modernization and expansion efforts within the thermal power sector.

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Russia Thermal Power Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Installed Capacity and Forecast in MW, till 2028

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    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 Oil

      2. 2.1.2 Natural Gas

      3. 2.1.3 Nuclear

      4. 2.1.4 Coal

Russia Thermal Power Market Size FAQs

The Russia Thermal Power Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)

Unipro PJSC , SUEK JSC , Rosatom State Atomic Energy Corporation, Inter RAO YEES PAO and PJSC Gazprom are the major companies operating in the Russia Thermal Power Market.

Russia Thermal Power Market Report Snapshots

Russia Thermal Power Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)