Uzbekistan Renewable Energy Market Size (2024 - 2029)

The Uzbekistan renewable energy sector is experiencing a resurgence, having recovered to pre-pandemic levels, with its market size poised for growth driven by government policies aimed at transitioning from natural gas to renewable fuels. Despite the government's limited prioritization of renewable energy development, except for hydropower, the country's significant potential for wind energy presents opportunities for expansion. Key locations such as Nukus, Kungrad, Ak Bajtal, and Bukhara are identified as promising sites for wind energy, which could contribute to the market's future growth trajectory.

Market Size of Uzbekistan Renewable Energy Industry

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Uzbekistan Renewable Energy Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 4.50 %
Market Concentration High

Major Players

Uzbekistan Renewable Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Uzbekistan Renewable Energy Market Analysis

Uzbekistan's renewable market is projected to register a CAGR of over 4.5% during the forecast period.

The market was negatively impacted by COVID-19. Presently, the market has reached pre-pandemic levels.

  • Government policies emphasizing switching its electricity generation from natural gas to renewable fuels are expected to drive the market over the medium term.
  • On the other hand, due to its abundance of energy, renewable energy development is not a high priority for the Uzbekistan government, except for hydropower, which is expected to hinder the market growth during the forecast period.
  • Nevertheless, Uzbekistan's electricity generation mostly depends on fossil fuels. But the country has a potential for wind energy generation of around 15.27-775.72 kWh/m2. Places like Nukus, Kungrad, Ak Bajtal, and Bukhara are expected to be the best sites for wind energy development in Uzbekistan. The estimated wind speed and power density of the sites are around 0.61-3.98 m/s and 1.74-88.55 W/m2, respectively. Thus, the country's wind energy holds an opportunity for market growth in the future.

Uzbekistan Renewable Energy Industry Segmentation

Renewable energy source includes sources such as sunlight, wind, water movement, and geothermal heat that naturally replenish themselves on a human timescale. Typically, renewable energy is used to generate electricity from a grid, heat and cool air and water, and power stand-alone power systems. Although renewable energy technology projects are typically large-scale, they are also suitable for rural and remote areas and developing countries where energy is a crucial component of human development. 

The Uzbekistan Renewable Energy Market is segmented by Type (Hydropower, Solar, Wind, and Other Types). The report offers the installed capacity and forecasts in capacity (MW) for all the above segments.

By Type
Hydropower
Solar
Other Types
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Uzbekistan Renewable Energy Market Size Summary

Uzbekistan's renewable energy market is experiencing a gradual recovery, having rebounded to pre-pandemic levels after the setbacks caused by COVID-19. The market is anticipated to grow steadily, driven by government policies aimed at transitioning electricity generation from natural gas to renewable sources. Despite the abundance of energy resources, the government's focus remains primarily on hydropower, which continues to dominate the renewable sector. However, the potential for wind energy development in regions such as Nukus, Kungrad, Ak Bajtal, and Bukhara presents a significant opportunity for market expansion. The country's electricity generation is still heavily reliant on fossil fuels, but initiatives to harness wind energy could contribute to diversifying the energy mix.

The renewable energy landscape in Uzbekistan is characterized by substantial investments in hydropower, which accounts for the majority of the renewable installed capacity. The government has outlined plans to enhance hydropower infrastructure, including the construction of new plants and modernization of existing ones, aiming to significantly increase capacity by 2030. Additionally, the country is actively pursuing the development of solar and wind energy projects, with international partnerships and investments facilitating this transition. Notable projects include the development of large-scale wind farms and solar parks, supported by agreements with global energy companies. These efforts align with Uzbekistan's goal to increase the share of renewable energy in its electricity generation, contributing to a more sustainable and diversified energy future.

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Uzbekistan Renewable Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Uzbekistan Renewable Energy Installed Capacity and Forecast in MW Till 2027

    3. 1.3 Renewable Energy Mix, 2021

    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 By Type

      1. 2.1.1 Hydropower

      2. 2.1.2 Solar

      3. 2.1.3 Other Types

Uzbekistan Renewable Energy Market Size FAQs

The Uzbekistan Renewable Energy Market is projected to register a CAGR of greater than 4.5% during the forecast period (2024-2029)

JSC Uzbekgidroenergo, SkyPower Ltd, Masdar, Total Eren SA and Voltalia SA are the major companies operating in the Uzbekistan Renewable Energy Market.

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