The Azerbaijan Renewable Energy Market size is estimated at 8.17 gigawatt in 2024, and is expected to reach 9.66 gigawatt by 2029, growing at a CAGR of 3.40% during the forecast period (2024-2029).
The market was negatively impacted by the outbreak of COVID-19 due to delays in ongoing and upcoming projects. Currently, the market has rebounded to pre-pandemic levels.
The Azerbaijani renewable energy market is moderately consolidated. Some of the key players (in no particular order) are ACWA Power International, Tamiz Shahar JSC, Azerenerji JSC, Abu Dhabi Future Energy Company PJSC (Masdar), and OCA Global Investments SL.
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