Belarus Renewable Energy Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Belarus Renewable Energy Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Belarusian renewable energy market is expected to register a CAGR of over 15% during the forecast period of 2020-2025. Factor, 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. However, the long investment return period is expected to restrain the Belarusian renewable energy market.

Key Highlights

• Solar energy held a significant market share in 2018, a sharp rise in the country's solar energy sector, and upcoming solar projects are likely to see substantial growth in the market.
• The Belarusian government has set a target of getting 10% of the total power generation from renewable energy by 2030, thus, decreasing the 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.
• Increasing renewable energy installed capacity and upcoming projects in the country, such as the installation of 500 megawatts (MW) of wind energy by 2030, are likely to drive the Belarusian renewable energy market over the forecast period.

Belarus Renewable Energy Market TrendsSolar Energy to Dominate the Market

• In 2018, out of the total installed capacity of renewable sources, approximately 33.7% of the installations were solar energy in the country. The installed capacity of solar power in 2018 was registered to be 154.3 megawatts (MW), which was higher than that in 2017, 152.6 megawatts (MW).
• In 2018, the Belarusian government planned to install 250 megawatts (MW) of new solar power installations in the country by 2020. The government of Belarus also started using its land, which was affected by the Chernobyl Nuclear accident as a place to install a solar power plant.
• The Government of Belarus is continuously putting efforts in favor of installing renewable energy. For instance, in 2019, Belarus completed the installation of 109 megawatts (MW) solar power plant in the country. Belarusian civil engineering company ZAO Belzarubezhstroy was awarded the contract to build a solar PV power plant in the Cherikov District of the Mogilev Region.
• Therefore, owing to the aforementioned factors, it can be stated that solar energy is likely to see significant growth in the Belarusian renewable energy market during the forecast period.

Increasing Renewable Energy Installations are Expected to Drive the Market

• In 2018, the total renewable energy generation plant installed capacity in the country was 457.3 megawatts (MW), which was higher than the installation capacity of 2017, 431.2 megawatts (MW). Renewable energy in the country includes hydro, solar, wind, and bio-energy.
• In 2019, the Belarusian government announced to develop the country's largest wind power project with the installed capacity of 25 megawatts (MW) near the village of Veleshkovichi (Liozno District of Vitebsk Oblast). This clearly shows that the Belarusian renewable energy market is attracting foreign investments, which is likely to drive the market.
• In 2020, Green Genius, a renewable energy company that is part of Modus Group, successfully launched a new biogas power plant in Belarus. The installed capacity of the plant is 1 megawatt (MW). Belarus, due to its large forest coverage area, has a significant potential for bio-energy in the country
• Hence, the above points indicate that increasing renewable energy capacity is expected to drive the Belarusian renewable energy market during the forecast period.

Belarus Renewable Energy Market Competitive Analysis

The Belarusian renewable energy market is consolidated. Some of key players in this market include Belzarubezhstroy, Guris Construction Engineering Co. Inc., Green Genius, China National Electric Engineering Co. Ltd, and M a v e l AS.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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