Russian Federation Renewable Energy Market-Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The Russian Federation renewable energy market is expected to register a CAGR of more than 2.16% during the forecast period of 2022-2027. The COVID-19 outbreak has not had much impact on the Russian renewable energy market since the country witnessed increasing wind and solar energy installations in 2020, surpassing the installations in 2019. Factors such as supportive government policies, rising environmental concerns, and incentives and tax benefits for solar panel installations are expected to drive the market during the forecast period. On the other hand, the high initial investment required for the grid development and upfront costs for setting up solar and wind plants are likely to hinder the Russian Federation renewable energy market.
Key HighlightsThe Russian Federation renewable energy market is moderately fragmented. The major companies include RusHydro, Hevel LLC, Fortum Oyj, Rosseti PJSC, and Enel SpA.
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