NEWS

AZERBAIJAN RENEWABLE ENERGY MARKET - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2021 - 2026)

The renewable energy market in Azerbaijan is expected to register a CAGR of over 5% during the forecast period. Factors, such as diversifying the economy of the country and decreasing the dependence on the oil and gas sector, are some of the key points in the country’s Strategic Road Map on National Economic Perspectives, which is expected to drive the renewable energy market in Azerbaijan. Moreover, diversification of the energy mix offers multiple benefits, including job creation and energy security, further promulgating the renewable energy market in the country. However, the lack of international companies’ investments and delay in the practical deployment of projects are expected to hinder the growth of the market studied.

• Solar energy is expected to be the fasted growing market during the forecast period, with continuous growth in solar PV installations in the country in previous years. The government planned several projects, including distributed generation using solar PV and small combined heat and power (CHP) stations, which are further expected to bolster the growth of the solar energy segment during the forecast period.
• Azerbaijan’s oil sector accounts for one-third of its economy, with exports of crude oil having a significant share. The country plans to generate additional revenue through crude oil exports, demanding a decrease in domestic consumption of oil and gas in upcoming years. Therefore, renewables are expected to increase its share in the energy mix, further creating several opportunities for market players in the near future.
• Hydropower has the highest installed capacity in the country among the renewables, along with a well-developed small hydropower generation sector. Therefore, the hydropower sector is expected to be the largest segment in Azerbaijan’s renewable energy market.

https://www.mordorintelligence.com/industry-reports/azerbaijan-renewable-energy-market