Russia Solar Power Market Research Report, 2030

The solar power market in Russia has evolved from a heavy reliance on fossil fuels to a growing focus on renewable energy, with solar power gaining momentum due to its cost-effectiveness and efficiency. While adoption remains relatively low compared to global leaders, Russia’s abundant solar resources present a significant growth opportunity. The primary drivers of this market include supportive government policies, such as subsidies, tax benefits, and feed-in tariffs, which aim to promote renewable energy development. Technological advancements have also played a critical role by reducing the cost of solar installations, making it more feasible for wider adoption. Despite this, challenges such as high upfront capital investment, the need for grid infrastructure upgrades, and the remote location of many solar-rich areas present obstacles to growth. However, the Russian government has set ambitious renewable energy goals, aiming to increase the share of renewables in the energy mix by 2030. This commitment is supported by policies such as renewable energy auctions and feed-in tariffs, though potential policy inconsistencies could affect long-term investments. With international climate commitments also driving the push for solar energy, the Russian market is positioned for significant expansion, but it will need to address economic, technological, and infrastructure-related challenges to fully capitalize on its potential. According to the research report "Russia Solar Power Market Research Report, 2030," published by Actual Market Research, the Russia solar power market is anticipated to grow at more than 11.62% CAGR from 2025 to 2030. The Russian solar power market has shown steady growth, with installed capacity rising from just 61 MW in 2015 to 1,428 MW in 2020. This growth is expected to continue with a projected CAGR of 10-12% over the next decade. Russia's vast land area, especially in the southern and eastern regions, offers significant potential for solar energy generation due to the abundant sunlight in these areas. Although Russia's solar market currently lags behind more advanced European nations, its untapped solar potential, demographic factors, and increasing emphasis on sustainability will drive further market expansion. The Russian government’s favorable policies, such as incentives and subsidies for renewable energy projects, will also play a key role in accelerating growth. Major players like RusHydro, Hevel LLC, and Fortum Oyj, along with new entrants, are contributing to this expansion. Recent government-approved renewable energy tenders and projects, including the 116 MW Fortum Kalmykia Solar PV Park, demonstrate growing confidence in the market. The impact of COVID-19 on Russia’s solar sector has been minimal, with ongoing projects continuing as planned, despite some delays. Trade data reveals an increase in the import of solar panels and related technologies, although domestic production remains a challenge.

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The Russian solar power market can be further segmented by technology and product. By technology, the market primarily consists of Photovoltaic (PV) Systems, Concentrated Solar Power (CSP) Systems, and other emerging solar technologies. Photovoltaic systems are the most widely used, accounting for the largest share of the solar energy market in Russia due to their affordability, scalability, and ease of installation. CSP systems, although less prevalent, are gaining interest for large-scale solar power projects due to their ability to generate electricity even when the sun isn’t shining, thanks to thermal energy storage. Other technologies, such as hybrid systems, are also in the early stages of adoption but show potential for future growth as they combine the strengths of different solar technologies to enhance efficiency and energy production. When considering the product segmentation, the Russian solar market includes Solar Panels, Charge Controllers, Batteries, Inverters, and other components. Solar panels dominate the market as the primary energy generation component. With advancements in technology, the cost of solar panels has significantly decreased, leading to greater adoption. Charge controllers and inverters are essential for managing and converting the electricity produced by solar systems, ensuring efficient operation and integration with the grid. Batteries, especially in off-grid applications, are gaining popularity as energy storage solutions to store excess energy for later use. While inverters and batteries currently account for a significant portion of the market, their demand is expected to grow as more people transition to solar energy, particularly in remote regions of Russia where grid connectivity is limited. Other components, such as mounting systems and monitoring devices, also contribute to the market but on a smaller scale. The Russian solar power market is witnessing a shift in energy consumption patterns, with major end-user groups, including residential, commercial, and industrial sectors, increasingly adopting renewable energy solutions. Residential consumers are embracing solar energy as a means to reduce energy bills and ensure energy independence. With the growing awareness of climate change and rising electricity costs, homeowners are installing rooftop solar panels to take advantage of the long-term savings, enhanced sustainability, and energy self-sufficiency. Government incentives, such as subsidies and tax benefits, further support this trend, making solar energy an attractive option for Russian households. On the commercial and industrial front, larger-scale solar installations are becoming more prevalent. The need to reduce operational costs while meeting sustainability targets is pushing businesses to invest in solar power. Commercial buildings, especially in urban areas, are increasingly turning to rooftop and ground-mounted solar systems to meet their energy needs. In the industrial sector, large manufacturing units and agricultural facilities are adopting utility-scale solar plants to power their operations and reduce reliance on the national grid. This shift towards renewable energy is a response to both rising energy prices and corporate sustainability initiatives, which are growing in importance as companies strive to meet climate goals and gain a competitive edge. Solar energy adoption is also driven by the Russian government's supportive policies and initiatives aimed at fostering renewable energy growth. Incentives such as feed-in tariffs, renewable energy auctions, and green bonds are facilitating the expansion of solar projects across various regions. These policies not only provide financial assistance to large-scale solar developers but also help businesses in the commercial and industrial sectors to offset their initial investment in solar systems. Regionally, solar adoption varies, with some areas seeing faster growth due to better sunlight conditions and more accessible infrastructure. States like Kalmykia, with abundant solar resources, are leading in terms of solar project implementation, while others face challenges in terms of infrastructure and market access. Consumer awareness campaigns and marketing efforts by solar companies are also playing a vital role in driving solar adoption, educating the public on the benefits of renewable energy and the long-term cost savings associated with solar power. Major Companies present in the market: Canadian Solar Inc., Trina Solar Co., Limited, Jinko Solar Holding Co., Limited, Longi Green Energy Technology Co., Limited, JA Solar Technology Co., Limited, Sunpower Corporation, First Solar Inc., Hanwha Corporation, Abengoa, S.A., Engie SA

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Nikita Jabrela

Business Development Manager

Considered in this report • Historical year: 2018 • Base year: 2024 • Estimated year: 2025 • Forecast year: 2030 Aspects covered in this report • Solar power market with its value and forecast along with its segments • Region-wise solar power market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Regions covered in the report • North America • Europe • Asia-Pacific • Latin America • Middle-East & Africa

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Types of Technology in the report: • Solar Photovoltaic • Concentrated Solar Power (CSP) • Others By Product • Solar Panels • Charge Controllers • Batteries • Inverters • Others By Installation • Ground mounted • Roof mounted • Others By Application in the report: • Residential • Commercial/ Industrial • Others The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to solar power industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.