Russia Power Market Forecast by 2033
Market Size in 2024: USD 41.30 Billion
Market Forecast in 2033: USD 54.20 Billion
Market Growth Rate 2025-2033: 2.80%
The Russia power market was valued at USD 41.30 Billion in 2024 and is projected to reach USD 54.20 Billion by 2033, growing at a CAGR of 2.80% during 2025-2033. This growth is supported by diversification of energy sources, modernization of infrastructure, and a strong emphasis on energy efficiency and conservation.
Growth Drivers of the Russian Power Market
Expansion of Renewable Energy Sources
Because the Russian government desires diversification from fossil fuels, it invests in renewables, sets targets for solar, wind, and hydroelectric power generation, and provides tax breaks and subsidies for these projects. In February 2025, the government planned to produce Russian lithium faster. Lithium is an important element in high-capacity batteries and energies store renewable energy. Also, Russia reserves over one million tons of lithium. This makes the country a world leader for future production along the supply chain of clean energy. This, combined with decreasing costs for renewable energy technology, is lowering barriers and increasing the use of renewable energy across the nation.
Modernization of Energy Infrastructure
Modernization of existing power plants and power lines is also one of the key points of the Russian energy strategy. Investments into power sector research and development are focused on smart grid, automation and real-time monitoring. In September 2024, Russia's draft energy strategy 2035 stated that 34 reactors were to be operationalized by 2042 to offset the closure of older reactors and increase the share of nuclear energy in Russia's energy supply from 18.9% to 23.5%. Such modernization is generally undertaken to keep pace with increased power consumption, to reduce power loss during transmission, and to increase the overall stability of the grid.
Focus on Energy Efficiency and Conservation
Energy efficiency is becoming an important element of the Russian energy market and the government has programs to reduce energy consumption in all sectors. In December 2024 Rosatom opened a plant to manufacture wind turbine blades in Ulyanovsk on the site of a former Vestas facility to support a 300 megawatt (MW) wind farm being built in Dagestan. Regulations also promote energy efficient technologies in lighting, heating and cooling. These measures provide not only cost savings to consumers and businesses, but also reduce the effect of energy generation and consumption on the environment and help to achieve the country's sustainable growth aspirations.
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Russia Power Market Segmentation
Analysis by Generation Source
- Thermal
- Hydro
- Renewable
- Others
Analysis by Region
- Central District
- Volga District
- Urals District
- Northwestern District
- Siberian District
- Others
Competitive Landscape
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Russia Power Market News
- August 2024: India and Russia announced a deal worth Rs 10,500 crore for nuclear fuel and core components for the Kudankulam nuclear power plant’s new units.
- December 2024: Rosatom began wind turbine blade production in Ulyanovsk to support a 300-MW wind farm in Dagestan.
- September 2024: Russia’s draft energy plan proposed 34 new nuclear reactors by 2042, increasing nuclear’s share in the energy mix.
- February 2023: Hitachi Energy sold its Russian business unit to local management, ensuring continued operations in the power grid sector.
- Russia continued to expand investments in solar parks and wind farms, supported by favorable government incentives.
Key highlights of the Report:
- Market Performance (2019-2024)
- Market Outlook (2025-2033)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as part of the customization.
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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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