Market Overview

The Russia power market size was USD 41.30 Billion in 2024, with IMARC Group forecasting it to grow to USD 54.20 Billion by 2033. The market is expected to expand at a CAGR of 2.80% during the forecast period 2025–2033. Key growth drivers include strong regional energy regulations, government infrastructure investments, diversification of energy sources, and advancements in energy efficiency and security. 

Study Assumption Years

• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033

Russia Power Market Key Takeaways

• The market size reached USD 41.30 Billion in 2024.
• The market is projected to reach USD 54.20 Billion by 2033.
• The forecast period for the market is 2025-2033.
• The CAGR during the forecast period is 2.80%.
• Expansion of renewable energy sources such as hydro, solar, and wind is a key trend.
• Modernization of energy infrastructure with new nuclear reactors and smart grid technologies is underway.
• Focus on energy efficiency and conservation with programs to reduce energy consumption across sectors.

Sample Request Link: 

https://www.imarcgroup.com/russia-power-market/requestsample

Market Growth Factors

Expansion of Renewable Energy Sources

Russia is actively investing in renewable energy to diversify its energy portfolio. Previously reliant on fossil fuels, the nation now favors hydroelectric, solar, and wind power. In February 2025, the government announced plans to accelerate domestic lithium production with reserves of one million tons, vital for batteries and critical minerals including rare earths. Investments in solar parks and wind farms are supported by favorable policies such as tax breaks and financial incentives. Technological advancements and lower renewable energy costs further drive the sector’s growth.

Modernization of Energy Infrastructure

Russia is upgrading its energy infrastructure to enhance efficiency, reliability, and capacity. Efforts include deploying smart grid technology, automation, real-time monitoring, and advanced control systems to reduce costs and improve grid stability. New generation facilities such as nuclear reactors and combined-cycle gas turbine plants are being constructed. Notably, Russia’s 2024 draft energy plan proposes adding 34 new nuclear reactors by 2042, raising nuclear power’s share from 18.9% to 23.5%. These initiatives aim to meet rising residential and commercial energy demand and reduce energy losses.

Focus on Energy Efficiency and Conservation

The power market is emphasizing energy conservation through various programs encouraging the use of energy-saving technologies in buildings, including efficient lighting, heating, and cooling systems. In December 2024, Rosatom launched wind turbine blade production in Ulyanovsk, supporting the country’s largest 300-MW wind farm in Dagestan, expected operational by 2026. Government incentives promote adoption of energy-efficient practices in industries. Educational campaigns also inform consumers and businesses about reducing energy usage, minimizing environmental impact and costs, thereby reinforcing market growth.

Request Customization:

https://www.imarcgroup.com/request?type=report&id=29503&flag=E 

Market Segmentation

Generation Source Insights:

• Thermal
• Hydro
• Renewable
• Others

The market is segmented by generation source, including thermal, hydro, renewable energy sources, and others, reflecting the diverse power generation mix in Russia.

Regional Insights:

• Central District
• Volga District
• Urals District
• Northwestern District
• Siberian District
• Others

The market is analyzed across major regional markets such as the Central, Volga, Urals, Northwestern, Siberian districts, and others, capturing the geographic distribution of power generation.

Regional Insights

The report covers several dominant regions including the Central District, Volga District, Urals District, Northwestern District, and Siberian District among others, across Russia. Exact market share or CAGR statistics by region are not provided, but these regions represent key hubs for power generation and infrastructure development in the country.

Recent Developments & News

In August 2024, India and Russia agreed on a deal worth Rs 10,500 crore for supplying nuclear fuel and components for the Kudankulam nuclear power plant's two new units. Russian nuclear fuel company TVEL JSC will provide initial loads and five reloads for units 3 and 4, along with control rods and fuel assembly inspection tools from 2025 to 2033. In February 2023, Hitachi Energy sold its Russian business unit to local management. The locally operated business will leverage local expertise in the power grid industry.

Key Players

• TVEL JSC
• Hitachi Energy

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

About Us

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provides 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.

Contact Us

IMARC Group

134 N 4th St. Brooklyn, NY 11249, USA

Email: sales@imarcgroup.com

Tel No: (D) +91 120 433 0800

United States: +1-201971-6302