Belarus approves 2021-2025 Energy Conservation program
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MINSK, 25 February (BelTA) – The state program Energy Conservation for 2021-2025 was approved by the Council of Ministers Resolution No. 103 as of 24 February 2021, BelTA learned from the press service of the government.
The document is aimed at increasing the efficiency of the manufacturing sector and boosting the country s energy security.
The strategic tasks in the field of energy conservation include reducing Belarus dependence on energy imports by maximizing the use of own fuel and energy resources, including renewable energy; curbing the growth of gross consumption of fuel and energy resources and reducing the energy intensity of Belarus GDP in purchasing power parity terms down to the world average.
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The global variable frequency drive market is projected to reach USD 24.3 billion by 2025 from an estimated USD 19.2 billion in 2020, at a CAGR of 4.8% during the forecast period.
This growth can be attributed to factors such as growing regulations towards energy efficiency, upgradation & modernization of aging infrastructure for safe & secure electrical distribution systems, and increasing rate of industrialization and urbanization. However, stagnant growth of the oil & gas industry and decrease in the exploration & production activity is hindering the growth of the variable frequency drive market.
The AC Drives segment, by type, is expected to be the largest market from 2020 to 2025