Why Power Expo In Bangladesh
Bangladesh is one of the fastest growing economies in South Asia with a progressive economy has grown at an annual rate of around 6%. The Government of Bangladesh now promise to achieve the status of a ‘middle-income country’ by 2021 and that of a ‘High Income Country’ by 2041. Power and Electricity consumption has increased in line with the rise in capacity. Domestic and industrial sectors are the key power demand drivers in the country. The industrial sector has witnessed impressive growth in the last six to seven years. To meet the fast growth in demand, the installed power generation capacities need to be increased to 24GW and 39GW by 2021 and 2030 respectively. To achieve this, a substantial amount of investment would be needed across the entire power sector, around USD 16 billion between 2016-2021. The GOVT of Bangladesh has shown a strong commitment to attract private sector investments and provide an investment-friendly environment by providing various tax and other incentives.
Bangladesh’s power sector is one of the fastest growing in South Asia. The growth in terms of capacity addition has been remarkable — increasing from 5% to 28% from 2012 to 2018. We can expect electric power consumption per capita in Bangladesh to increase significantly as demand is expected to increase in line with GDP growth. With the recent Power System Master Plan, Bangladesh aims to add 2 GW renewable energy (RE) projects to achieve installed capacity of 2,470 MW by 2021, and 3,864 MW by 2041. Solar and wind will be the key focus areas for future capacity addition, which shall account for about 50% and 40% of the 2,896 MW of RE-based installed capacity by 2021.