|
Forecast Period
|
2025-2029
|
|
Market Size (2023)
|
160 GW
|
|
Largest Market
|
South India
|
|
CAGR (2024-2029)
|
11.67%
|
|
Fastest Growing Segment
|
Industrial
|
India Renewable Energy Market is anticipated
to grow at a steady pace in the forecast period,
2025-2029. Incentives and tax breaks for installing solar panels, growing
environmental awareness, and supportive government policies are expected to
drive the market in the long run. The Indian government allocated money in
the Union Budget 2022-23, INR 19,500 crore (USD 2.57 billion) for a PLI program
to boost the production of solar modules with high efficiency, due to which the
market is anticipated to grow.
Environmentally
friendly power is energy created from sources like the sun and wind that don't
run out. Electricity generation, water, and air heating and cooling, and
transportation are all possible applications of renewable energy.
Supportive
Government Policies and Programs Driving the Market Growth
The
Indian government has implemented several policies that will contribute to the
installation of 450 GW of renewable energy, by 2030. The objectives of these
policies are to be met during the forecast period. India had installed 151.39
GW of renewable energy capacity in 2021. As a component of the Paris
Environment Understanding, India guaranteed that by 2030, 40% of its power
would come from sources other than petroleum products. To accomplish this
objective, the nation has set an aggressive objective of setting up 1,75,000 MW
of environmentally friendly power limit, including 1,00,000 MW of
sunlight-based power, by 2022. An objective of 4,50,000 MW of introduced RE
limit by 2030 has likewise been a set target by the government
Some of
the following examples of government initiatives further driving the market are:
Ø
Green
Growth was identified as one of the SAPTARISHI (seven priorities) nodes in
Budget 2023–24.
Ø
Projects
involving pumped storage were given a boost in Budget 2023–2024, and a
comprehensive framework was created.
Ø
By
investing 1.02 million USD, it was announced that the central government would
provide support for the ISTS infrastructure for 13 GW of Ladakh's renewable
energy.
Ø
Mr.
Narendra Modi, Prime Minister of India, gave the 600 MW Kameng Hydro Power
Station in Arunachal Pradesh its dedication on November 19, 2022. The project,
which extends over 80 kilometers and has a cost of approximately Rs. 8,200 crores
(USD 1 billion) is situated in Arunachal Pradesh's West Kameng Region.
Ø
India's
final Sovereign Green Bonds framework was approved on November 9, 2022, by Ms.
Nirmala Sitharaman, Minister for Finance and Corporate Affairs. This approval
strengthens the Nationally Determined Contribution (NDC) targets of the Paris
Agreement, which also helps attract domestic and foreign capital to green
projects.
Ø
In
2022-2023 Budget, the Solar Energy Corporation of India (SECI), which is
currently in charge of developing the entire renewable energy sector, received
a budget allocation of Rs. 1,000 crores (USD 132 million).
During
the estimated period, the Indian renewable energy market is anticipated to be
driven by several approaches from the central and state governments.
Rising
Energy Demand will Boost the Renewable Energy Market in India
The
expansion and development of renewable energy sources has become intricately
linked to India's rising energy demand. The demand for electricity has
increased exponentially as country's population continues to rise, and its
economy continues to expand rapidly.
Urbanization
is one of the main causes of India's rising energy demand. As more and more
individuals move from rural to urban areas for better professional
opportunities, the interest in renewable energy is rising. To support a variety
of activities, including residential, commercial, and industrial sectors, city centers
require a constant and dependable power supply. Because they offer a solution
that is both scalable and sustainable, renewable energy sources play a crucial
role in meeting this growing demand.
Another
important factor that contributes to India’s energy demand is
industrialization. The nation’s assembling area has been extending quickly,
driving the requirement for energy-concentrated processes. The demand for
electricity to power machinery, equipment, and production processes has
increased dramatically, from small businesses to large manufacturing
facilities. Renewable energy is a viable option for meeting the expanding
industrial sector’s energy needs because of its cost-competitiveness and capacity
for large-scale generation.
India's
Rising Modern Facilities Will Grow the Market in the Forecast Period.
In
addition, India's energy demand is rising as more people have access to modern
amenities. As additional families get sufficiently close to power, the
utilization of electrical machines, like coolers, forced air systems, TVs, and
cell phones, has soared. Renewable energy sources are essential for ensuring
that households across the nation have access to energy that is both
sustainable and dependable because these devices require a constant supply of
electricity.
India has
placed a significant emphasis on the development of renewable energy sources in
order to meet the rising demand for energy. To encourage the use of renewable
energy sources, the government has set ambitious goals and implemented
policies. The National Solar Mission and the National Wind Energy Mission aim
to increase the capacity of renewable energy sources and make it easier to
incorporate them into the energy mix. Renewable energy is an ideal solution for
India's rising energy demand due to its cost-competitiveness, environmental
sustainability, and energy security. India's rising energy interest, driven by
urbanization, industrialization, and expanding admittance to present day
conveniences, is firmly driven with the development of environmentally friendly
power sources. The nation is actively pursuing policies and initiatives to
harness the enormous potential of renewable energy to meet its sustainable
energy needs. India's rising energy demand will be met, and a greener, more
sustainable future will be promoted by the ongoing expansion of renewable
energy infrastructure.
Download Free Sample Report
Recent
Development:
- June 2022: Ayana Renewable Power Pvt Ltd. (Ayana) announced plans
to invest USD 1.53 billion in renewable energy projects, totaling up to 2
gigawatts (GWs) in Karnataka.
- Feb. 20, 2022: With Satluj Jal Vidyut Nigam, Creduce Advanced HCPL
JV declared victory in the bid for India's largest hydropower carbon
credit project, which currently generates more than 80 million carbon
credits.
- In August 2022, Norfund, which manages the Norwegian Climate
Investment Fund, and KLP, Norway’s biggest pension company, signed an
agreement to buy a 49% share of a 420 MW solar power plant in Rajasthan,
for USD 35.05 million.
- In 2022, Ayana Renewable Power Pvt Ltd, announced plans to set up
renewable energy projects totaling 2 gigawatts (GWs), with an investment
of USD 1.53 billion in Karnataka.
- In February 2022, Creduce Technologies-HCPL JV had announced about winning
the bid for India’s single largest hydro power carbon credits project,
with Satluj Jal Vidyut Nigam.
- In February 2022, Husk Power Systems, a renewable energy company
working for rural electrification, secured a USD 4.2 million loan from the
Indian Renewable Energy Development Agency (IREDA).
- In December 2021, India's biggest energy provider, Tata Power, was
conferred a contract by the Maharashtra State Electricity Distribution
Company Limited (MSEDCL) to set up a 300 MW wind-solar hybrid power plant
in future.
- In October 2021, Reliance New Energy Solar Ltd. (RNESL) announced
two acquisitions to build more capabilities. Both acquisitions – REC Solar
Holdings AS (REC Group), a Norway-based firm, and Sterling & Wilson
Solar, based in India – exceeded USD 1 billion.
- MNRE requested Expressions of Interest for the Phase II evaluation
study of the grid-connected rooftop solar program in December 2021. The
National Solar Mission, which aimed to connect 40 GW of solar rooftop
systems to the power grid by 2022, comprised the program.
Market
Segmentation
India Renewable Energy Market is divided into Type,
End-Use, and Region. Based on Type, the market is divided into Hydroelectric
Power, Wind Power, Bioenergy, Solar Energy, and Other Energy. Based on End Use,
the market is divided into Residential, Commercial, Industrial, and Others. Based on Region, the market is divided into West
India, South India, North India, and South India.
Market Players
Major market
players in the India
Renewable Energy Market are Adani Green Energy Limited, Tata Power Company Limited,
Azure Power Global Limited, NTPC Limited, ReNew Power India, Suzlon Energy
Limited, First Solar Inc., Vestas Wind Systems AS, Trina Solar Limited, Siemens
Gamesa Renewable Energy SA.
|
Attribute
|
Details
|
|
Base Year
|
2023
|
|
Historic Data
|
2019 – 2022
|
|
Estimated Year
|
2024
|
|
Forecast Period
|
2025 – 2029
|
|
Quantitative Units
|
Revenue in USD Million, Volume and CAGR for 2019-2023 and 2024-2029
|
|
Report coverage
|
Revenue forecast, company share,
growth factors, and trends
|
|
Segments covered
|
Type
End Use
Region
|
|
Region scope
|
West India, North India, South
India, East India
|
|
Key companies profiled
|
Adani Green Energy Limited, Tata Power Company Limited, Azure Power
Global Limited, NTPC Limited, ReNew Power India, Suzlon Energy Limited, First
Solar Inc., Vestas Wind Systems AS, Trina Solar Limited, Siemens Gamesa
Renewable Energy SA
|
|
Customization scope
|
10% free report customization
with purchase. Addition or alteration to country, regional & segment
scope.
|
|
Pricing and purchase options
|
Avail customized purchase options to meet your exact research
needs. Explore
purchase options
|
|
Delivery Format
|
PDF and Excel through Email (We
can also provide the editable version of the report in PPT/Word format on
special request)
|
Report Scope:
In this report, the India Renewable Energy Market has
been segmented into following categories, in addition to the industry trends
which have also been detailed below:
- India Renewable Energy
Market, By
Type:
- Hydroelectric Power
- Wind Power
- Bioenergy
- Solar Energy
- Other Energy
- India Renewable Energy
Market, By
End Use:
- Residential
- Commercial
- Industrial
- Others
- India Renewable Energy
Market, By Region:
- West India
- North India
- South India
- East India
Competitive Landscape
Company Profiles: Detailed analysis of the major companies
present in the India Renewable Energy Market.
Available Customizations:
India Renewable Energy Market report with
the given market data, Tech Sci Research offers customizations according to a
company's specific needs. The following customization options are available for
the report:
Company Information
- Detailed analysis and
profiling of additional market players (up to five).
India Renewable Energy Market is an upcoming report
to be released soon. If you wish an early delivery of this report or want to
confirm the date of release, please contact us at [email protected]