India Renewable Energy Market Overview
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 8.71% (2024-2032)
India's renewable energy sector is a rapidly growing powerhouse, driven by ambitious government targets, supportive policies, and abundant natural resources. According to the latest report by IMARC Group, The India renewable energy market size reached USD 22.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 46.7 Billion by 2032, exhibiting a growth rate (CAGR) of 8.71% during 2024-2032.
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India Renewable Energy Industry Trends and Drivers:
The India renewable energy market is expanding rapidly, owing to several interconnected factors. Primarily, the market is driven by the government's strong dedication to accomplishing energy transition objectives as well as decreasing reliance on fossil fuels. With the aim of 500 GW of non-fossil fuel capacity by 2030, initiatives like the National Solar Mission and the promotion of wind energy have spurred substantial investments in renewable energy infrastructure. In line with these factors, the declining costs of renewable technologies, particularly solar and wind, along with supportive policies like tax benefits, subsidies, and feed-in tariffs, have further accelerated the growth of the India renewable energy market. Additionally, the increasing energy demand due to industrialization and urbanization, coupled with rising concerns about carbon emissions and energy security, is also propelling the adoption of renewable energy solutions.
Key trends in the India renewable energy market include the increasing deployment of hybrid renewable energy systems that integrate solar, wind, and storage solutions to enhance grid reliability. Moreover, offshore wind projects and innovations in energy storage, such as battery technology and pumped hydro, are gaining traction to address intermittency challenges. In addition to these factors, the adoption of decentralized renewable energy systems, like rooftop solar panels and mini-grids, is helping to electrify rural and remote areas. Meanwhile, corporate commitments to renewable energy through power purchase agreements (PPAs) and sustainability goals are also driving demand. Furthermore, advancements in digital technologies, such as AI and IoT, are optimizing the performance and maintenance of renewable energy assets, which is expected to sustain the robust growth of the India renewable energy market over the forecasted period.
Our comprehensive India renewable energy market outlook reflects both short-term tactical and long-term strategic planning. This analysis is essential for stakeholders aiming to navigate the complexities of the market and capitalize on emerging opportunities.
India Renewable Energy Industry Segmentation:
The report has segmented the market into the following categories:
Breakup by Type:
- Hydroelectric Power
- Solar Energy
- Wind Power
- Bioenergy
- Others
Breakup by End Use:
- Residential
- Commercial
- Industrial
- Others
Breakup by Region:
- North India
- West and Central India
- South India
- East India
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- 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 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 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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