India Renewable Energy Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | > 10.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Renewable Energy Market Analysis
The Indian renewable energy market is expected to register a CAGR of more than 10% during the forecast period.
- In the long run, the market is expected to be driven by things like government policies that help, growing concern about the environment, incentives, and tax breaks for installing solar panels.
- On the other hand, the lack of grid infrastructure in rural areas is likely to hinder market growth during the forecast period.
- Nevertheless, the Ministry of New and Renewable Energy (MNRE) set a target to achieve 500 GW of installed renewable energy capacity by 2030, which is expected to create a growth opportunity for the market in the future.
India Renewable Energy Market Trends
Solar Segment to Witness a Significant Growth
During the forecast period, the solar segment is likely to have the biggest market share. This is because the cost of solar modules is going down, and these systems can be used for many different things, like making electricity and heating water.
- India is endowed with vast solar energy potential. About 5,000 trillion kWh of energy per year is generated over India's land area, with most parts receiving 4-7 kWh per square meter per day. There has been a visible impact of solar energy on the Indian energy sector during the last few years.
- The Ministry of New and Renewable Energy (MNRE) says that India's installed solar energy capacity was around 40.1 GW in 2020-2021, up from 34.6 GW in 2019-2020. This is an increase of about 16% over the course of the year. This growth results from huge investments in the upcoming solar energy projects in India.
- In December 2021, MNRE asked for Expressions of Interest for the evaluation study of Phase II of the grid-connected rooftop solar program.The program was part of the National Solar Mission, which aimed to connect 40 GW of solar rooftop systems to the power grid by 2022.
- Azure Power turned on a 600 MW solar power project in Bikaner, Rajasthan, in January 2022. At a cost of USD 0.03 per kWh, Solar Energy Corporation of India Limited (SECI) will purchase the project's power for 25 years.
- Hence, increasing investments in the solar energy sector are expected to boost the market's growth during the forecast period.
Supportive Government Policies and Programs Driving the Market Demand
- The Indian government has put in place a number of policies that will help increase the amount of renewable energy that is installed to 450 GW by 2030. These policies are set to achieve the targets during the forecast period. As of 2021, India had installed 151.39 GW of renewable capacity.
- As part of the Paris Climate Agreement, India promised that by 2030, 40% of its electricity would come from sources other than fossil fuels. To achieve this goal, the country has set an ambitious target of setting up 1,75,000 MW of renewable energy capacity, including 1,00,000 MW of solar power, by 2022. A target of 4,50,000 MW of installed RE capacity by 2030 has also been set.
- Under the Production Linked Incentive (PLI) scheme, the Indian government gave an extra INR 19,500 crore to help make solar PV modules in February 2022.
- The scheme has different ways to help set up integrated manufacturing units of high-efficiency solar PV modules by offering PLI on sales of these solar PV modules. It wants to reach the lofty goal of installing 280 GW of solar capacity by 2030.
- In September 2021, the Indian government said that it would give grants or funding for projects that use offshore wind and storage. The new scheme will help with the renovation and modernization of substations. The government has set a target of adding 30 GW of offshore wind energy projects by 2030.
- The Ministry of New and Renewable Energy (MNRE) has also run the Solar Park Scheme, the 300 MW Defense Scheme, and the 500 MW VGF (Viability Gap Funding) Scheme in the last three years. In January 2020, India made an ambitious target of having 450 GW of renewable energy by 2030. The central government, which was already planning to install around 100 GW of solar energy by 2022, made the announcement.
- During the forecast period, the Indian renewable energy market is expected to be driven by a number of policies from the central and state governments.
India Renewable Energy Industry Overview
The Indian renewable energy market is fragmented. Some of the major players in the market (in no particular order) include Tata Power Company Limited, NTPC Limited, Suzlon Energy Limited, Vestas Wind Systems AS, and Siemens Gamesa Renewable Energy SA., among others.
India Renewable Energy Market Leaders
Tata Power Company Limited
NTPC Limited
Suzlon Energy Limited
Vestas Wind Systems AS
Siemens Gamesa Renewable Energy SA
*Disclaimer: Major Players sorted in no particular order
India Renewable Energy Market News
- June 2022: Ayana Renewable Power Pvt Ltd (Ayana) announced plans to set up renewable energy projects adding up to 2 gigawatts (GWs) with an investment of USD 1.53 billion in Karnataka.
- February 2022: Creduce Advanced HCPL JV declared winning the bid for India's single-biggest hydropower carbon credit project with Satluj Jal Vidyut Nigam, which will make in excess of 80 million carbon credits.
India Renewable Energy Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Renewable Energy Installed Capacity and Forecast in GW, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 Source
5.1.1 Wind
5.1.2 Solar
5.1.3 Hydro
5.1.4 Bioenergy
5.1.5 Other Sources
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Domestic Players
6.3.1.1 Adani Green Energy Limited
6.3.1.2 Tata Power Company Limited
6.3.1.3 Azure Power Global Limited
6.3.1.4 NTPC Limited
6.3.1.5 ReNew Power India
6.3.1.6 Suzlon Energy Limited
6.3.2 Foreign Players
6.3.2.1 First Solar Inc.
6.3.2.2 Vestas Wind Systems AS
6.3.2.3 Trina Solar Limited
6.3.2.4 Siemens Gamesa Renewable Energy SA
6.3.2.5 JinkoSolar Holding Co. Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
India Renewable Energy Industry Segmentation
Renewable energy is the energy obtained from natural sources that is recharged at a higher rate than it is consumed, creating far lower carbon emissions than burning fossil fuels. India has immense growth potential in renewable energy, which ambitious targets and increasing investments can unlock.
The Indian renewable energy market is fragmented by source. By source, the market is segmented into wind, solar, hydro, bioenergy, and other sources. For each segment, the market sizing and forecasts have been done based on installed capacity (GW).
| Source | |
| Wind | |
| Solar | |
| Hydro | |
| Bioenergy | |
| Other Sources |
India Renewable Energy Market Research FAQs
What is the current India Renewable Energy Market size?
The India Renewable Energy Market is projected to register a CAGR of greater than 10% during the forecast period (2024-2029)
Who are the key players in India Renewable Energy Market?
Tata Power Company Limited, NTPC Limited, Suzlon Energy Limited, Vestas Wind Systems AS and Siemens Gamesa Renewable Energy SA are the major companies operating in the India Renewable Energy Market.
What years does this India Renewable Energy Market cover?
The report covers the India Renewable Energy Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Renewable Energy Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
What are the recent developments in the Indian Renewable Energy sector?
The recent developments in the Indian Renewable Energy sector are a) Acquisitions and collaborations among renewable energy companies b) Initiatives to promote environmental conservation c) commissioning of new renewable energy projects, such as wind and solar installations
Renewable Energy in India Industry Report
The India renewable energy market is poised for substantial growth, driven by government support, technological advancements, and increasing environmental awareness. With a market initially valued at a significant figure, it is expected to nearly double in the coming years. This growth is fueled by the rising demand for clean and sustainable energy solutions across residential, commercial, and industrial sectors. Solar energy dominates due to India's abundant sunlight, decreasing costs of solar technologies, and strong government initiatives to enhance solar capacity. The market also benefits from the decentralization of power generation, addressing energy access challenges in remote areas. This shift towards renewable energy is a strategic response to the urgent need for sustainable energy sources that mitigate environmental impacts like air pollution and greenhouse gas emissions. For detailed statistics, market share, size, and revenue growth rate, refer to Mordor Intelligenceā¢ Industry Reports, which provide a comprehensive market forecast outlook and historical overview. Download a free report PDF sample for more in-depth industry analysis and explore insights on Indian renewable energy companies.
