India Renewable Energy Market Size (2024 - 2029)

The Indian renewable energy market is poised for significant expansion, driven by supportive government policies, environmental concerns, and incentives for solar panel installations. Despite challenges such as inadequate grid infrastructure in rural areas, the market's potential growth is underscored by ambitious targets set by the Ministry of New and Renewable Energy for installed capacity. These factors collectively contribute to the anticipated increase in market size over the forecast period.

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Market Size of India Renewable Energy Industry

India Renewable Energy Market Summary
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

India Renewable Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order

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 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
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India Renewable Energy Market Size Summary

The renewable energy industry in India is poised for significant growth, driven by supportive government policies, environmental concerns, and financial incentives such as tax breaks for solar panel installations. Despite challenges like inadequate grid infrastructure in rural areas, the sector is expected to expand substantially, with the Ministry of New and Renewable Energy (MNRE) setting ambitious targets to achieve substantial installed capacity by 2030. The solar segment is anticipated to dominate the market due to decreasing costs of solar modules and their versatile applications, including electricity generation and water heating. India's vast solar energy potential, coupled with substantial investments in solar projects, is expected to further propel market growth during the forecast period.

The Indian government's commitment to increasing renewable energy capacity is evident through various initiatives and schemes aimed at achieving significant milestones by 2030. These include the Production Linked Incentive (PLI) scheme to boost solar PV module manufacturing and plans to enhance offshore wind and storage projects. The government's targets align with international climate commitments, aiming for a substantial portion of electricity to come from non-fossil fuel sources. The market is characterized by fragmentation, with key players like Tata Power Company Limited, NTPC Limited, and Suzlon Energy Limited actively participating in the sector. Recent announcements of large-scale renewable energy projects and investments underscore the dynamic nature of the industry, positioning it for robust growth in the coming years.

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India Renewable Energy Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Renewable Energy Installed Capacity and Forecast in GW, till 2028

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Source

      1. 2.1.1 Wind

      2. 2.1.2 Solar

      3. 2.1.3 Hydro

      4. 2.1.4 Bioenergy

      5. 2.1.5 Other Sources

India Renewable Energy Market Size FAQs

The India Renewable Energy Market is projected to register a CAGR of greater than 10% during the forecast period (2024-2029)

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.

India Renewable Energy Market Report Snapshots

Renewable Energy Industry in India Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)