India Renewables Energy Market Size was valued at USD 21.1 Billion in 2022. The India Renewables Energy market industry is projected to grow to USD 46.7 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.77% during the forecast period (2023 - 2032). Rising awareness of environmental issues, adoption of competitive bidding processes, and increased demand for energy are the main market drivers anticipated to propel the renewable energy market in India.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The market's increased government initiatives and policies are influencing the growth. With a focus on sustainability and combating climate change, the Indian government has implemented ambitious programs to boost renewable energy capacity. Initiatives such as the National Solar Mission and the Pradhan Mantri Kisan Urja Suraksha evam Utthan Mahabhiyan (PM-KUSUM) drive solar energy adoption, particularly in the agricultural sector. Additionally, policy measures like the Renewable Purchase Obligation (RPO) mandate that a percentage of energy consumption be met through renewables, stimulating investments in wind, solar, and other clean sources. The government's commitment to achieving renewable energy capacity by 2022 underscores its dedication to fostering a green energy landscape and reducing dependence on conventional sources, marking a transformative phase in India's energy trajectory.
Furthermore, India’s ongoing technological advancements in renewable energy are bolstering growth. Solar power dominates the trend, benefitting from improved photovoltaic technology, increased efficiency, and declining costs. Wind energy is also evolving with advanced turbine designs and grid integration solutions. Like advanced batteries, energy storage technologies are gaining prominence, addressing intermittency challenges. Smart grids and digital solutions enhance the efficiency and reliability of renewable energy systems. Policy initiatives and government support further drive investment in clean energy projects. India's commitment to sustainability and the global shift toward greener alternatives positions the country as a player in the transition to renewable energy. Thus driving the India Renewables Energy market revenue.
The India Renewables Energy market segmentation, based on type, includes Hydroelectric Power, Solar Energy, Wind Power, Bioenergy, and Others. The hydroelectric power segment mostly dominated the market. With abundant rivers and water resources, India has invested substantially in hydroelectric projects. This type of renewable energy contributes to the country's efforts to diversify its energy mix and reduce dependence on fossil fuels. Hydroelectric power projects play a crucial role in India's sustainable energy landscape, offering a reliable and environmentally friendly source of electricity.
The India Renewables Energy market segmentation, based on end-users, includes Residential, Commercial, Industrial, and Others. The residential category generated the most income. With increasing awareness of sustainable practices, residential consumers are adopting renewable energy solutions such as solar power systems. The desire for energy independence, cost savings, and environmental consciousness drives this segment's growth. Government incentives and initiatives further contribute to India's expanding residential renewables market.
Figure 1: India Renewables Energy Market, by End-users, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
India's renewable energy market has experienced significant growth, driven by ambitious government initiatives and increasing environmental awareness. Favorable policies like subsidies and tax incentives have attracted investments, fostering a competitive market. Solar energy, particularly photovoltaic installations, has seen remarkable expansion, while wind power projects continue to contribute substantially. Integrating advanced technologies and storage solutions enhances the reliability and efficiency of renewable energy sources. Challenges include grid integration issues and the need for infrastructure development. Despite hurdles, India's commitment to sustainability and reducing carbon emissions propels its renewables sector forward, making it a player in the global transition to cleaner energy.
Leading market players are investing majorly in research and development to spread their product lines, which will help the India renewables energy market grow even more. The participants also undertake various strategic activities to spread their footprint with new market developments, including product launches, contractual agreements, mergers and acquisitions, major investments, and collaboration with other organizations. The renewable energy industry must offer cost-effective items to spread and survive in a competitive and rising market climate.
The players in the renewable energy market are attempting to raise market demand by investing in research and development operations, including Tata Power Company Limited, NTPC Limited, Suzlon Energy Limited, Vestas Wind Systems AS, and Siemens Gamesa Renewable Energy SA.
January 2019:Suzlon Energy secured a 50.4 MW wind power project from Atria Power. The project involved supplying, installing, and commissioning Suzlon's S111-140m wind turbine generators (WTGs) in the Anantapur district of Andhra Pradesh, India.
In February 2021, Tata Power Renewable Energy Limited (TPREL), a wholly-owned subsidiary of Tata Power, inked a deal to purchase a 100% ownership in Sterling & Wilson Private Limited's (SWPL) operating solar projects for an enterprise value of around INR 1,600 crore (roughly USD 219 million). This acquisition brought approximately 253 MW of working solar capacity to Tata Power's renewable energy portfolio.
In June 2021, NTPC Limited has signed a memorandum of understanding (MoU) with the Indian Institute of Forest Management (IIFM) to carry out a project to build a green cover and eco-restoration strategy around its coal mining facilities. This collaboration is intended to promote sustainable practices and strengthen environmental conservation efforts.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 21.1Â Billion |
| Market Size 2032 | USD 46.7 Billion |
| Compound Annual Growth Rate (CAGR) | 8.77% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End-users, and Region |
| Countries Covered | India |
| Key Companies Profiled | Tata Power Company Limited, NTPC Limited, Suzlon Energy Limited, Vestas Wind Systems AS, and Siemens Gamesa Renewable Energy SA |
| Key Market Opportunities | Ongoing advancements in renewable energy technologies Rise in public awareness and environmental concerns |
| Key Market Dynamics | Growth in the demand for energy Rising adoption of competitive bidding processes |
India Renewables Energy Market Highlights:
Frequently Asked Questions (FAQ) :
The India Renewables Energy market size was valued at USD 21.1 Billion in 2022.
The market is projected to grow at a CAGR of 8.77% during the forecast period, 2023-2032.
The key players in the market are Tata Power Company Limited, NTPC Limited, Suzlon Energy Limited, Vestas Wind Systems AS, and Siemens Gamesa Renewable Energy SA.
The hydroelectric power category dominated the market in 2022.
The residential category had the largest share of the market.
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