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The Indian renewable energy market has witnessed a major sectorial boom over the past few years and marks an historic transformation of the country’s overall power setting. The flood of government actions and policy support, international collaboration has pushed India to the frontline in global renewable energy revolution. In this transformation, solar and wind energy has taken the pole position with massive investments made in their adoption coupled with technological development they are gaining prominence.
Solar energy has seen remarkable growth, especially in India, which is today ranked as one of the world’s top solar power producers. The central government’s goal is to grow the solar capacity. One of such huge targets includes Jawaharlal Nehru National Solar Mission that has contributed immensely toward strengthening the country with large-scale solar assets across India since 2008. This trend has attracted domestic and foreign investors through decreasing solar module price, improving efficiency together with a suitable policy background.
The rural community in the developing countries have also been empowered by the decentralized nature of solar energy installations making use of renewable.
The other big player in the Indian renewable sector, is wind energy that underwent a paradigm shift. Innovative technologies of turbine construction along with the improvements in efficiency have helped sector grow. In India, the government’s wind energy auction and financing initiatives have attracted millions of investments that make them a significant source for renewable energies.
Other minor renewable sources such as hydroelectric power, bioenergy and geothermal energy are also slowly proving popular. Renewable energy sources have diversified to guarantee a more stable and reliable power grid. The focus of the government on promoting bioenergy and developing micro level hydropower projects shows that efforts are being taken rigorously to exploit India’ s renewable potential.
The energy storage market in India has been driven by the need to address intermittency of renewable resources and is closely associated with solutions that provide additional flexibility such as batteries or pumping technologies. The breakthroughs made in battery technology and the switch towards electric vehicles have complemented with renewable energy as well, thus helping to build a more environment-friendly universe of energies.
Moreover, the Indian government’s pledge to international climate treaties like Paris Agreement has created significantly more pressing need for carbon emissions reduction. This vow has been transformed into a focus on clean, renewable resources as one way to reach sustainability objectives. The leading role of India in the International Solar Alliance serves to reinforce its commitment as a willing participant towards global collaboration for renewables awareness and adoption.
Whilst positive movement is still evident within the renewables industry, there are challenges that remain. The areas of concern that remain are connections to grids, the acquisition of lands for mega projects and financial viability. Nevertheless, continuous efforts by the government to counter these adversities through actionable policies and regulatory reforms ensure confidence in market’ growth prospects.
The changing patterns of the Indian renewables industry display a dynamic and flourishing market. The industry is led by solar and wind power sources with government incentives, technological improvements as well as private partnerships helping boost its development. The diversification into the other renewable sources complemented with energy storage solution presents India as an important player in global shift towards green and cleaner energy.
India Renewables Energy Market Highlights:
India Renewables Energy Market Overview:
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
India Renewables Energy Market Trends
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Increasing government initiatives and policies is driving market growth
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.
India Renewables Energy Market Segment Insights:
Renewables Energy Type Insights
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.
Renewables Energy End-user Insights
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
Renewables Energy Country Insights
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.
Renewables Energy Key Market Players & Competitive Insights
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.
Key Companies in the India renewable energy market include
- Tata Power Company Limited
- NTPC Limited
- Suzlon Energy Limited
- Vestas Wind Systems AS
- Siemens Gamesa Renewable Energy SA
Renewables Energy Industry Developments
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.
India Renewables Energy Market Segmentation:
Renewables Energy Type Outlook
- Hydroelectric Power
- Solar Energy
- Wind Power
- Bioenergy
- Others
Renewables Energy End-user Outlook
- Residential
- Commercial
- Industrial
- Others
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