The India Renewable Energy Market size was valued at around USD 24 billion in 2024 and is projected to reach USD 37 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 9% during the forecast period, i.e., 2025-30.
India Renewable Energy Market Driver:
Government Initiatives & Policies Towards Renewable Energy – India generates most of its electricity from traditional fossil fuels-based energy sources. The production of electricity using fossil fuels consumes a lot of water and generates substantial greenhouse gas emissions, contributing to climate change. The changing global energy dynamics are increasingly causing countries to adopt cleaner energy sources to reduce their emissions. India aims to achieve its net zero emission target of 2070 and thus launched various schemes to promote electricity generation from renewable energy sources. These schemes include the New Solar Power Scheme, with an outlay of around USD 61 million under PM JANMAN to provide electricity to the un-electrified remote households of vulnerable tribal communities in India.
Additionally, schemes like PM KUSUM help farmers with financing for the installation of small standalone solar plants of a capacity of up to 2MW for solar pumps to ensure energy security for farmers. As per MNRE, under Component A of the PM KUSUM, around 300 MW of solar capacity has already been installed, with total sanctioned solar capacity standing at 9,110 MW as of September 2024. Furthermore, the Roof Top Solar (RTS) Programme aims to install a capacity of 40,000 MW worth of grid-connected rooftop solar panels. The RTS program has achieved a total installed rooftop solar capacity of around 11,870 MW by the end of FY24. The government of India plans to achieve a total non-fossil sources capacity of 500,000 MW by 2030, with renewable accounting for nearly 450,000 MW from the current of just over 200,000 MW in 2024 to ensure its energy security is driving the growth in the market.
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Key Market Reports Highlights
- Market Dimensions & Projections
- Pricing Evaluation
- Recent Strategic Moves by Companies
- Primary Stakeholders
- Import/Export Trend Analysis
- Competitive Landscape Assessment
- Emerging Opportunities
- Market Trends and Indicators
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India Renewable Energy Market Segmentation:
The market report categorizes the market based on different segments and geographical analysis.
Study Timeline:
-Base Year: 2024
-Historical Period: 2020 to 2023
-Forecast Period: 2025 to 2030
- By Source
- Solar – Market Size & Forecast, 2020-2030, MW
- Wind – Market Size & Forecast, 2020-2030, MW
- Hydro – Market Size & Forecast, 2020-2030, MW
- Others (Biomass, geothermal, etc.) – Market Size & Forecast, 2020-2030, MW
- By End User
- Residential – Market Size & Forecast, 2020-2030, MW
- Commercial – Market Size & Forecast, 2020-2030, MW
- Industrial – Market Size & Forecast, 2020-2030, MW
- By Region
- North & Central India
- South India
- East India
- West India
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including – NTPC, Tata Power, NLC India Limited, JSW Energy, Adani Green, NHPC, JP Power Ventures, SJVN, Waaree Energies, Suzlon, and Others
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