India Renewable Energy Market Segmented Type (Hydroelectric Power, Wind Power, Bioenergy, Solar Energy, and Other Energy), By End Use (Residential, Commercial, Industrial, and Others), By Region, Competition, Opportunity, and Forecast, 2029F

Environmentally friendly power is energy created from sources like the sun and wind that don't run out. Electricity generation, water, and air heating and cooling, and transportation are all possible applications of renewable energy.

Supportive Government Policies and Programs Driving the Market Growth

The Indian government has implemented several policies that will contribute to the installation of 450 GW of renewable energy, by 2030. The objectives of these policies are to be met during the forecast period. India had installed 151.39 GW of renewable energy capacity in 2021. As a component of the Paris Environment Understanding, India guaranteed that by 2030, 40% of its power would come from sources other than petroleum products. To accomplish this objective, the nation has set an aggressive objective of setting up 1,75,000 MW of environmentally friendly power limit, including 1,00,000 MW of sunlight-based power, by 2022. An objective of 4,50,000 MW of launched RE limit by 2030 has likewise been a set target by the government

Some of the following examples of government initiatives further driving the market are

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During the estimated period, the Indian renewable energy market is anticipated to be driven by several approaches from the central and state governments.

Rising Energy Demand will Boost the Renewable Energy Market in India

The expansion and development of renewable energy sources has become intricately linked to India's rising energy demand. The demand for electricity has increased exponentially as country's population continues to rise, and its economy continues to expand rapidly.

Urbanization is one of the main causes of India's rising energy demand. As more and more individuals move from rural to urban areas for better professional opportunities, the interest in renewable energy is rising. To support a variety of activities, including residential, commercial, and industrial sectors, city centers require a constant and dependable power supply. Because they offer a solution that is both scalable and sustainable, renewable energy sources play a crucial role in meeting this growing demand.

Another important factor that contributes to India’s energy demand is industrialization. The nation’s assembling area has been extending quickly, driving the requirement for energy-concentrated processes. The demand for electricity to power machinery, equipment, and production processes has increased dramatically, from small businesses to large manufacturing facilities. Renewable energy is a viable option for meeting the expanding industrial sector’s energy needs because of its cost-competitiveness and capacity for large-scale generation.

India's Rising Modern Facilities Will Grow the Market in the Forecast Period.

In addition, India's energy demand is rising as more people have access to modern amenities. As additional families get sufficiently close to power, the utilization of electrical machines, like coolers, forced air systems, TVs, and cell phones, has soared. Renewable energy sources are essential for ensuring that households across the nation have access to energy that is both sustainable and dependable because these devices require a constant supply of electricity.

India has placed a significant emphasis on the development of renewable energy sources in order to meet the rising demand for energy. To encourage the use of renewable energy sources, the government has set ambitious goals and implemented policies. The National Solar Mission and the National Wind Energy Mission aim to increase the capacity of renewable energy sources and make it easier to incorporate them into the energy mix. Renewable energy is an ideal solution for India's rising energy demand due to its cost-competitiveness, environmental sustainability, and energy security. India's rising energy interest, driven by urbanization, industrialization, and expanding admittance to present day conveniences, is firmly driven with the development of environmentally friendly power sources. The nation is actively pursuing policies and initiatives to harness the enormous potential of renewable energy to meet its sustainable energy needs. India's rising energy demand will be met, and a greener, more sustainable future will be promoted by the ongoing expansion of renewable energy infrastructure.

Recent Development

• June 2022Ayana Renewable Power Pvt Ltd. (Ayana) announced plans to invest USD 1.53 billion in renewable energy projects, totaling up to 2 gigawatts (GWs) in Karnataka.
• Feb. 20, 2022With Satluj Jal Vidyut Nigam, Creduce Advanced HCPL JV declared victory in the bid for India's largest hydropower carbon credit project, which currently generates more than 80 million carbon credits.
• In August 2022, Norfund, which manages the Norwegian Climate Investment Fund, and KLP, Norway’s biggest pension company, signed an agreement to buy a 49% share of a 420 MW solar power plant in Rajasthan, for USD 35.05 million.
• In 2022, Ayana Renewable Power Pvt Ltd, announced plans to set up renewable energy projects totaling 2 gigawatts (GWs), with an investment of USD 1.53 billion in Karnataka.
• In February 2022, Creduce Technologies-HCPL JV had announced about winning the bid for India’s single largest hydro power carbon credits project, with Satluj Jal Vidyut Nigam.
• In February 2022, Husk Power Systems, a renewable energy company working for rural electrification, secured a USD 4.2 million loan from the Indian Renewable Energy Development Agency (IREDA).
• In December 2021, India's biggest energy provider, Tata Power, was conferred a contract by the Maharashtra State Electricity Distribution Company Limited (MSEDCL) to set up a 300 MW wind-solar hybrid power plant in future.
• In October 2021, Reliance New Energy Solar Ltd. (RNESL) announced two acquisitions to build more capabilities. Both acquisitions – REC Solar Holdings AS (REC Group), a Norway-based firm, and Sterling & Wilson Solar, based in India – exceeded USD 1 billion.
• MNRE requested Expressions of Interest for the Phase II evaluation study of the grid-connected rooftop solar program in December 2021. The National Solar Mission, which aimed to connect 40 GW of solar rooftop systems to the power grid by 2022, comprised the program.

Market Segmentation

Market Players