India Renewable Energy Market Overview

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Growth Rate: 8.71% (2024-2032)

India's renewable energy market is rapidly growing, focusing on solar, wind, and green energy investments for sustainable development. According to the latest report by IMARC Group, the India renewable energy market size reached US$ 22.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 46.7 Billion by 2032, exhibiting a growth rate (CAGR) of 8.71% during 2024-2032.

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India Renewable Energy Market Trend and Drivers:

The progressive renewable energy targets set by the government authorities are the factors responsible for the growth of the India renewable energy market. Additionally, India aims to achieve 175 GW of renewable energy capacity by 2022 and 450 GW by 2030, primarily through solar and wind energy projects. This push is supported by various policies and incentives made by government authorities, including tax benefits, subsidies, and simplified regulatory frameworks.

Moreover, the introduction of initiatives like the International Solar Alliance further emphasizes its commitment to becoming a global leader in renewable energy. These efforts are not only helping to diversify the energy mix but also reducing the dependence on fossil fuels, thereby addressing environmental concerns and contributing to sustainable development.

Another significant driver is the increasing investment from both domestic and international players. The renewable energy sector has become an attractive destination for investment due to its vast potential and favorable policy environment, which is acting as another growth-inducing factor. In addition to this, advancements in renewable energy technologies have led to a decrease in costs, making solar and wind power more competitive with traditional energy sources.

Public awareness and demand for clean energy are also rising, driven by the growing understanding of climate change impacts and the need for sustainable practices. Furthermore, the participation of private players in rooftop solar installations and decentralized renewable energy solutions is expanding access to clean energy in rural and urban areas alike, which is anticipated to drive the India renewable energy market over the forecasted period.

India Renewable Energy Industry Segmentation:

Breakup by Type:

• Hydroelectric Power
• Solar Energy
• Wind Power
• Bioenergy
• Others

Breakup by End Use:

• Residential
• Commercial
• Industrial
• Others

Breakup by Region:

• North India
• West and Central India
• South India
• East India

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Key Highlights of the Report:

Market Performance (2018-2023)
Market Outlook (2024-2032)
Market Trends
Market Drivers and Success Factors
Impact of COVID-19
Value Chain Analysis
Comprehensive mapping of the competitive landscape

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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