Renewable Energy Market in India 2024:
How Big is the India Renewable Energy Industry?
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 market 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.
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 8.71% (2024-2032)
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India Renewable Energy Market Trends 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 Market Report Segmentation:
The report has segmented the market into the following categories:
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
Top Players Analysis:
The report provides a detailed analysis of the competitive environment. It covers various aspects such as market structure, positioning of key players, top strategies for success, a competitive dashboard, and a company evaluation quadrant. Furthermore, the report includes comprehensive profiles of all major companies.
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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.
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