India Renewable Energy Market Size, Share and CAGR report 2022-2027

According to IMARC Group's latest report, titled "India Renewable Energy Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027", the India renewable energy market is expected to exhibit a CAGR of 10.1% during 2022-2027. Renewable energy, also known as clean energy, is obtained from naturally recurring sources or processes that undergo replenishment continuously. It comprises power generated from sunlight, wind, rain, tides, waves, and geothermal heat. It does not produce greenhouse gas (GHG) emissions and assists in reducing air pollution, minimizing dependence on imported fuels, diversifying energy supply, and improving overall economic development. As renewable energy sources also reduce energy bills, they are widely used for heating and cooking, transportation, and generating electric power. Owing to such benefits, there has been an escalating demand for renewable energy sources in India.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

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India Renewable Energy Market Trends and Drivers:

The market is primarily driven by the rising prevalence of global warming. In addition, the implementation of various initiatives undertaken by the Government of India to install rooftop solar (RTS) capacity in the residential sector and increase renewable power generation represents another major growth-inducing factor. For instance, the Ministry of New and Renewable Energy (MNRE) has introduced numerous supportive policies to increase the renewable energy installed capacity to 450 gigawatts (GW) by 2030. Apart from this, the governing agencies are also collaborating with non-governmental organizations (NGOs) to promote the usage of clean energy sources by offering subsidies and tax benefits on solar power installation, introducing awareness campaigns, and initiating several large-scale sustainable power projects. Moreover, the rising need to reduce air pollution due to increasing respiratory diseases like asthma is also contributing to the market growth. Furthermore, the rising environmental concerns among individuals and the widespread availability of wind and solar power are also creating a favorable market outlook across the country.

Key Market Segmentation:

The report has segmented the India renewable energy market on the basis of type, end use and region.

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

Competitive Landscape With Key Players:

The competitive landscape of the India renewable energy market has been studied in the report with the detailed profiles of the key players operating in the market.

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Key Highlights of the Report:

• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape

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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This release was published on openPR.