India Renewable Energy Market Expected to Reach USD 37 Billion Worth by 2030 with a CAGR of around 9%

A Quick Overview of India Renewable Energy Market

• Base Year: 2024

• Historical Years: 2020-2023

• Forecast Years: 2025-2030

• Market Growth Rate: 9% (2025-2030)

The key object of this report on the India Renewable Energy Market is to offer worthy data and a geographical perspective for predictions of market growth in the future. The recommendations added in this detailed report are insightful, and actionable offering a deep understanding of the industry. Moreover, it includes a comprehensive importance of aspects that have impacted the industry.

MarkNtel Advisors has recently studied an extensive market intelligence evaluation on the market. Also, the newly released report exhibits an engaging format that comprises compelling graphs, tables, charts, and figures as well. These seamlessly combined visual aids are designed to support the clarity and accuracy of the details presented, offering analysts a deep knowledge of the topic at hand.

According to the latest report, 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% from 2024 to 2030. The report significantly addressed considerable changes, gap analyses, and competitive studies using qualitative and quantitative data.

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Market Dynamics:

Growth Opportunity-

Increasing Deployment of Wind Power in India - India ranks fourth in total installed capacity of wind power. Wind power in India has witnessed a rapid escalation due to geography and growing emphasis on renewable energy in the country. As per MNRE, the overall wind capacity in India has surged by over 21%, expanding to 45,886 MW by FY24 from 37,693 MW in FY20. The western region of India is anticipated to have an overall operational wind capacity of around 22,127 MW by the end of FY24. Moreover, in the west region, Gujarat is leading at the forefront with an impressive 11,723 MW of operational wind capacity by the end of March 2024, with around 1,744 MW of new capacity added in FY24.

Apart from this, the Central Electricity Authority (CEA) expects it to grow to around 73,000 MW by FY27 and 122,000 MW by FY32. The Crisil Ratings expects that over 25,000 MW of wind power capacity would involve a capital expenditure of around 23.7 billion between FY25 and FY28. The rapidly changing landscape of wind power in India provides huge growth opportunities in India's renewable energy industry.

India Renewable Energy Market Report Segmentation:

The report by MarkNtel Advisors on India Renewable Energy Industry, analyzes, identifies, and highlights the main trends and drivers which are affecting each segment of the market. The market has been further divided into the following categories:

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

- Solar power dominates the India Renewable Energy Market with a market share of over 42.43% in 2024. This is primarily because out of over 200,000 MW of total installed renewable energy capacity of India, 85,470 MW belongs to solar power, as per the Ministry of New and Renewable Energy (MNRE) of India. Thus, since 2014, the country's solar power has rapidly grown from 2,820 MW in March 2014 to 85,470 MW in June 2024. The repeated government efforts towards incentivizing solar power played a crucial role in its rapid deployment.

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

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Some of the Top India Renewable Energy Companies in the Market

In the fast-changing India Renewable Energy Market, understanding what our competitors are doing is crucial. By carefully analyzing things, we figured out some of the dominating players in the industry. So, the top players of the industry ruling the industry are:

• NTPC

• Tata Power

• NLC India Limited

• JSW Energy

• Adani Green

• NHPC

• JP Power Ventures

• SJVN

• WAAREE Energies

• Suzlon

• Others

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Other Report:

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