India renewables Energy market Market to receive overwhelming hike in Revenues by 2032

Introduction

India Renewables Energy Market Size was valued at USD 21.1 Billion in 2022. The India Renewables Energy market industry is projected to grow to USD 46.7 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.77% during the forecast period (2023 - 2032).

Market Overview

India ranks third globally in renewable power capacity, with more than 180 GW of installed renewable capacity as of 2025, excluding large hydro. Solar energy leads the sector, accounting for nearly 50% of total renewable installations, followed by wind power. Government initiatives like the National Solar Mission, Production-Linked Incentive (PLI) Scheme, and Green Energy Corridor projects are providing significant momentum to expand the renewable energy infrastructure.
Foreign Direct Investment (FDI) inflows, corporate Power Purchase Agreements (PPAs), and private sector participation have also accelerated market growth, making India an attractive destination for clean energy investments.

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Key Drivers of Growth

Government Policies and Targets

The Indian government's commitment to the Paris Agreement and the launch of initiatives such as the Renewable Energy Development Agency (IREDA) funding, Renewable Energy Certificate (REC) mechanism, and state-level policies are propelling the adoption of renewables across industries and utilities.

Technological Advancements

The integration of energy storage systems, smart grids, and digital monitoring technologies is enabling better grid management and improving the efficiency of renewable energy projects. Falling costs of solar photovoltaic (PV) modules and wind turbines have further lowered the levelized cost of electricity (LCOE), making renewables more competitive than fossil fuels.

Rising Energy Demand

India's rapidly growing population, urbanization, and industrialization are driving energy demand, creating opportunities for renewable power to meet the increasing consumption sustainably.

Segment Analysis

Solar Power

Solar energy remains the backbone of India's renewable market, with over 70 GW of installed capacity and ambitious targets to reach 280 GW by 2030. Rooftop solar, utility-scale projects, and solar parks are gaining traction, supported by schemes like Kisan Urja Suraksha evam Utthaan Mahabhiyan (KUSUM) for agricultural solar installations.

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Wind Energy

India is the world's fourth-largest wind power market, with an installed capacity of over 44 GW. Offshore wind projects, particularly in Gujarat and Tamil Nadu, represent a promising next phase of growth, backed by favorable policies and high wind potential.

Bioenergy and Small Hydro

Bioenergy and small hydro projects continue to play a crucial role in providing clean energy to rural areas. Bio-CNG and biomass-based plants are supporting waste-to-energy initiatives, reducing dependency on fossil fuels while promoting a circular economy.

Green Hydrogen

Green hydrogen is emerging as a game-changer, with India aiming to become a global export hub. The National Green Hydrogen Mission targets producing 5 million metric tons of green hydrogen annually by 2030, creating opportunities for industries such as steel, cement, and transportation.

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Challenges in the Market

Despite rapid progress, India's renewable energy sector faces challenges including land acquisition hurdles, grid integration issues, and financing constraints for large-scale projects. Policy inconsistencies across states and delays in power purchase agreements can also impact project timelines.

India's renewable energy market stands at the forefront of the global energy transition, offering immense opportunities for investors, technology providers, and stakeholders. With strong government support, declining technology costs, and rising energy needs, the country is well on track to achieve its clean energy ambitions, setting a benchmark for sustainable growth and climate action.

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