India Renewable Energy Market: Growing Demand, Emerging Trends & Industry Forecast by 2033

MARKET OVERVIEW
The India Renewable Energy Market reached a size of USD 23.9 Billion in 2024. It is expected to grow to USD 52.1 Billion by 2033, registering a CAGR of 8.1% during the forecast period 2025-2033. Growth is driven by technological advancements in solar photovoltaics, wind turbines, and energy storage, increasing climate change concerns, and rising demand for sustainable energy.

STUDY ASSUMPTION YEARS
➤ Base Year: 2024
➤ Historical Year/Period: 2019-2024
➤ Forecast Year/Period: 2025-2033

INDIA RENEWABLE ENERGY MARKET KEY TAKEAWAYS
➤ Market Size in 2024: USD 23.9 Billion
➤ CAGR: 8.1% (2025-2033)
➤ Forecast Period: 2025-2033
➤ Government support via policies attracts investments and fosters renewable energy development.
➤ Declining technology costs, especially solar PV and wind turbines, enhance competitiveness versus fossil fuels.
➤ Industrial sector dominates end-use with high energy demand and sustainability goals.
➤ Solar energy is the largest segment due to abundant sunlight and strong government initiatives.
➤ North India leads the regional market, boosted by hydroelectric potential and favorable solar and wind conditions.

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MARKET TRENDS
India is experiencing rising air pollution and environmental degradation primarily due to its heavy reliance on fossil fuels. This situation has prompted a strong push towards renewable energy to reduce greenhouse gas emissions and improve air quality. Electricity generation from sources such as solar, wind, and hydropower cuts carbon dioxide emissions significantly compared to traditional fossil fuel-based power generation, fostering sustainability and cleaner air across the country.

Public awareness regarding the advantages of renewable energy has increased notably, aided by educational campaigns and media. Individuals and businesses are embracing clean energy options like rooftop solar panels and green energy plans. This shift in perception creates a favorable market climate, spurring investments and expansion in renewable energy projects nationwide.
Air pollution has led to higher incidences of stroke, ischemic heart disease, chronic obstructive pulmonary disease (COPD), and lung cancer, underscoring the urgent need for cleaner energy alternatives. Renewable energy's minimal emissions and environmental footprint are vital in addressing these health risks. Government initiatives targeting pollution reduction and public health improvements support market growth and reinforce renewables adoption.
MARKET GROWTH FACTORS
The market is mainly propelled by increasing governmental support via policies that create a conducive environment for renewable energy investment and development. These measures include financial incentives, tax benefits, and regulatory frameworks that encourage solar, wind, and other renewable projects, accelerating capacity addition and technology adoption.
Declining costs of renewable technologies, particularly solar photovoltaic modules and wind turbines, have made renewables more economically competitive with conventional fossil fuels. The lowered prices incentivize utilities and industries to adopt cleaner energy sources, enhancing market expansion. Advances in technology have also improved efficiency, further supporting growth.

India's rapidly expanding economy and population have significantly increased energy demand, necessitating sustainable solutions. Renewable energy reduces dependency on finite fossil fuels and supports energy access, especially in off-grid and rural sectors. Decentralized renewable systems provide reliable power where grid connectivity is limited, augmenting electrification efforts and market demand.

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MARKET SEGMENTATION
Breakup by Type:
➤ Hydroelectric Power
➤ Solar Energy
➤ Wind Power
➤ Bioenergy
➤ Others
Solar energy dominates due to India's abundant sunlight, attracting investments and benefiting from government incentives like the Jawaharlal Nehru National Solar Mission aiming for 100 GW solar capacity by 2022. Reduced solar PV costs and supportive policies have led to rapid expansion.

Breakup by End Use:
➤ Residential
➤ Commercial
➤ Industrial
➤ Others
The industrial segment holds the largest share, driven by high energy consumption and sustainability commitments. Renewable adoption allows industries to lower carbon footprints and meet renewable purchase obligations through cost-effective solar and wind solutions.

Breakup by Region:
➤ North India
➤ West and Central India
➤ South India
➤ East India
North India leads due to abundant rivers for hydro power, favorable solar irradiation, and wind conditions. Regional policies and investment-friendly environments have fostered renewable project growth, contributing significantly to market leadership.

REGIONAL INSIGHTS
North India dominates the renewable energy market, buoyed by vast solar and wind resources and hydroelectric potential. The region benefits from supportive state-level policies, regulatory frameworks, and financial incentives. It hosts numerous solar parks, wind farms, and hydro projects, making it the largest market sector within India's renewable energy landscape.

RECENT DEVELOPMENTS & NEWS
In February 2021, Tata Power Renewable Energy Limited acquired a 100% stake in Sterling and Wilson Private Limited's operating solar projects valued at approximately INR 1,600 crore (USD 219 million), adding around 253 MW solar capacity to its portfolio. In June 2021, NTPC Limited partnered with the Indian Institute of Forest Management to develop green cover and eco-restoration plans near coal mining sites, promoting sustainability. Earlier, in January 2019, Suzlon Energy secured a 50.4 MW wind power project from Atria Power in Andhra Pradesh, involving its S111-140m wind turbine generators.

KEY PLAYERS
➤ Tata Power Renewable Energy Limited (TPREL)
➤ Sterling and Wilson Private Limited (SWPL)
➤ NTPC Limited
➤ Suzlon Energy
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This release was published on openPR.