India Renewable Energy Installed Capacity Stood at 151.4 GW in 2021

Published | 01 September 2022

India Renewable Energy Market is growing due to the depletion of non-renewable resources like fossil fuels (coal, oil, natural gas), growing environmental concerns and increasing government initiatives. The high carbon emissions, pollution, global warming, wildlife and habitat loss are also driving the growth of the India Renewable Energy Market.

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the, In 2021, the total installed capacity for renewable energy in India was 151.4 GW. The India renewable energy market is booming because of the escalating government initiatives to control pollution and global warming by the use of renewable sources of energy like wind, water, sunlight, etc. Moreover, the depletion of non-renewable resources like coal, oil, and natural gas is also driving the growth of the Indian renewable energy market.

Rising Environmental Concerns to Drive the Market Growth

According to the 10th Environmental Performance Index report, India ranks 177 out of 180 countries in terms of overall environmental quality. This is attributed to the air and water pollution caused by the burning of non-renewable resources or fossil fuels. As per 360ENERGY, burning 1 kg of coal (anthracite) produces approximately 3.3 kilograms of carbon dioxide. Currently, India's carbon dioxide emissions round up to 2.88 Gigatonne. These increased carbon emissions led to global warming and the loss of wildlife and habitat. Therefore, there is an undying need for a sustainable and clean source of energy that will not tamper with the air quality, conserve biodiversity and reduce emissions. This is driving the growth of India's renewable energy market.

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Challenges: Lack of Grid Infrastructure in Rural Areas and High Cost of Initial Installation

The electrical grid is an interconnected network for power generation, transmission, and distribution to consumers. Power stations in India perform this function. A major challenge to the growth of the Indian renewable energy market is the lack of grid infrastructure in rural areas and the high cost of initial installation of plants, grids, turbines, windmills, etc. However, the cost of renewable energy sources is falling year on year, provided infrastructure development occurs simultaneously.

India Renewable Energy Market - By Type

On the basis of type, the Indian renewable energy market is segmented into the wind, solar, hydro, bioenergy, and others. Amidst the segmentation, the hydro segment dominated the Indian renewable energy market in 2021. This is attributed to increased government interventions, high technological advancements, and development and maintenance of dams. On the other hand, the solar segment is expected to grow with the highest CAGR during the forecast period 2022-2028 due to the declining costs of solar modules, the versatility of use, and increased government policies and plans. A production-linked incentive (PLI) of INR 24,000 crores was introduced under Atmanirbhar Bharat 3.0. for Solar PV manufacturing. India will see 45 solar parks with an aggregate capacity of 37 GW in the near future.

Impact of COVID-19 on India Renewable Energy Market

The Indian renewable energy market was negatively impacted during the Covid-19 pandemic. As the country was under complete lockdown, workers migrated to their native places, and the production of power was hit. The demand for power also fell due to the wide-scale suspension of economic activity, which disrupted the entire supply chain and value chain. Although DISCOMS continued to supply power from renewable energy sources, the consumption of renewable energy dropped. The rooftop solar industry was the worst hit. However, the Indian renewable energy market will see substantial growth during the forecast period 2022-2028.

Competitive Landscape

The key players operating in India's renewable energy market are Tata Power Company Limited, NTPC Limited, Suzlon Energy Limited, Vestas Wind Systems AS, Siemens Gamesa Renewables Energy SA, ReNew Power Ltd., Reliance Power, Mahindra & Mahindra Ltd., and other prominent players. To expand customer reach and gain a competitive advantage in the overall market, these companies have adopted key marketing strategies such as joint ventures, product diversification, collaborations, acquisitions, and partnerships. For example, in March 2022, Vestas secured an order to power a 54 MW renewable energy project in Maharashtra, for which they need to supply and install 15 V 155-3.6 MW wind turbines, one of the most powerful wind turbines in India.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India Renewable Energy Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Renewable Energy Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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