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 represents clean energy that is derived from natural sources that are consistently replenished. They are of numerous types, including hydroelectric power, solar energy, wind power, bioenergy, geothermal energy, etc. These forms of renewable energy do not produce greenhouse gas (GHG) emissions and aid in reducing air pollution, promoting economic development, diversifying energy supply, lowering electricity bills, and minimizing dependence on imported fuels. Consequently, they find extensive utilization in residential, commercial, and industrial establishments across India.
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India Renewable Energy Market Trends:
The rising prevalence of global warming, on account of the rapid urbanization and deforestation, and the growing industrial activities are primarily driving the market. In addition to this, the increasing requirement to reduce air pollution, owing to heightened respiratory diseases, such as asthma, is acting as another significant growth-inducing factor. Moreover, the launch of various favorable policies and subsidies by the government bodies aimed at encouraging the installation of rooftop solar (RTS) capacity in the residential segment and constructing the largest solar parks is also positively influencing the market across the country. In line with this, the introduction of several awareness campaigns by non-governmental organizations (NGOs) to spread knowledge about the benefits of using clean energy sources and the development of multiple large-scale sustainable power projects are further catalyzing the India renewable energy market growth. Apart from this, the shifting preferences toward utilizing localized energy procurement, the elevating environmental concerns, and the escalating need to lower the reliance on the rapidly depleting fossil fuels are expected to propel the India renewable energy market over the forecasted period.
Key Market Segmentation:
The report has segmented the India renewable energy market based on type, end use and region.
Breakup by Type:
Breakup by End Use:
Breakup by Region:
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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