The India renewable energy infrastructure market size reached USD 0.05 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 0.21 Billion by 2033, exhibiting a growth rate (CAGR) of 17.40% during 2025-2033. The market is driven by government policies, increasing investments, technological advancements, and a growing focus on sustainability. Factors include energy security concerns, rising demand for clean energy, and efforts to reduce carbon emissions, along with global commitments to combat climate change.
Report Attribute
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Key Statistics
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Base Year
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2024
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Forecast Years
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2025-2033
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Historical Years
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2019-2024
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Market Size in 2024 | USD 0.05 Billion |
Market Forecast in 2033 | USD 0.21 Billion |
Market Growth Rate (2025-2033) | 17.40% |
Policy Support and Government Initiatives
The Indian government has been actively promoting renewable energy through various policies and incentives. For instance, the Indian government submitted its Nationally Determined Contribution (NDC) under the Paris Agreement. Key targets include achieving 500 GW of non-fossil energy capacity by 2030, sourcing 50% of energy requirements from renewable sources by 2030, reducing projected carbon emissions by one billion tonnes by 2030, lowering the carbon intensity of the economy by 45% by 2030, and reaching Net Zero emissions by 2070. Furthermore, through the National Action Plan on Climate Change (NAPCC), the government has implemented policies in energy, agriculture, water, and sustainability. Besides this, tax incentives for clean energy projects, along with funding from the Green Energy Corridor project to improve grid infrastructure, also help accelerate the deployment of renewable energy infrastructure. Phase 1, underway in Gujarat, Maharashtra, and Tamil Nadu, integrates 24GW of renewable energy. Phase 2, set for completion by 2025, will add 20GW across seven states at an estimated cost of Rs. 12,031 crore, driving India's renewable energy and economic growth. These policy measures are crucial in creating a favorable environment for the expansion of solar, wind, and other renewable sources of energy, ensuring long-term growth in the market.
Technological Advancements and Integration
Technological innovations play a pivotal role in the growth of India's renewable energy infrastructure. The use of advanced solar panels, wind turbines, and energy storage solutions has resulted in higher efficiency and lower costs. For instance, in February 2025, Jakson Engineers supplied 100 MW of solar PV modules to Gujarat Industries Power Company Limited (GIPCL) for its renewable energy park near Khavda, Gujarat. The supply includes 190,000 Helia Plus PERC bifacial solar panels. Additionally, Jakson Engineers plans to invest Rs 20 billion in a 2.5 GW solar cell production facility and expand its solar module manufacturing capacity. The company also partnered with Blueleaf Energy to develop 1,000 MW of solar projects in Rajasthan. Furthermore, integration of smart grid technology and artificial intelligence for better load management and grid stability is improving energy distribution across the country. Emerging technologies like floating solar panels, offshore wind farms, and hybrid power systems are also gaining traction, offering additional opportunities for expansion. With technological advancements lowering operational costs and improving the scalability of renewable energy solutions, India is poised to diversify its energy mix and reduce dependency on traditional energy sources.
Private Sector Participation and Investments
Private sector participation has significantly boosted the renewable energy infrastructure market in India. Domestic and international investors are increasingly looking to tap into the growing market for clean energy, driven by long-term stable returns and policy incentives. Major global players, including private equity firms and renewable energy developers, are investing heavily in solar parks, wind farms, and energy storage systems. Additionally, the government's push for public-private partnerships (PPPs) to develop infrastructure is encouraging innovation and faster implementation. Private sector investments not only provide the capital necessary for large-scale projects but also bring technical expertise, improving the overall efficiency of the renewable energy supply chain. This trend is expected to continue as private investment is crucial for meeting India's renewable energy goals. For instance, in February 2025, NTPC Green Energy Limited (NGEL) signed an MoU with Madhya Pradesh Power Generating Company (MPPGCL) to develop 20 GW of green energy projects in Madhya Pradesh. The collaboration will create a joint venture to meet MPPGCL’s renewable generation and the state’s renewable purchase obligations.
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the region/country level for 2025-2033. Our report has categorized the market based on product type and application.
Product Type Insights:
A detailed breakup and analysis of the market based on the product type have been provided in the report. This includes PV inverters, wind power converters, energy storage systems, EV charger, energy IoT devices, high power motor drives, and others.
Application Insights:
A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes power generation, transportation, energy storage, and others.
Regional Insights:
The report has also provided a comprehensive analysis of all the major regional markets, which include North, South, East, and West India.
The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
Report Features | Details |
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Base Year of the Analysis | 2024 |
Historical Period | 2019-2024 |
Forecast Period | 2025-2033 |
Units | Billion USD |
Scope of the Report |
Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
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Product Types Covered | PV Inverters, Wind Power Converters, Energy Storage Systems, EV Charger, Energy IoT Devices, High Power Motor Drives, Others |
Applications Covered | Power Generation, Transportation, Energy Storage, Others |
Regions Covered | North India, South India, East India, West India |
Customization Scope | 10% Free Customization |
Post-Sale Analyst Support | 10-12 Weeks |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Questions Answered in This Report:
Key Benefits for Stakeholders: