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We expect the India renewable energy market to exhibit a CAGR of 10.1% during 2022-2027.
The increasing utilization of renewable energy to aid in preventing greenhouse gas emissions, reducing air pollution, minimizing dependence on imported fuels, diversifying energy supply, etc., is primarily driving the India renewable energy market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across the nation resulting in the temporary halt in the construction activities of renewable energy-based power plants.
Based on the type, the India renewable energy market can be segmented into hydroelectric power, solar energy, wind power, bioenergy, and others. Currently, solar energy holds the majority of the total market share.
Based on the end use, the India renewable energy market can be bifurcated into residential, commercial, industrial, and others. Among these, the industrial sector represents the largest market share.
On a regional level, the market has been classified into North India, West and Central India, South India, and East India, where North India currently dominates the India renewable energy market.
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