The latest report by IMARC Group, titled “India Renewable Energy Market: Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the India renewable energy market size is expected to exhibit a CAGR of 10.10% during the forecast period (2022-2027). Renewable energy, also known as clean energy, is obtained from naturally recurring sources or processes that undergo replenishment continuously. It comprises power generated from sunlight, wind, rain, tides, waves, and geothermal heat. It does not produce greenhouse gas (GHG) emissions and assists in reducing air pollution, minimizing dependence on imported fuels, diversifying energy supply, and improving overall economic development. As renewable energy sources also reduce energy bills, they are widely used for heating and cooking, transportation, and generating electric power. Owing to such benefits, there has been an escalating demand for renewable energy sources in India.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
India Renewable Energy Market Trends:
The market is primarily driven by the rising prevalence of global warming. In addition, the implementation of various initiatives undertaken by the Government of India to install rooftop solar (RTS) capacity in the residential sector and increase renewable power generation represents another major growth-inducing factor. For instance, the Ministry of New and Renewable Energy (MNRE) has introduced numerous supportive policies to increase the renewable energy installed capacity to 450 gigawatts (GW) by 2030. Apart from this, the governing agencies are also collaborating with non-governmental organizations (NGOs) to promote the usage of clean energy sources by offering subsidies and tax benefits on solar power installation, introducing awareness campaigns, and initiating several large-scale sustainable power projects. Moreover, the rising need to reduce air pollution due to increasing respiratory diseases like asthma is also contributing to the market growth. Furthermore, the rising environmental concerns among individuals and the widespread availability of wind and solar power are also creating a favorable market outlook across the country.
- On the basis of the type, the market has been segmented into hydroelectric power, solar energy, wind power, bioenergy, and others.
- Based on the end use, the market has been segregated into residential, commercial, industrial, and others.
- On the geographical front, the market has been divided into North India, West and Central India, South India, and East India.
- The competitive landscape of the market has been studied in the report, with the detailed profiles of the major players operating in the industry.
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