India Renewable Energy Market to Reach US$ 46.7 Billion by 2032, Impelled by Increasing Environmental Consciousness Among the Consumers

April 04, 2023 | Energy & Mining

According to the latest report by IMARC Group, titled "India Renewable Energy Market Report by Type (Hydroelectric Power, Solar Energy, Wind Power, Bioenergy, and Others), End Use (Residential, Commercial, Industrial, and Others), and Region 2024-2032," the India renewable energy market reached a value of US$ 22.0 Billion in 2023. Renewable energy refer to energy sources that are replenished naturally and can be used continuously without running out. The most common forms of renewable energy include solar, wind, hydro, geothermal, and biomass. These energy sources do not produce harmful emissions or greenhouse gases, making them a more environmentally friendly alternative to traditional energy sources, such as fossil fuels. It reduces exposure to air and water pollution, improving public health. The use of renewable energy is becoming increasingly important to reduce the overall carbon footprint and fight climate change. Renewable energy sources are replenished naturally and can be used continuously without running out. The cost of renewable energy technology is declining, making it more affordable for individuals, businesses, and governments. Government, businesses, and individuals in India are investing in renewable energy technology to help achieve a more sustainable energy future.

India Renewable Energy Market Trends:

The market in India is primarily driven by increasing concerns about climate change. In line with this, the rising need to reduce dependency on fossil fuels is significantly contributing to the market growth. Furthermore, the declining cost of renewable energy technology and the growing requirement to reduce the carbon footprint and transition to a more sustainable energy future are positively influencing the market. Apart from this, the escalating consumer demand for renewable energy solutions is catalyzing the market. Moreover, the government of India is launching several initiatives and implementing policies to encourage the development and adoption of renewable energy. Besides, heavy investments in developing large-scale renewable energy projects, including wind farms and solar parks, are creating a positive outlook for the market. Additionally, the presence of stringent environmental regulations and the shifting inclination towards low-carbon fuels are expected to provide a boost to the market. Some of the other factors driving the market growth include rapid urbanization, increasing environmental concerns, the rising pressure to reduce the harmful effects of Greenhouse Gasses (GHG), and the abundant availability of biomass feedstock. On account of the factors above, the market is anticipated to reach a value of US$ 46.7 Billion by 2032, exhibiting a CAGR of 8.71% during 2024-2032. 

Market Summary:

  • On the basis of the type, the market has been categorized into hydroelectric power, solar energy, wind power, bioenergy, and others, wherein solar energy accounts for the majority of the total market share. 
  • Based on the end use, the market has been classified into residential, commercial, industrial, and others. Among these, the industrial segment exhibits a clear dominance in the market. 
  • On the basis of the region, the market has been divided into North India, West and Central India, South India, and East India. Currently, North India holds the leading position in the market. 
  • The competitive landscape of the market has been studied in the report with detailed profiles of the key players operating in the market.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Type, End Use, Region
Region Covered North India, West and Central India, South India, East India
Customization Scope 10% Free Customization
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India Renewable Energy Market to Reach US$ 46.7 Billion by 2032, Impelled by Increasing Environmental Consciousness Among the Consumers
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