India Renewable Energy Market (2023-2029)| Companies, Trends, COVID-19 IMPACT, Forecast, Analysis, Revenue, Value, Size, Growth, Share & Industry

India Renewable Energy Market  Highlights

Report Name	India Renewable Energy Market
Base Year	2022
Historical Period	2019-2022
Forecast Period	2023-2029
Growth Rate (CAGR)	7.15%
Report Coverage	Revenues & Volume, Market Trends, Drivers & Challenges, Market Forecast, Market Share
Segment Coverage	By Technology, By End-User
Customization Scope	100% customized reports available along with reliable data. Moreover, you can alter the segments, countries, and regions according to your needs. For further details, you can contact our research expert at sales@6wresearch.com
Pricing and Purchase Options	Avail customization purchase option to know the exact pricing of your research needs

Topics Covered in the India Renewable Energy Market

India Renewable Energy Market report thoroughly covers the market by technology and by end user. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

India Renewable Energy Market Synopsis

India Renewable Energy Market is anticipated to secure substantial growth in the country over the coming years on the back of increasing government initiatives towards encouraging Renewable Energy generation, and rising environmental concerns across the country. Furthermore, reducing reliability is a major driver for the market growth as it improves energy security expanding the energy mix. India is facing various environmental concerns including air pollution and climate change, where renewable energy sources help reduce carbon footprints and enhance air quality.

According to 6Wresearch, the India Renewable Energy Market size is projected to grow at a CAGR of 7.15% during the forecast period 2023-2029. The market growth is influenced by various factors such as increasing environment concerns and reducing dependency on fossil fuels. Additionally, the government has been providing financial incentives and subsidies encouraging private companies, both domestic and international, to invest heavily in renewable energy projects, strengthening India's Renewable Energy Market growth. On the other hand, the market has several challenges that can hinder market growth such as grid integration and land acquisition. However, the market still growing rapidly due to rising technological advancements like improved solar panel efficiency and energy storage solutions, which are improving the performance and reliability of renewable energy systems. The country has set targets to increase renewable energy capacity. The target is to achieve 175 GW of renewable energy capacity by 2022 and 450 GW by 2030, contributing to the market growth.

COVID-19 Influence on the India Renewable Energy Market

The COVID-19 pandemic has had a significant impact on the India Renewable Energy Market. The initial months of the pandemic led to major disruptions and delays in renewable energy projects owing to the imposition of lockdowns in the country, which had affected the India Renewable Energy Market which is a part of the Asia Pacific Renewable Energy Market. on the other hand, the pandemic acted as a growth catalyst by increasing the focus on clean energy. In addition to this, the market experienced a continuation in the growth, influenced by, decreased renewable energy technology’s cost, and increased investor interest.

Key Players of the India Renewable Energy Market

Key players in the India Renewable Energy Market include both domestic and international companies. Some of the leading domestic companies are Tata Power Renewable Energy Limited, Adani Green Energy Limited, and ReNew Power, among others. International companies such as Siemens Gamesa, Suzlon Energy, and First Solar. These companies have a strong existence in the Indian market.

Government Initiatives introduced in the India Renewable Energy Market

The Renewable Energy market in India shows a substantial growth prospect due to the government launching several initiatives supporting the market expansion. The most significant initiative is the National Solar Mission, which aims to accomplish 100 GW of solar energy capacity by 2022 and is likely to continue to generate. Various financial incentives, subsidies, and policy framework steps have been taken by the government to encourage private investors to invest in renewable energy projects. The Green Energy Corridor project is another prominent initiative, which is launched by the government and is aimed at upgrading & strengthening the renewable power transmission infrastructure. Additionally, the power purchase agreements have been taken by the government to promote the integration of renewable energy into the national grid.

Market Analysis by Technology

According to Dhaval, Research Manager, 6Wresearch, solar technology is currently witnessing growth in the market and dominating India's Renewable Energy Market share, driven by favourable environmental conditions, cost-effectiveness, and government support.

Market Analysis by End User

Based on the end user, the commercial and residential sectors are experiencing rapid growth in the country, influenced by the adoption of renewable energy, the utilities and captive industrial sectors continue to be important contributors to India's renewable energy market. The growth in these segments collectively drives India's progress toward achieving its renewable energy targets and reducing its greenhouse gas emission.

Key attractiveness of the report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022.
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• India Renewable Energy Market Outlook
• Market Size of India Renewable Energy Market, 2022
• Forecast of India Renewable Energy Market, 2029
• Historical Data and Forecast of India Renewable Energy Revenues & Volume for the Period 2019 - 2029
• India Renewable Energy Market Trend Evolution
• India Renewable Energy Market Drivers and Challenges
• India Renewable Energy Price Trends
• India Renewable Energy Porter's Five Forces
• India Renewable Energy Industry Life Cycle
• Historical Data and Forecast of India Renewable Energy Market Revenues & Volume By Technology for the Period 2019 - 2029
• Historical Data and Forecast of India Renewable Energy Market Revenues & Volume By Wind for the Period 2019 - 2029
• Historical Data and Forecast of India Renewable Energy Market Revenues & Volume By Solar for the Period 2019 - 2029
• Historical Data and Forecast of India Renewable Energy Market Revenues & Volume By End-User for the Period 2019 - 2029
• Historical Data and Forecast of India Renewable Energy Market Revenues & Volume By Utilities for the Period 2019 - 2029
• Historical Data and Forecast of India Renewable Energy Market Revenues & Volume By Captive Industrial for the Period 2019 - 2029
• Historical Data and Forecast of India Renewable Energy Market Revenues & Volume By Commercial for the Period 2019 - 2029
• Historical Data and Forecast of India Renewable Energy Market Revenues & Volume By Residential for the Period 2019 - 2029
• India Renewable Energy Import Export Trade Statistics
• Market Opportunity Assessment By Technology
• Market Opportunity Assessment By End-User
• India Renewable Energy Top Companies Market Share
• India Renewable Energy Competitive Benchmarking By Technical and Operational Parameters
• India Renewable Energy Company Profiles
• India Renewable Energy Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Technology

• Wind
• Solar

By End-User

• Utilities
• Captive Industrial
• Commercial
• Residential