Renewable Energy Market - India

Market Statistics

• Base Year: 2024

• Historical Years: 2019-2024

• Forecast Years: 2025-2033

• Market Size in 2024: USD 23.9 Billion

• Market Size in 2033: UUSD 52.1 Billion

• Market Growth Rate (CAGR) 2025-2033: 8.1%

According to IMARC Group's report titled "India Renewable Energy Market Report and Forecast 2025-2033," the market reached USD 23.9 billion in 2024. Looking forward, IMARC Group expects the market to reach USD 52.1 billion by 2033, exhibiting a growth rate (CAGR) of 8.1% during 2025-2033.

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India Renewable Energy Market Trends and Drivers:

• India renewable energy market continues to expand at a tremendous pace because of policy support, falling technology costs, and rising environmental concerns.

• Assertive government policies such as national renewable goals, subsidies, tax credits, and net-metering are boosting utility-scale and rooftop solar installations as well as wind farms.

• Persistently declining costs of solar panels, inverters, storage batteries, and wind turbines are making clean energy more affordable, encouraging adoption by commercial, residential, and industrial consumers.

• Growing electricity demand, coupled with energy security concerns and volatile fossil fuel prices, is pushing states and distribution firms to diversify energy sources and invest in renewables.

• Grid management technologies and smart grid infrastructure, along with greater use of storage solutions, are ensuring reliable and flexible integration of renewable energy.

• Commercial requirements and corporate sustainability goals are driving solar and wind corporate PPAs and captive renewable projects.

• Hybrid renewable technologies, floating solar, and co-located storage are providing new opportunities for innovative capacity additions.

• Climate change and global pressure for lowering carbon footprints are encouraging policymakers, utilities, and consumers toward green energy solutions.

• Expansion of electric vehicle (EV) charging infrastructure is increasing demand for renewable power as a clean energy source for transportation electrification.

• Rural electrification programs, microgrids, and off-grid solar projects are enhancing energy access and socio-economic development in remote villages.

• Multilateral investments, green bonds, and private sector financing are facilitating funding for India’s renewable projects.

• Overall, the convergence of favorable policy frameworks, cost-effective technologies, climate imperatives, and growing clean energy demand is driving sustained growth in India’s renewable energy market and supporting the shift toward a low-carbon economy.

India Renewable Energy Industry Segmentation:

The market report offers a comprehensive analysis of the segments, highlighting those with the largest India renewable energy market share. It includes forecasts for the period 2025-2033 and historical data from 2019-2024 for the following segments.

Segmentation by Type:

• Hydroelectric Power

• Solar Energy

• Wind Power

• Bioenergy

• Others

Segmentation by End Use:

• Residential

• Commercial

• Industrial

• Others

Segmentation by Region:

• North India

• West and Central India

• South India

• East India

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Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Key highlights of the Report:

• Market Performance (2019-2024)

• Market Outlook (2025-2033)

• COVID-19 Impact on the Market

• Porter’s Five Forces Analysis

• Strategic Recommendations

• Historical, Current and Future Market Trends

• Market Drivers and Success Factors

• SWOT Analysis

• Structure of the Market

• Value Chain Analysis

• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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