India Renewable Energy Market Report and Forecast 2032

India Renewable Energy Market Insights & Analysis

The India Renewable Energy Market is anticipated to register a CAGR of around 9.20% during the forecast period, i.e., 2025-32. Also, the market size was valued at nearly USD 47.7 billion in 2032. The industry is one of the most rapidly developing sectors in India primarily due to strong government policies, substantial technical developments, and increasing energy needs owing to the country's improving economy & upscaling population. In an effort to lower carbon emissions & lessen dependency on fossil fuels, India plans to install 500 GW of renewable energy capacity by 2030. Also, with significant investments, regulatory backing, and international cooperation, India is headed toward becoming one of the world's biggest markets for renewable energy. Solar, wind, biomass, and small hydropower make up India's more than 120 GW installed renewable energy capacity as of 2023. Along with this, by 2030, green energy is predicted to be responsible for around half of India's total power capacity, greatly lowering the country's reliance on coal and other fossil fuels.

India Renewable Energy Market FY32

• Study Period: 2020- 2032


• Base Year: 2024


• CAGR(2025-2032): 9.20%


• Market Value 2032: USD 47.7 Billion


• Major Players: NTPC, Tata Power, NLC India Limited, JSW Energy, Adani Green, NHPC, JP Power Ventures, SJVN, Waaree Energies, Suzlon, and Others

The term "renewable energy" defines energy produced from naturally occurring sources, such as sunshine, wind, water, and biomass that are continuously renewed. In order to mitigate climate change, decrease greenhouse gas emissions, and move toward a low-carbon, sustainable future, it is essential. It assists in lowering reliance on limited fossil fuel supplies, which are volatile in price & harmful to the environment. Through the utilization of renewable resources, nations can improve energy security & encourage self-sufficiency in supplying their energy requirements. Moreover, traditional fossil fuels have a greater impact on the environment than renewable energy sources. Also, public health is improved & the negative effects of climate change are lessened as they don't release harmful pollutants into the atmosphere or make a substantial contribution to air pollution.

Furthermore, there have been notable developments in renewable energy technologies in recent years, which have reduced costs & improved efficiency. Due to this, renewable energy is now more competitive with fossil fuels, which has resulted to its broad adoption & deployment in a variety of industries, like heating, transportation, and electricity generating. Increasing government backing through the implementation of supporting policies is the primary driver of the Indian market. For example, the Rajasthan government & NTPC Green Energy signed a Memorandum of Understanding (MoU) in 2024 for around 28,500 MW of renewable energy-based projects. These projects are part of nearly 31,825 MW of electricity generation projects valued at about USD 19.18 billion. These programs have drawn funding & created an atmosphere that is conducive to the growth of renewable energy.