Press Release

A USD 24 Billion India Renewable Energy Market to Surge at a CAGR of Around 9% During 2025-30

The India Renewable Energy Market size was valued at around USD 24 billion in 2024 and is projected to reach USD 37 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 9% during the forecast period, i.e., 2025-30, cites MarkNtel Advisors in the recent research report. The growth in the market is primarily driven by the proactive initiatives of the Indian government in devising various policies and schemes to incentivize the deployment of renewable energy in India. These initiatives involve schemes like PM KUSUM to help farmers with financing for the installation of small standalone solar plants of a capacity of up to 2MW for solar pumps to ensure farmers' energy security.

As per MNRE, under Component A of the PM KUSUM, around 300 MW of solar capacity has already been installed, with total sanctioned solar capacity standing at 9,110 MW as of September 2024. Moreover, there is a strong opportunity for wind power present in the country. The Central Electricity Authority is expecting it to grow to around 73,000 MW by FY27 and 122,000 MW by FY32. The government of India plans to achieve a total non-fossil source capacity of 500,000 MW by 2030, with renewables accounting for nearly 450,000 MW from the current total of just over 200,000 MW in 2024. This will result in the growth of the renewable energy industry, further states the research report, “India Renewable Energy Market Analysis, 2025.”

Segmentation Analysis

Solar is the Most Preferred Source

Based on the source, the market is further bifurcated into solar, wind, hydro, and others. In 2024, this source holds around 42.43% of India's Renewable Energy Industry. As per MNRE, the country’s total renewable energy capacity stands at over 200,000 MW, out of which 85,470 MW belongs to solar power, as of June 2024. The solar energy capacity of the country has grown from 2,820 MW in 2014 to 85,470 MW in 2024 through various government efforts and schemes. For instance; PM - Surya Ghar: Muft Bijli Yojna, was launched in February 2024 and has the target to install rooftop solar panels in 10 million households. The scheme will allow the beneficiaries to receive 300 units of free electricity every month, and the government will also cover 40% of the installation cost. The escalating energy demand, declining cost of solar panels, and strong government support make solar energy a dominating segment in this market.

West India Leads the Renewable Energy Industry

The western region of India holds the largest share of about 39% in the market. As of October 2024, the total installed renewable energy capacity in West India stands at approximately 78,733 MW, as per the National Power Portal. Rajasthan and Maharashtra, each hold about a 15% share of India's total renewable energy installed capacity.  The region was quick to build its renewable energy capacity, drawing benefits from its geographical advantages, such as having empty land areas and large coastlines. Moreover, the region is facing the challenge of water scarcity, and thermal power plants being water-intensive are driving the shift towards renewable energy. These developments, coupled with the growing energy demands of the region, will fuel the regional market growth.

Competitive Landscape

With strategic initiatives such as mergers, collaborations, and acquisitions, the leading market companies, including NTPC, Tata Power, NLC India Limited, JSW Energy, Adani Green, NHPC, JP Power Ventures, SJVN, Waaree Energies, Suzlon, and Others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the country?
4. How has the industry been evolving in terms of geography & solution adoption?
5. How has the competition been shaping up across the country?
6. How have buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2020-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?