India Renewable Energy Market Report 2023: Insights on How India Plans to Achieve 50% of Cumulative Electric Power from Renewables by 2030, and Attain Net-Zero Carbon Emissions by 2070

Dublin, Nov. 24, 2023 (GLOBE NEWSWIRE) -- The "Renewable Energy Market in India 2023 - 2028" report has been added to's offering.

Solar and wind power are the primary choices for renewable energy sources in India.

India has set ambitious targets, aiming to reduce carbon intensity by at least 45% by the end of the decade, achieve 50% of cumulative electric power from renewables by 2030, and attain net-zero carbon emissions by 2070. The country's goal is to achieve 450 GW of installed renewable energy capacity by 2030, with solar power contributing more than 60% of this capacity at 280 GW.

From FY 2019 to FY 2023, the cumulative installed renewable energy capacity (excluding large hydro) surged from 78.32 GW to 125.16 GW, demonstrating a compound annual growth rate (CAGR) of 12.43%. During this period, the proportion of renewable energy in the total installed power capacity climbed from 27.88% in FY 2022 to 30.08% in FY 2023.

Market Drivers:

Over the past five years, the costs of solar and wind power resources have experienced a significant decrease. This decline in solar prices in the country can be attributed to the synergy of affordable financing and anticipated reductions in solar and wind module costs.

The Indian government has introduced multiple policies and strategies aimed at enhancing the energy storage infrastructure, encompassing a combination of standalone battery projects alongside renewable energy hybrid systems, as well as stipulations for ancillary services.

Market Challenges:

Renewable energy initiatives exhibit a decentralized character, necessitating meticulous system planning and integration into the operation of transmission networks.

These projects are frequently located in remote regions, distant from major cities, leading to limited transmission capacity. In urban areas, there is a relatively low level of social acceptance for renewable energy systems. Despite substantial government subsidies for solar water heaters and lighting systems, the adoption remains less than encouraging.

Key Topics Covered:

Chapter 1: Executive summary

Chapter 2: Socio-economic indicators

Chapter 3: Introduction
3.1. Market definition and structure
3.2. Government organizations that control the renewable energy market

Chapter 4: Market Overview
4.1 Renewable energy market - An overview
4.1.1. Renewable energy installed capacity (FY 2019 - FY 2023)
4.1.2. Share of renewable energy in total installed power capacity (FY 2022 and FY 2023)

Chapter 5: Market Segmentation
5.1. Share of different segments in renewable energy installed capacity (FY 2022 and FY 2023)
5.1.1. Top 10 states with maximum renewable energy capacity (as of August 2023)
5.3. Solar power capacity (as of August 2023)
5.4. Wind power capacity (as of August 2023)
5.5. Bio power capacity (as of August 2023)
5.6. Small hydro power capacity (as of August 2023)

Chapter 6: Government Initiatives
6.1. Government initiatives
6.2. FDI inflows

Chapter 7: Market trends
7.1. Market trends

Chapter 8: Market Influencers
8.1. Market drivers
8.2. Market challenges

Chapter 9: Competitive landscape
9.1. Adani Power Limited

  • Company information
  • Business description
  • Products/services
  • Key people
  • Financial snapshot
  • Key ratios
  • Key financial performance indicators
  • Key business segments
  • Key geographic segments

9.2. JSW Energy Limited
9.3. NTPC Limited
9.4. Orient Green Power Limited
9.5. Suzlon Energy Limited
9.6. The Tata Power Company Limited
9.7. Torrent Power Limited
9.7. Azure Power Global Limited
9.9. GreenKo Group
9.10. ReNew Energy Global Plc

Chapter 10: Recent developments

Chapter 11: Appendix

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