Rubix Data Sciences has released its latest report, “Rubix Industry Insights: Renewable Energy,” which analyses India’s rapidly transforming energy sector. Targeting 500 GW of the new generation capacity from non-fossil fuel sources by 2030, renewable energy now forms 43.5 per cent of the total installed power capacity reflecting an industry with a bright future. Based on the analysis, the report provides valuable information regarding important factors, trends and issues in the field of renewable energy.
Solar Power, with 51 solar parks across 12 states, has helped the overall solar segment grow at a CAGR of 23 per cent since Dec 2014. By FY2024, solar energy accounted for 81.8 GW, or 57 per cent of India’s total renewable energy capacity. Wind power grew at a 5 per cent CAGR from FY2020 to reach 45.9 GW in FY2024. By FY2032, wind capacity is anticipated to reach 122 GW, aided by offshore wind projects and government auctions. Wind energy remains attractive despite rising project prices since, in FY2024, its tariffs were constant at Rs 3.2 per unit.
Small Hydro Power had a potential of 19.7 GW for small hydro power; nevertheless, the current installed capacity is 20 per cent of the potential. The installed generation capacity of Bio Power was 10.9 MW by FY2024 majorly from biomass cogeneration. Bio power capacity is expected to reach 15 MW FY by FY 2032.
Renewable Energy sector in India is gradually changing owing to government support and the inclination towards sustainable power. They are Government Motivated programmes such as PM Surya Ghar Muft Bijliee Yojana and Production Linked Incentive (PLI) Scheme and enhanced financial commitment. But the report also identifies key barriers that have to be overcome, including problems with land acquisition; the lack of efficiency in the supply chain, including reliance on China for solar components; and sustaining long-term growth.
