Booming Stock ,High Revenue Sector for Next Five Years, GREEN Vision ,Green Energy ,Hydrogen Energy ,Solar Energy ,Bio Energy
India is undergoing a Green Energy Revolution as part of its commitment to combat climate change and promote sustainable growth. With a rapidly growing population and economy, India faces the dual challenge of increasing energy demand while reducing carbon emissions. The government has set ambitious renewable energy targets, aiming for 500 GW of non-fossil fuel energy capacity by 2030. This includes massive investments in solar, wind, and hydroelectric power.
The country is now one of the world’s leaders in solar power, with initiatives like the National Solar Mission and the development of solar parks driving significant growth in clean energy capacity. Wind energy is also expanding rapidly, especially in coastal regions.
Additionally, India has introduced various policies, such as the Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyan (PM-KUSUM) and Green Energy Corridors, to decentralize energy production and improve grid infrastructure, paving the way for a cleaner, greener future.
According to the Renewable Energy Statistics 2024 published by the International Renewable Energy Agency (IRENA) India ranks 5th globally in overall renewable energy generation. Specifically, India holds 4th position in Solar power energy generation.
Asia region leads with the largest expansion of 1325.94 GW in installed capacity under Renewable energy sources during 2015 to 2023.
Government Programme on New & Renewable Energy
Ministry of New & Renewable Energy (MNRE) has implemented several initiatives aimed at promoting the widespread deployment and production of renewable energy (RE) technologies. Government Key schemes to achieve the Renewable Energy:
- Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyan (PM-KUSUM): This initiative focuses on decentralizing solar power to energize agricultural pumps, providing farmers with solar-powered solutions for irrigation.
- Roof Top Solar (RTS) Programme: This program encourages the installation of solar panels on rooftops of residential, commercial, and industrial buildings, promoting self-consumption of solar energy and reducing grid dependency.
- Central Public Sector Undertaking (CPSU) Scheme for Grid-Connected Solar Photovoltaic (PV) Power Projects: This scheme aims to support the establishment of large-scale grid-connected solar power projects by public sector entities, enhancing India’s solar capacity.
- Development of Solar Parks and Ultra Mega Solar Power Projects: The government is working on the development of large solar parks and ultra-mega solar power projects to generate substantial solar energy and reduce the cost of solar power production.
- Performance Linked Incentive (PLI) Scheme for the National Programme on High-Efficiency Solar PV Modules: This scheme incentivizes domestic manufacturing of high-efficiency solar photovoltaic modules, promoting self-reliance in solar component production.
- Green Energy Corridor Scheme: This initiative focuses on the construction of intra-state and inter-state transmission lines to facilitate efficient power evacuation and grid integration, enabling better distribution of solar and wind energy.
Most Important Note: It is important to highlight that renewable energy is not solely dependent on solar or wind power. A comprehensive infrastructure is essential to build a robust renewable energy ecosystem. This includes key components such as transformers, cables, mining and metals, logistics, Printing , Glass, Steel Structure, Battery , Forging. Means Company/ Industry who are the key players in niche category will see the booming growth in coming years.
Additionally, the Ministry has introduced various policies and schemes to harness the potential of other renewable energy sources, such as wind power, bioenergy, and small hydro power, to diversify and strengthen India’s renewable energy sector. These efforts are integral to the country’s goal of reducing fossil fuel dependence and promoting sustainable energy solutions.
Read More On Renewable Energy Statistics
World Largest Ammonia Project, SJVN Signs MoU with AM Green Energy
Top 5 states in India in Renewable Energy
1.GUJARAT
As on March 31, 2024,Gujarat was the top contributor of Renewable Energy installed capacity in country with of 27.46 GW
2. RAJASTHAN
As on 31st March 2024 Rajasthan was second top contributor of Renewable Energy installed capacity in country with of 27.10 GW
3.TAMIL NADU
As on 31st March 2024, Tamil Nadu ranked 3rd in the country by contributing 22.16 GW of renewable energy installed capacity
4.KARNATAKA
As on 31st March 2024 Karnataka held the fourth position in the country of Renewable Energy installed capacity with of 21.44 GW
5.MAHARASHTRA
As on 31st March 2024, Maharashtra ranked 5th in the country for renewable energy installed capacity with of 17.53 GW
International Status
- Among renewable energy sources, solar energy experienced the most substantial growth, rising from 179.64 GW of 2015 to 1,418.02 GW by 2024, while wind energy increased from 349.46 GW to 1,017.39 GW during the period.
- During the past five years, around 80% of annual capacity additions have been driven by the renewable energy sector.
- Asia had the largest expansion of 1325.94 GW in installed capacity under Renewable energy sources during 2015 to 2023 followed by Europe with an expansion of 345.87 GW.
- China leads the global renewable energy sector with an installed capacity of 1,453.70 GW followed by United States with 385.21 GW, as on 31st December, 2023. Brazil ranked third with 194.09 GW while India secured fourth position with 175.93 GW of RE installed capacity. Germany was in 5th position with an installation of 166.94 GW. Together, top 5 countries accounted for around 61.48% of the world’s total RE installed capacity
States wise Renewable Energy Installed Capacity
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Status of Energy Installed Capacity in Gujarat -on page No 53 of 103
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Status of Energy Installed capacity in Rajasthan on Page 59 of 10
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Status of Energy Installed capacity in Tamil Nadu on Page 65 of 103
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Status of Energy Installed capacity in Karnataka on Page 71 of 103
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Status of Energy Installed capacity in Maharashtra on Page 77 of 103
Renewable Energy Generation on Globe
China leads the global renewable energy (RE) sector with generation of 2625.26 TWh, holding a 31.11% share of RE generation in the world during 2022 followed by United States with 959.23 TWh having a share of 11.37%. Brazil and Canada ranked third and fourth position with 594.03 TWh having 7.04% share and 449.27 TWh having 5.32% share respectively. India secured fifth position having 4.01 % share with 338.19 TWh generation of Renewable Energy. Together, top 10 countries accounted for about 70.04% of the world’s total generation from Renewable Energy sources.
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