2024 | Significant Growth Opportunities In India’s Renewable Energy Market: What Seforall Reports Reveal

India’s renewable energy market is at the threshold of transformation, providing significant growth opportunities due to aggressive government targets and an emphasis on sustainable practices. According to Sustainable Energy for All (SEforALL), India stands to tap its vast solar, wind, and other renewable energy potential to meet increasing energy demands. As the country strives to meet its ambitious India renewable energy targets, Hartek Group is playing an instrumental role. Recognized as one of India’s premier Engineering Procurement and Construction firms, Hartek has successfully connected over 10 GW of solar power into India’s national grid – significantly contributing to increasing its renewable energy capacity.  This blog examines key insights from SEforALL reports regarding the growth of renewable energy in India’s industry growth prospects.

Overview of India’s Renewable Energy Landscape

India’s energy landscape is rapidly evolving, with renewable sources increasingly being seen as a solution to both increasing energy demand and environmental sustainability issues. To meet both targets simultaneously, India has set an ambitious goal of reaching 500 GW of renewable capacity by 2030 which should make up over 40% of incremental electricity generation, in line with their pledge at COP26 of deriving approximately 50% of installed capacity from non-fossil fuel sources by then.

Key Drivers of Growth

• Large-Scale Solar and Wind Development: India has vast potential in terms of both onshore and offshore solar and wind projects, with states like Gujarat and Tamil Nadu leading the charge towards more aggressive offshore wind development with significant investments pouring into those regions.
• Indian Government Support of Green Hydrogen Production: India has taken strides to increase green hydrogen production as part of its energy strategy, with plans to expand capacity by 2030 significantly. This initiative is essential for decarbonising sectors which have proven difficult to electrify.
• Energy Storage Solutions: Integrating energy storage solutions with renewable projects is crucial to meeting grid stability requirements, particularly given their intermittent nature.
• Geothermal Exploration: Regions such as Himachal Pradesh, Kashmir, and Ladakh present immense potential for developing geothermal energy in India’s renewable energy portfolio.
• Energy Efficiency Initiatives: SEforALL emphasizes the significance of improving energy efficiency across various sectors – buildings, industry and transportation – to maximize the benefits associated with renewable energy adoption.

Policy Support and Economic Implications

India has shown strong support for renewable market India through policies that foster investment and manufacturing within its borders. Kanika Chawla, Director and Chief of Staff of SEforALL highlighted how manufacturing-related policies such as performance-linked incentives have enabled domestic production of renewable technologies, which improve energy security while decreasing import dependence.

Chawla highlighted how clean energy solutions create jobs in India’s rapidly industrializing economy, creating three times as many job openings per kilowatt-hour (kWh). Therefore, clean energy solutions have great job creation potential in India.

Recent Developments in Renewable Energy

India has made strides toward expanding its renewable energy capacity over the last several years, expanding from 40 GW of solar and wind power capacity in 2015-16 to over 143 GW by FY 2023-24—reflecting India’s ability to scale up renewable infrastructure quickly. Tendering activity also reinforced this trend; an unprecedented 69GW renewable project bids were issued just in FY 2024 alone!

Challenges Ahead

• Grid Integration Issues: Although prospects appear promising, India’s renewable market India energy sector faces numerous obstacles. One such issue is Grid Integration Issues, caused by fluctuating solar and wind resources impacting grid stability. Upgrading infrastructure and adopting innovative grid management technologies will be necessary.
• Financing Renewable Projects: Securing funding for large-scale renewable projects can be challenging due to high initial costs and perceived risks associated with investments in new technologies.
• Technological Advancements: Cutting-edge storage solutions and smart grid technologies are crucial in improving efficiency and cutting costs for industries across all sectors.

The Role of the Hartek Group

Hartek Group is at the forefront of India’s transformation, driving progress in the renewable energy sector through engineering, renewables, and manufacturing. Our efforts to enhance infrastructure for renewable energy projects align with national priorities, demonstrating how private sector engagement can accelerate growth and innovation in this critical industry. Here’s how we are making a difference:

Top Rooftop Solar Installer
Hartek Solar is proud to be among India’s top three rooftop solar installers, showcasing its expertise in cutting-edge renewable energy solutions.

10 GW Grid Connectivity Milestone
Achieving a remarkable milestone of 10 GW solar grid connectivity, Hartek Group has advanced significantly from its previous 7 GW benchmark.

Pioneering Manufacturing Excellence
Hartek manufactures power distribution products up to 33 kV, playing a pivotal role in advancing smart city and energy infrastructure.

Prestigious 765 kV Substations Project
Secured a major 765 kV substations project from Pigicil, further cementing its position as a leader in high-voltage power solutions.

Future Outlook for India’s Renewable Energy Market

India plans to invest over $360 billion by 2030 in renewable energy potential in India and infrastructure investments, including approximately $190-$215 billion for renewable capacity investments and $150-$170 billion for electricity transmission and storage infrastructure.

India’s National Electricity Plan aims to expand the country’s transmission network to accommodate an increase in renewable energy production, increase inter-regional transmission capacity up to 168 GW by 2032, and increase renewable energy capacities.

India has pledged to install 500 GW of renewable energy capacity by 2030. This includes 50 solar parks with combined capacities of 37.49 GW and 30 GW of offshore wind by that date; plus 125 GW to support 5 million tonnes of green hydrogen production by then.

By adopting innovative technologies such as floating solar panels and offshore wind farms alongside green hydrogen initiatives, India can diversify its energy mix even further.

Bottom Line

India’s journey toward a sustainable energy future provides abundant growth opportunities within its renewable energy potential in India Led by strong government support, increasing investments from both domestic and international players like Hartek Group, and dedication to innovation in technology and efficiency measures, India stands ready to transform its energy landscape by meeting its targets for 2030 and beyond. Our commitment to integrating renewable technologies into India’s power systems addresses immediate energy demands while creating long-term sustainability. By leading this transformation in energy transition globally, India is getting ahead in boosting its renewable market share.