In 2023, India's geothermal and biomass energy consumption stood at 0.5 Exajoules. From 2024 to 2028, forecasted data indicates a steady increase: 0.52, 0.55, 0.58, 0.6, and 0.63 Exajoules respectively. This reflects a compound annual growth rate (CAGR) of around 4.75% over the five-year period. Year-on-year growth rates are consistently around the 5-6% range, indicating a steady upward trend in renewable energy uptake.
Future trends to watch include:
- Technological advancements improving geothermal and biomass energy efficiency.
- Government policies and incentives promoting renewable energy adoption.
- Potential market disruptions like increased competition from solar and wind energy.
- Infrastructure developments needed to support increased geothermal and biomass energy consumption.