Since 2013, India's renewable power generation has experienced significant growth. The actual data from 2013 to 2023 show a steady upward trajectory, with the volume reaching 2.33 Exajoules in 2023. Year-on-year variations indicate robust growth, peaking in 2018 with a 23.67% increase. The compound annual growth rate (CAGR) over the last five years stands at 13.56%, highlighting consistent expansion.
For 2024 and beyond, the forecast suggests the growth rate will moderate, with a projected 5-year CAGR of 7.9%. Even with the slower pace, the overall forecast predicts a 46.29% increase by 2028, reaching 3.86 Exajoules.
Future trends to watch for:
- Technological advancements in renewable energy sources such as solar and wind.
- Government policies and incentives promoting renewable energy adoption.
- Investment and financing opportunities in renewable energy projects.
- Integration of renewable energy with smart grid technologies.
