Forecast: Renewable Energy Consumption in India

India's renewable energy consumption has shown varied trends over the past decade. From 2013 to 2018, there was a general decline in consumption, with a CAGR of -1.25%. However, starting in 2019, the trend reversed, showing positive growth. By 2023, renewable energy consumption stood at 40.39 units of Final Energy Consumption, with a CAGR of 4.3% over the past five years. The year-on-year growth rates indicate an increasing trend, particularly notable in the post-2020 period.

Future trends to watch for:

• Continued positive growth in renewable energy consumption, with a forecasted 5-year CAGR of 1.72% and an anticipated growth rate of 8.91% by 2028.
• Potential policy shifts and technological advancements that could further accelerate renewable energy adoption in India.
• Increased investment in renewable infrastructure, which may drive higher consumption rates.