In 2023, the total support for all fossil fuels in India's residential sector stood at 5.44 Billion US Dollars. The forecasted data shows a gradual decline over the next five years, with support dropping to 5.09 Billion US Dollars by 2028. Year-on-year percentage variations demonstrate a consistent downward trend, with a compounded annual growth rate (CAGR) indicating an overall decrease over this period. This suggests a steady reduction in reliance or support towards fossil fuels in the residential arena.
Future trends to watch for include:
- The rise in alternative energy sources as a viable replacement for traditional fossil fuels.
- Governmental policy changes incentivizing reduced fossil fuel dependency.
- Technological advancements increasing energy efficiency in residential settings.
- Increasing public and corporate pressure to transition towards sustainable energy solutions.