The India renewable energy market is emerging as a global powerhouse. The nation stands among the top four countries worldwide in clean energy deployment, with total renewable capacity reaching approximately 220 GW as of 2024. Non fossil fuel installations make up nearly 49% of India’s total 468 GW power mix in 2024. In early 2025, renewables contributed a massive 78.9% of all new power generation additions. This growth in capacity empowers India’s current energy landscape and strengthen its reputation as a booming manufacturing base for solar modules, wind turbines, and emerging battery storage systems.
What’s Driving Renewable Energy Market in India?
- The country’s transition toward renewable energy is now backed by push for utility-scale battery storage, which is critical for managing intermittency from solar and wind sources. As of early 2025, India issued 6.1 GW of standalone battery storage tenders. These incentives not only promote domestic storage manufacturing but also allow hybrid projects to operate on round-the-clock contracts, boosting investor confidence and grid reliability.
- India’s manufacturing, IT, and heavy industries are increasingly committing to net-zero goals. The Central Electricity Regulatory Commission (CERC) has recently floated a draft to legalize VPPAs, enabling large power consumers to buy green energy without taking physical delivery. This is a potential game changer for the $4–5 billion Indian green corporate energy market.
- India’s renewable strategy is evolving beyond utility-scale installations toward village-level decentralization, driven by rural demand and local grid reliability concerns. Additionally, several states are rolling out rooftop solar schemes with storage. Gujarat, Tamil Nadu, and Maharashtra have sanctioned pilot-scale virtual net-metering with grid credits for stored surplus energy.
Competitive Landscape
The India renewable energy market is highly fragmented, with domestic conglomerates and global entrants fighting for dominance. The major players including Adani Green Energy, ReNew Energy Global, and Tata Power Renewable Energy Ltd. dominate the landscape. Adani Green remains India’s leading renewable energy player, operating over 8.4 GW of installed capacity. The company aims to achieve 50 GW by 2030, with a major focus on the Khavda Renewable Energy Park in Gujarat. ReNew has built a diversified clean energy portfolio with over 10 GW of operational capacity, including India’s largest wind portfolio. In January 2025, it inaugurated a ₹22,000 crore clean energy facility in Andhra Pradesh focused on solar, wind, and pumped hydro. Meanwhile, Tata Power has over 5.8 GW of renewable assets and aims to reach 15 GW+ by 2027.
Insufficient Energy Storage to Support Grid Stability and Renewable Expansion
The India renewable energy market is facing a major challenge of lack of adequate energy storage infrastructure to manage variability and ensure grid stability. Despite a national renewable target of 500 GW of non-fossil capacity by 2030, India is significantly lagging in deploying storage solutions that can enable reliable 24/7 clean energy delivery. As per the Central Electricity Authority (CEA), India will require 336 GWh of energy storage capacity by FY 2029–30 to maintain grid reliability with high renewables penetration.
Future Outlook
The India renewable energy market s set to undergo significant transformations in upcoming years. The country has installed over 220 GW of renewable energy capacity as of 2025. This pipeline brings the nation closer to its goal of 500 GW of non-fossil capacity by 2030. The future of India’s clean energy will be shaped by hybrid systems and grid-stabilizing storage. Projects like ReNew Energy’s 2.8 GW solar-wind hybrid in Andhra Pradesh are setting new benchmarks for 24/7 clean energy. Manufacturing capacity is also scaling fast. India is expected to produce over 100 GW of solar modules annually by 2030.
Consultant at Nexdigm In their latest publication “India Renewable Energy Market Outlook to 2030: By Technology Type (Solar, Wind, Hydro, Bioenergy, Waste-to-Energy), By End User (Residential, Commercial & Industrial (C&I), Agricultural, Utility/Grid Connected), and By Mode of Installation (Rooftop, Ground-Mounted, Hybrid RE Systems, Off-Grid/Microgrid Systems)” believe that by prioritizing grid connected hybrid projects with storage guarantees in high demand states and investing in domestic battery manufacturing, businesses can gain competitive advantage in India renewable energy market.