Start a Business in Renewable Energy Industry

The Indian renewable energy market is the world’s fourth most attractive renewable energy market. As of 2019, India was rated fifth in wind energy, fifth in solar energy, and fourth in renewable energy installed capacity. Over the last few years, installed renewable power generation capacity has grown at a 17.33 percent compound annual growth rate (CAGR). The need for power is being influenced by the rising living standards of the world’s population, which is aided by urbanisation. Traditional power generation technologies, such as thermal power plants, are unable to fulfil this demand, clearing the path for the expansion of renewables. Another aspect that is assisting the renewable energy market is effective government-private sector partnership. Industrial investments in renewable technology are increasing, aided by government policies that encourage them. As a result, technology for uses ranging from power plants to tiny rooftop installations are becoming more inexpensive. Environmental degradation and global warming have resulted from growing concerns about greenhouse gas emissions and other contaminants. As a result, governments are looking for cleaner electricity generation options, which is helping the renewables business once again. Small-scale power generation, such as solar rooftop photovoltaic arrays, is on the rise. Smart grids, which are gaining popularity around the world, assist in the successful integration of renewable energy sources into the electricity system. The state of battery technology is also advancing. All of these elements will help the renewable energy sector overcome the challenges it faces now in the long run.