India is the Third Largest Renewable Power Market in the World in 2021
- India, the third largest renewable market added 14.6 GW of renewable capacity in 2021
- In terms of cumulative installed renewable capacity, India is the fourth largest market behind China, US, and Germany
- India needs to add over 38 GW of renewable capacity every year to achieve its 500 GW 2030 target. However, the country is expected to fall short of the target as per the current trend
India’s annual renewable capacity additions increased by 81% in 2021
As per GlobalData’s Power database, India is the third largest renewable power market (including total hydro) in terms of both annual additions and cumulative installed capacity in 2021. The country added 14.6 GW renewable capacity in 2021 and its total renewable capacity stood at 157 GW. India is behind China (121 GW) and the US (38 GW) in terms of annual renewable capacity additions. It also stood at third place in terms of cumulative renewable capacity behind China (1,065 GW) and the US (379 GW) in 2021.
Renewable capacity additions in India is mainly led by solar PV which installed 12.8 GW capacity and accounted for 87.4% of total renewable additions in 2021. The country improved its ranking to third from fifth position a year earlier with respect to PV capacity additions. Expansion of renewables (includes solar PV) in India in the last decade is mainly driven by the 175 GW renewable target by 2022 of which target for solar is 100 GW. India is expected to achieve its 175 GW target having added large hydro and pumped storage under its renewables definition, however, it will fail to achieve its 2022 solar PV target.
Solar PV market is key for India to achieve its renewable target and climate goals
Solar PV will play a key role in India’s progress to achieve its renewable target for 2030 and long-term climate goals. In the COP26 Conference, India announced new targets which include increasing the share of non-fossil energy capacity to 500 GW and meeting 50% of the country’s electricity needs through renewables by 2030. The target also includes achieving net zero emissions by 2070. The country began to focus on rooftop solar along with large ground mounted solar parks in achieving its solar specific targets as well as renewable goals. India also intends to explore its offshore wind potential along with increasing capacity additions in onshore wind.
The current growth trend of annual renewable additions will not help the country achieve its 500 GW target by 2030. To achieve the 2030 target, India needs to add over 38 GW annually during 2022-2030.
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