India to fall short of its 2022 renewable target

The report provides coverage on India's renewable power market.

India is the fifth largest renewable power market in the world with a total installed capacity of 95.2 GW in FY 2022. Share of renewable of the total power capacity increased from 8.9% in FY 2010 to 21.8% in FY 2021. India’s renewable installations were boosted by its ambitious renewable targets and support mechanisms. India is currently in the final phase of achieving its national renewable mission target of 175 GW by FY 2022. India has so far achieved just 53% of the target, it needs add large capacities of solar and wind in the remaining timeframe of 13 months to achieve its target.

View an all-inclusive summary of India falling short of its 2022 renewable target:

India made giant strides to become one of the largest renewable markets in the world after setting up an ambitious 175 GW renewable target by 2022. India is the fifth largest renewable market with an installed capacity of 94.5 GW at the end of February 2021. Collective installed capacity for renewable power in India increased from over 17 GW in FY 2010 to an estimated 95.2 GW at the end of FY 2021 at a CAGR of 17%. Solar PV and wind are the major renewable power sources in India. Solar PV emerged as the largest renewable power source in the country in FY 2021 with an installed capacity of around 40.6 GW overtaking wind which has a capacity of 39 GW in FY 2021. Installed capacity for solar PV increased from 14 MW in FY 2010 to the current levels at a CAGR of 106.7%.

Crucial insights from India to fall short of its 2022 renewable target report:

• 2022 target Vs. current achievement: India so far had achieved 94.5 GW of renewable capacity and needs another 80.5 GW to achieve its 2022 renewable target of 175 GW. Large scale solar stood at 34.8 GW until February 2021 and needs to install another 25.2 GW in another 13 months
• Capacity under implementation: India is running numerous programs and schemes to support the development of renewables mainly solar and wind. As of February 2021, around 46.3 GW of renewable capacity is under implementation and another 35.1 GW tendered
• Necessity: India needs to add another 61 GW of grid-connected solar and 21.2 GW of wind to fulfill its renewable target. India will be able to achieve its targets if all the projects under implementation and tendered are realized in another 13 months

Download our free report for a more detailed understanding of India’s renewable target for 2022.