New Delhi: The renewable energy sector is set to dominate the Indian power industry in the coming years, stated Prashant Kumar Singh, Secretary of the Ministry of New and Renewable Energy.
He was speaking at the Brainstorming Conclave organized by the Central Electricity Authority on the Indian Power Sector Scenario by 2047 in New Delhi. He mentioned that RE capacity, which was 76 GW in 2014, is now almost 210 GW, and achieving 500 GW by 2030 is within reach.
Shri Singh highlighted that a major part of this growth in RE will come from the solar sector. Solar capacity has surged from a mere 2.6 GW in 2014 to an impressive 91 GW today, with projections indicating it could reach close to 300 GW by 2030. Initiatives such as PM Surya Ghar and PM KUSUM are driving this demand, complemented by rapid advancements in manufacturing capabilities. Solar power module manufacturing, which stood at 2 GW in 2014, has surged to 60 GW and is expected to surpass 100 GW by 2030.
He also highlighted the excellent growth of the solar cell manufacturing sector from 1 GW in 2014 to an estimated 8-10 GW today. By the end of March 2025, it is projected to reach 20 GW, with a target of over 70 GW by 2030.
Between 2014 and 2023, investments in the RE sector have totalled ₹8.5 lakh crore. At the recent ReInvest event of MNRE, financial institutions, including public sector banks, pledged ₹25 lakh crore in support of RE projects through 2030.