India Engineering, Procurement, and Construction Management (EPCM) Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

India still grapples with an unreliable power grid, leaving a significant portion of its populace unconnected and facing daily power outages. The country's power sector stands out globally for its diverse energy sources. India harnesses traditional avenues like coal, natural gas, oil, and nuclear power alongside newer options such as wind, solar, hydropower, municipal waste, and biomass. Driven by a commitment to transition to clean energy, the Indian government is spearheading a substantial industry overhaul. This includes revamping infrastructure and channeling investments into green energy, notably wind and solar power.

Recognizing the pivotal role of private investment, the Indian government has rolled out several incentive schemes to bolster the sector. Setting ambitious targets, India aims to slash carbon emissions by 45% by the end of the decade, source 50% of its electricity from renewables by 2030, and ultimately achieve carbon neutrality by 2070. These targets and India's robust and consistent economic growth present lucrative prospects for energy companies.

India's vision for 2030 includes a 500 GW clean energy capacity, with a significant 280 GW from solar power. As of February 2023, India's total generation capacity stood at 412.21 GW, with approximately 100 GW attributed to clean sources. Notably, India boasts the second-highest wind power capacity in Asia, trailing only China. It also holds the title of the world's fifth-fastest-growing solar energy market and the most cost-efficient producer of solar power.

On the global stage, India ranks fourth in renewable energy generation. The government has earmarked a substantial USD 42 billion over the next five years to foster innovation and scale up the energy sector. India's commitment to enhancing its energy landscape is underscored by its impressive score of 89.4 in the World Bank's 2019 Ease of Doing Business - Getting Electricity survey. This score evaluates the ease of connecting to the grid, supply reliability, tariff transparency, and electricity pricing. For context, Denmark secured a slightly higher score of 90.2.

Looking ahead, India has laid out ambitious plans for offshore wind energy, aiming to establish 5 GW of projects by 2022 and a substantial 30 GW by 2030. The "Grid Connected Solar Rooftop Program" is set on achieving a 40 GW capacity for rooftop solar (RTS) projects by 2022. The key focus is on research, development, and demonstration (RD&D) to bolster the adoption of new and renewable energy. The Ministry of New and Renewable Energy (MNRE) actively promotes R&D to advance energy technologies, materials, and local production capabilities.

Overall, India's power sector is undergoing a significant transformation, a diverse energy mix, and a notable focus on clean energy. This shift is spurring substantial infrastructure enhancements and drawing in considerable investments. With clear targets to slash carbon emissions, ramp up renewable energy capacity, and ultimately achieve carbon neutrality, India emerges as an attractive prospect for energy firms. The government's proactive steps bolstered this appeal, such as generous funding and supportive policies, which nurture innovation and foster sectoral growth. As India fortifies its energy landscape and embraces more renewables, the country is on track to cement its position as a global frontrunner in sustainable energy. This promises a more dependable power supply for its citizens and underscores India's commitment to worldwide environmental objectives.