Bharat Book Bureau Provides the Trending Market Research Report on “Power Sector in India 2022-2027” under Energy Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence and Market reports.
India Power Sector Market, Forecast 2022-2027
The scope of the power sector in India includes thermal power, hydro power, nuclear power, geothermal power, and renewable energy sources (RES). RES includes power generated from sources like solar, wind, small hydro, biomass, and urban and industrial waste. India transitioned from being a power-deficit country to one that has surplus. The power generation sector in India has a diverse fuel mix comprising conventional sources such as coal, oil, and gas, along with environmentally sustainable sources such as solar, wind, and small hydro plants. Adani Power Limited, CESC Limited, Damodar Valley Corporation, NHPC Limited, and NTPC Limited are the key market players.
The government set electricity generation target of thermal, hydro, nuclear and Bhutan import for the year 2021-22 as 1356 billion unit (BU). i.e., growth of around 9.83% over actual generation of 1234.608 BU for the previous year (2020-21). Also, power generation in the country from the afore–mentioned six sources in 2020–21 was 1234.60 BU as compared to 1250.78 BU in 2019–20. Thermal power (based on fossil fuel) dominated the power sector in the past few years, followed by hydro power, renewable energy sources, and nuclear power. The Indian government’s ambitious energy target sped up the addition of new capacity over the past decade. As of August 2022, India had an installed capacity of 402.82 GW as compared to 392.02 GW of FY 2021.
As of April 2022, India’s installed renewable energy capacity stood at 158.12 GW, representing 39.43% of the overall installed power capacity. Solar energy is estimated to contribute 55.34 GW, followed by 40.53 GW from wind power, 10.68 GW from biomass, 4.85 GW from small hydropower, and 46.72 GW from hydropower. The renewable energy capacity addition stood at 8.2 GW for the first eight months of FY22 against 3.4 GW for the first eight months of FY21.
COVID-19 impact analysis:
The pandemic and the resultant lockdown in 2021 imposed by the government hampered the power sector. Several industrial and commercial activities were stopped due to the lockdown, leading to a huge fall in the demand for electricity. During the lockdown, officegoers adopted remote working, increasing residential power demand. Electricity distribution companies also faced financial issues. The lockdown in 2021 also caused disruptions in coal mining, leading to a shortage of raw materials. In 2020, during the first lockdown the Government of India stopped all trade relations with China, therefore solar PV modules and electricity generation equipment are scarce. Consequently, there was a rapid fall in electricity demand during the lockdown.
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