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Sep 8, 2020 5:50 AM ET

Green Technology Market, gets a foothold in India | Bharat Heavy Electricals, Exide Industries, Suzlon Energy

iCrowd Newswire - Sep 8, 2020

A new research document is added in HTF MI database of 73 pages, titled as ‘Green Technology Market in India 2020’ with detailed analysis, Competitive landscape, forecast and strategies. The study covers geographic analysis that includes regions and important players/vendors such as Adani Power Limited, Bharat Heavy Electricals Limited, Exide Industries Limited, Suzlon Energy Limited, Tata Chemicals Limited , Tata Power Limited, Thermax Limited, Ampere Vehicles Private Limited, Hero Electric Vehicles Private Limited, Mahindra Electric Mobility Limited The Study will help you gain market insights, upcoming trends and influencing growth prospects for forecast period of 2020-2026.

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Market insights
The green technology market in India is mostly dominated by green energy; electric vehicles, and water and wastewater treatment are the other key market segments. In terms of installed capacity, the green energy sector stood at 87.02 GW in FY 2020 and has set a target to reach 275 GW of installed capacity by FY 2027.  In terms of sales volume, the electric vehicles market in India reached 156,000 units in FY 2020, expanding at a compound annual growth rate (CAGR) of 66.90% during the FY 2018-FY 2020 period. In terms of revenue, the market for water and wastewater treatment in India is estimated to reach INR 2,141.60 Bn in 2025, expanding at a CAGR of 12.28% during the forecast period.

Companies covered
Adani Power Limited, Bharat Heavy Electricals Limited, Exide Industries Limited, Suzlon Energy Limited, Tata Chemicals Limited , Tata Power Limited, Thermax Limited, Ampere Vehicles Private Limited, Hero Electric Vehicles Private Limited, Mahindra Electric Mobility Limited

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Segment insights:
Based on installed capacity, the green energy sector in India is dominated by solar energy, followed by wind, biomass, and small hydro. Several initiatives to promote solar park, solar cities, solar pumps, and the National Solar Mission can be attributed for the remarkable growth of solar capacity in India. India’s installed capacity for wind energy stood at 34.63 GW in FY 2020. Wind energy projects in India are mostly concentrated in the states of Tamil Nadu, Rajasthan, and Maharashtra. The country aspires to attain green energy capacities of 175 GW and 275 GW by FY 2022 and FY 2027, respectively. However, supply chain disruptions owing to the pandemic and safeguard duty on solar cells are likely to hinder the installation target.
Electric two-wheelers was the largest segment of the electric vehicles market in India in FY 2020, accounting for ~97.44% of the total sales volume. The other two segments – electric four-wheelers and bus – are slowly gaining traction owing to the gradual adoption of electric vehicles for public transport. Moreover, the growing popularity of hybrid e-cars is expected to propel the electric four-wheelers market.

Market influencers:
The enormous green energy potential in India, coupled with 100% FDI approval has made India an attractive destination for the capital influx. During the FY 2018-FY 2020 period, the green energy sector in India received investments worth ~INR 1.34 Tn. Further, the Indian government’s focus to boost the electric mobility sector is projected to fuel the green technology market in India. Supportive policies like the National Electric Mobility Mission Plan (NEMMP) and Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles (FAME) have fostered the penetration of electric vehicles in India. In addition, investments through public-private partnerships (PPP), reduction in tax, and exemption of basic customs duty are estimated to boost the sale of electric vehicles over the forecast period.
The green technology market in India is constrained by the lack of an integrated and unified policy structure and the difficulty in accessing finance. There are numerous policies catering to various sub-segments of the green technology sector, which also lack in terms co-ordination at the state and central levels. On the other hand, green technology start-ups face challenges in acquiring early-stage funding. The stringent eligibility criteria act as a roadblock for green tech entrepreneurs to be entitled for government-support schemes. Moreover, challenges in grid integration, scheduling, forecasting, and power purchase agreements (PPA) impede the full-realization of green energy potential.

Impact of COVID-19:
The outbreak of COVID-19 has led to severe disruption in the solar energy supply chain since India is highly dependent on China for the sourcing of PV modules. The import of solar modules and cells dropped by 76.4% in the first quarter of CY 2020 as compared to the first quarter of CY 2019. Furthermore, the nationwide lockdown resulted in a halt in construction activities in the second quarter of CY 2020. The Ministry of New and Renewable Energy (MNRE) directed green agencies to consider the pandemic as force majeure (unprecedented events or circumstances beyond human control) and allowed a blanket extension of 30 days beyond the lockdown period for all renewable energy projects.
The interruption in the global supply chain and logistics has created lucrative opportunities for domestic players of the green technology market to enhance the self-sufficiency of the country. The government has stressed on the indigenous production of solar cells, PV components and Lithium-ion battery. The government’s focus to establish India as the manufacturing hub for electric vehicles has been pushed by the supply chain disruption in China, which is currently the leading manufacturer. Furthermore, the major turmoil created in the fossil fuel market during the pandemic has increased reliance on green energy owing to its flexibility and cost-effectiveness.

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Chapter 1: Executive summary

Chapter 2: Socio-economic indicators

Chapter 3: Introduction
3.1. Market definition and structure

Chapter 4: Green technology market in India – overview
4.1. Green energy market in India – overview
4.1.1. Renewable energy installed capacity (FY 2017- FY 2020)
4.1.2. Renewable energy installed capacity target (FY 2022 and FY 2027)
4.1.3. Renewable energy generation target (FY 2022 and FY 2027)
4.2. Electric vehicles market in India – overview
4.2.1. Sales of electric vehicles (FY 2018-FY 2020)
4.2.2. Key manufacturers of electric vehicles


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