A transition towards renewable energy is evident globally as the awareness pertaining to climate change rises. If we look at the India market in particular, the renewable energy sector of the country is currently the fourth most attractive renewable energy market in the world. The country is ranked fourth in wind power, fifth in solar power and fifth in renewable power installed capacity as of 2018. According to the data released by Department for Promotion of Industry and Internal Trade (DPIIT), FDI inflow in the Indian non-conventional energy sector stood at US$ 9.22 billion between April 2000 and March 2020. More than US$ 42 billion has been invested in India’s renewable energy sector since 2014.
New investment in clean energy in the country reached US$ 11.1 billion in 2018. Moreover, the government is providing subsidies, incentives, and tax benefits to producers and consumers to promote the adoption of solar energy. For instance, solar power generation companies are exempted from paying income tax on profit for the first ten years of their operation. This will encourage many power generation companies to slowly discard fossil fuels and invest in renewable energy such as solar power. Energy generation companies are integrating energy storage with a system that will boost the adoption of renewable energy in hybrid systems. This will help in overcoming the intermittent nature of solar energy. The price of renewable energy is also gradually reducing in the country, which will increase the preference for solar energy. Hence, the growth prospect for renewable energy equipment makers is bright.
We studied this industry segment in-depth and have come up with the list of 10 Most Promising Renewable Energy Equipment Manufacturers who have excelled in this field with their innovative approach. Having proven their dedication to quality and end-to-end addressal of customer requirements, these companies have stood out from the crowd.
We look forward to receiving your feedback.
