The Indian cleantech industry is witnessing transformative trends driven by a growing emphasis on sustainability, technological advancements, and supportive government policies. Key trends include:
- Renewable Energy Expansion: There is a strong focus on scaling up renewable energy sources such as solar, wind, and biomass to meet India's ambitious energy transition goals.
- Energy Storage Solutions: The development and adoption of advanced energy storage technologies, such as batteries and grid-scale storage, are gaining momentum to address intermittency issues and enhance grid stability.
- Electrification and EV Adoption: The rise in electric vehicles (EVs) and associated infrastructure, including charging stations and battery swapping technologies, is transforming the transportation sector.
- Waste Management Innovations: Enhanced waste management practices, including recycling, waste-to-energy technologies, and circular economy models, are being adopted to tackle environmental challenges.
- Water Management Technologies: Advanced water treatment, purification, and conservation technologies are being implemented to address water scarcity and quality issues.
- Government Incentives and Policies: The Indian government’s supportive policies, such as subsidies for renewable energy projects, tax incentives for cleantech innovations, and ambitious sustainability targets, are driving industry growth.
Tecnova India helps companies navigate these trends by providing market research, strategic insights, and guidance on technology adoption. With its deep understanding of the Indian cleantech sector, Tecnova supports businesses in identifying opportunities, overcoming challenges, and implementing effective strategies to capitalize on the growing demand for sustainable solutions.
Cleantech Industry: An Overview
Cleantech or the clean technology industry involves companies that aim to reduce their impact on the environment by using sustainable means for developing their products and services. These may include the use of renewable energy sources, innovative methods of recycling, and more.
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Some of the top trends in this industry are:
Governments and businesses around the world are putting more focus on adopting clean or renewable sources of energy. They include solar, hydrogen, tidal, wind, geothermal, etc. Unlike fossil fuels, energy generated from these sources does not pollute the environment and is not limited in availability. Thus, adopting clean energy is the best way to meet growing energy demands and run eco-friendly operations at the same time.
Electric vehicles are perhaps one of the hottest trends in the cleantech industry. The governments of several countries have started offering subsidies to their citizens for adopting electric vehicles. They are an effective way to reduce the dependence on petrol-run vehicles and curb environmental pollution.
Low-carbon construction entails the use of materials and processes that can make the building process less polluting and sustainable. They may include plant walls, green insulation, bamboo flooring, hemp-based concrete, exteriors that help keep the building cool, etc. These measures can effectively replace traditional methods of construction, thereby reducing their negative impact on the environment.
Nowadays, fossil fuel-based products comprise a significant portion of the world’s generated waste. Thus, companies are developing green materials in order to provide a sustainable alternative, for instance, bio fibers and bioplastics. They are made from food and agricultural wastes and do not produce any toxic byproducts. These effectively reduce the waste generated from textiles and single-use plastics.
- Energy Production from Waste
Garbage disposal and waste management is a major problem around the world. Thus, businesses are innovating safe and sustainable ways to manage waste by devising waste-to-energy solutions. These include gasification, incineration, anaerobic digestion, pyrolysis, etc. These processes will help produce energy from waste, thus providing dual solutions for waste management and energy production.
CCUS or carbon capture, use, and storage entails capturing carbon emissions to store and upcycle them in order to reduce environmental impact. It involves the clean disposal of industrial carbon dioxide by using phytoplankton-based solutions and artificial photosynthesis via bio solar leaves. Startups are currently devising methods to use upcycled carbon for developing materials like biochar and carbon-based plastic.
According to industry experts, the adoption of cleantech on a global scale will create a high demand for EV batteries, solar panels, heat pumps, wind turbines, etc. This, in turn, will create almost 14 million jobs in the manufacturing sector by 2030.
Indian Cleantech Industry
Growth of the Indian Cleantech Industry & How Companies Can Benefit from It?
According to reports, India ranks 2nd among developing nations that are actively transitioning to clean energy. Moreover, this country occupies the 5th rank when it comes to installed renewable energy capacity. It is also the 4th most prospective market for the renewable energy sector.
A major factor behind this is India’s growing economy, which is increasing the demand for renewable energy and its associated infrastructure. By 2030, this country plans on meeting almost 40% of its total energy requirement from renewable sources. Furthermore, it is also planning on increasing its energy storage capacity to 500 GW within the period.
Apart from this, the government is taking active steps to increase the production of non-renewable energy in the country. In the Union Budget 2023-24, the initiation of a Sovereign Green Fund has been announced that will be used for financing green hydrogen, wind, and grid-connected solar energy projects.
Moreover, to deal with the seasonal variability of renewable energy generation, the authorities are also putting increasing focus on battery energy storage systems. Apart from this, the government has also declared a product-linked incentive (PLI) scheme for manufacturing batteries. This was done to reduce the country’s dependence on lithium-ion cell imports from Taiwan and China, thereby reducing electric vehicle manufacturing costs.
When it comes to promoting electric vehicle adoption, the government has also decided to extend its Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme till 31st March 2024. This will aid the adoption of electric vehicles among people, thus creating higher demand.
All these factors indicate the massive scope of the Indian Cleantech Industry. Thus, foreign firms can consider entering this market in order to expand their business. However, to get the correct guidance while entering such a vast market like India, experts recommend opting for cleantech energy consulting.
How Can Renewable Energy Consulting Services Help Global Businesses?
To enter the Indian cleantech sector, foreign firms have to abide by several legal and regulatory compliances. Moreover, in order to successfully occupy a significant share of this sector, they need in-depth knowledge of the ongoing trends, along with consumer preferences. Under such circumstances, teaming up with firms offering renewable energy consulting and services can be useful.
Consulting firms like Tecnova can help foreign businesses devise a successful entry and expansion plan. They offer services of site selection, mergers, and acquisitions, partner search, retail rollout, executive search, etc., which can help companies start their business operations in a vast country like India, without much hassle.
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