Power demand to grow by 70% by 2032 with a focus on non-hydropower renewable
- IBEF
- September 6, 2023
With a significant emphasis on non-hydropower renewable sources, India's power demand is anticipated to expand by more than 70% over the next decade, representing the largest increase among the top energy producers in the world, according to a report released.
According to a forecast from BMI, a branch of Fitch Group, the country would continue to rely heavily on the coal sector, with the majority of production coming from coal-powered generation by the year 2032.
Further, the report said that non-hydro renewable electricity generation will receive a lot of attention in India and is predicted to make up 16.9% of all generation by 2032.
Power output will increase as a result of the substantial long-term growth in electricity demand, which will also ensure that demand for power consumption is met.
Electricity consumption is anticipated to expand at an average annual rate of 4.9% until 2032, supported by population growth, rising urbanisation, as well as increased demand from the manufacturing, construction, and service sectors, according to BMI.
According to official statistics, India's energy requirement for FY23 was 1,511,847 million units.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
Partners
