Recent developments, current status and future of renewable energy market in India

There is a growing trend in the consumption of renewable energy globally. This trend of the increasing use of renewable energy is due to various reasons mainly such as the advancement of renewable energy technology, global warming concerns, health and environmental concerns, energy security and government policies. India is ranked consistently in the top five players among global renewable energy markets and cumulative installed renewable energy share. Wind and Solar energy occupy a dominant share in the renewable energy mix. Nevertheless, solar and wind energy face a major limitation of intermittency of its energy production. To address this challenge academician, scientists, government and industry are working collaboratively on wind-solar hybrid storage systems. These wind-solar hybrid energy storage systems not only address the intermittency challenge of the renewable energy generation but also helps to stabilize the power gird. In this paper, we review and present the development of wind, solar and hybrid storage markets in India, its current status and future market outlook.