The ministry of new and renewable energy has a target to set up renewable capacities to the tune of 227 GW by 2022. Solar product markets are expanding rapidly. The market is estimated to grow at a CAGR of over 10% through 2022. There is going to be a huge shift towards renewable energy usage with government incentivized green business models initiatives. There are many business opportunities one can explore in the sector. Some of them are listed in this blog. Think with us here at Niche.#ThinkwithNiche
India's renewable energy sector is the 4th most attractive renewable energy market in the world. There is an increase of 137% in renewable installed capacity from Financial Year 2013-14 to Financial Year 2018-19. The ministry of new and renewable energy has a target to set up renewable capacities to the tune of 227 GW by 2022 of which 114 GW is planned for solar, 67 GW for wind and other for hydro and bio among others.
Green power is a part of renewable energy and refers to those renewable energy resources that are environment friendly, that is electricity produced from solar, wind, biogas, etc. with increasing awareness and consciousness about the climate crisis, the government has taken significant steps to boost India's renewable energy sector. For instance, India plans to add 30 GW of renewable energy capacity along a desert on its western border such as Gujarat and Rajasthan.
Solar product markets are expanding rapidly. Solar power is the cheapest source of renewable energy today. The market is estimated to grow at a CAGR over 10% through 2022. There will be an increased adoption of grid connected rooftop solar plants in the country. India is Asia's largest market for off grid products.
The current resources are sinking; entrepreneur minds all around must take advantage of the green revolution and go in depth for marketing renewable energy solutions and search for more opportunities. This is the most viable sector for long term investments. There is a desperate need to develop environment consciousness and eco-friendly mindset among consumers, corporations, investors and government.
There is going to be a huge shift towards renewable energy usage with huge profits with various alternatives and government incentivize green business models initiatives. There are many business fields one can explore in this sector.
Solar Power Plant
There is an abundance of solar power and therefore there is great scope for startups. Many businesses and industries use electricity produced by solar cells (photovoltaic cells, used for converting solar radiation to electrical energy) to improve efficiency and save energy. It is highly efficient with no moving parts and no emissions. Government is trying to create a demand boost and attract investments.
Bio Fertilizer
This field opens the doors for higher profits and capital expansion. Bio fertilizers have great benefits over artificial ones and they are going to be a key requirement in agriculture in coming years. A proper set up and plan would make it a very important contributor towards achieving sustainability.
Hydro Based Power Plant
About 26% of energy is contributed by hydro power in India. It holds 5th position for electricity generation in the world. Its applications such as irrigation and flood control will boost hydro power market growth.
Biogas Production
It is the effective use of cow dung for gas recovery and plant nutrition requirements. There is a great scope for small start ups in this area. It is produced through the processing of various types of organic waste. It is an eco-friendly strategy for energy from biomass and the residue that can be used as a beneficial component for the soil.
Power generation from Garbage
Managing waste is a prime need of the hour. Composting is a spontaneous decomposition of organic waste in the presence of an aerobic environment. This can be treated and used to generate power.
Windmill
Windmill plants in India have seen a phenomenal growth of 33% CAGR in the last 5 years. This will attract private investments in commercial projects. Wind turbines convert the kinetic energy in the wind into mechanical power which can be used for specific tasks such as pumping water.
Ethanol to Biofuel
It can be used a s automobile fuel using cost effective technology, the production of the ethanol is increasing rapidly around the globe. It can be used over diesel which is not at all eco friendly.
There are no signs of stopping for this sector. Renewable energy is more than just electricity generation, it includes products and services (installation, repair. Maintenance, etc) as well. The key focus is on minimizing the strain on natural resources and environmental impacts while making profits. It includes storage, conservation and distribution.
Business is an idea which is first born and then sold in the market, look for the area of your expertise and give it a start. This sector is rewarding because it leads to sustainability and you may be one of the contributors towards making this world a better place.