Renewable Energy Capacity Estimation for Indian Energy Sector Using Energy Demand Forecasting Through Fuzzy Time Series
Rapid industrialization, change in lifestyle, population growth, etc., influence the demand for energy exponentially. Till date, fossil fuel constitutes the major component of energy mix of developing countries. The declined availability of fossil fuel is a cause of concern for developing countries like India. In this paper, the probable future energy demand trend has been depicted based on the combination of k-means clustering, and the two-factor and three-order fuzzy time series techniques considering the three decade energy scenario of India in particular. Further, the paper has outlined the need and significance of renewable energy as it compensates the energy deficit in a comparative cost-effective and environmental friendly manner.