Aditya Vishwak said:
But friends, are their any alternative to the Dark Energy concept?
Certainly. But they've all failed.
One idea was that because the accelerated expansion is a result inferred from far-away supernovae being dimmer than we would otherwise expect them to be without the accelerated expansion, perhaps light is losing energy ("tired light"), for instance via a slow oscillation between photons and an axion akin to neutrino oscillations. This turned out not to work very well to begin with, then we had some observations of really far-away supernovae that were brighter than they would otherwise appear (as predicted if dark energy/cosmological constant were the cause, as the early universe decelerated), and we also have estimates of distance that are not dependent upon brightness (such as the CMB observations and baryon acoustic oscillations), and those don't match a tired light hypothesis.
Another idea was that perhaps the FRW equations weren't quite right because they assume a homogeneous, isotropic universe, and some subtleties of the fact that our universe isn't
quite homogeneous or isotropic show up in the estimated expansion rate. This is the alternative possibility that has stuck around the longest, but it just doesn't hold up under detailed observations. First of all, it was demonstrated that this kind of thing could only be explained if we were situated in the very center of a gigantic, spherical underdense region (a void). This seemed, on its face, to be highly unlikely to many cosmologists. But it was also shown that it just doesn't match observation.
There have been other, more exotic ideas, such as one proposing that maybe dark matter behaves such that it doesn't actually scale in density as ##1/a^3##, but something slower like ##1/a^{2.5}##. Then the cosmological constant appears just because we've made an error in understanding dark matter. But this doesn't really fit with observation either (it can't cause the expansion to accelerate, for one).
So yeah, lots and lots of ideas have been tried. But so far only dark energy remains, with the cosmological constant being the simplest explanation that fits the observed data.