India Grid Modernization Market Size, Growth

India Grid Modernization Market Size, Share, Trends and Forecast by Component, Application, End-User, and Region, 2025-2033

Report Format: PDF+Excel | Report ID: SR112025A29658

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India Grid Modernization Market Overview:

The India grid modernization market size reached USD 1.25 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 6.51 Billion by 2033, exhibiting a growth rate (CAGR) of 20.60% during 2025-2033. The market is driven by rising electricity demand, rapid urbanization, and industrialization. Government initiatives such as the Smart Grid Mission and RDSS, along with ambitious renewable energy targets, are also favoring the India grid modernization market growth. The need for efficient power distribution, reduced transmission losses, and integration of renewables further accelerate investments in advanced grid technologies and infrastructure upgrades.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 1.25 Billion
Market Forecast in 2033	USD 6.51 Billion
Market Growth Rate (2025-2033)	20.60%

India Grid Modernization Market Trends:

Increasing Adoption of Smart Grid Technologies

The significant shift toward the adoption of smart grid technologies is positively influencing the India grid modernization market share. With the growing demand for reliable and efficient power distribution, utilities are investing in advanced metering infrastructure (AMI), distribution automation, and real-time monitoring systems. These technologies enable better demand response, reduce transmission losses, and improve grid stability. The Indian government’s initiatives, such as the Smart Grid Mission and the Revamped Distribution Sector Scheme (RDSS), are further accelerating this trend. Additionally, the integration of renewable energy sources including solar and wind into the grid has necessitated the deployment of smart grids to manage intermittent power supply effectively. On 26^th February 2025, Unilever signed a 20-year agreement to obtain solar energy in India that would deliver 45 MW of renewable energy to 32 locations in 15 states, including its manufacturing plants and ten partner manufacturers. This endeavor complements India's endeavors to modernize its grid. It is projected to decrease carbon emissions by 28,000 tonnes of CO₂e per year while cutting down electricity costs by 25%, thus helping India in its clean energy transition. Also, the elimination of the transmission fee for early adopters is among government incentives that advance the initiative toward sustainable energy infrastructure. As urbanization and industrialization continue to rise, the need for resilient and adaptive grid infrastructure is driving the market toward smarter, more connected solutions.

India Grid Modernization Market Size

Rising Focus on Renewable Energy Integration

Another key trend favorably affecting India grid modernization market outlook is the increasing focus on integrating renewable energy into the power grid. India has set ambitious targets to achieve 500 GW of renewable energy capacity by 2030, which requires substantial upgrades to the existing grid infrastructure. Based on its goal of 500 GW of renewable energy by 2030, India will need to invest USD 300 Billion and needs 20% annual growth in financing. Modernization efforts are centered on enhancing grid flexibility, energy storage solutions, and advanced forecasting tools to accommodate the variable nature of renewables. Technologies such as battery energy storage systems (BESS) and grid-scale inverters are gaining traction to ensure seamless integration. Furthermore, the government’s push for green energy and international collaborations for funding and technology transfer are propelling this trend. As renewable energy penetration grows, grid modernization will play a pivotal role in maintaining energy security and achieving India’s sustainability goals.

India Grid Modernization Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2025-2033. Our report has categorized the market based on component, application, and end-user.

Component Insights:

Hardware
Software
Services

The report has provided a detailed breakup and analysis of the market based on the component. This includes hardware, software, and services.

Application Insights:

Residential
Commercial
Industrial

A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes residential, commercial, and industrial.

End-User Insights:

Utilities
Independent Power Producers (IPPs)
Government and Municipalities

The report has provided a detailed breakup and analysis of the market based on the end-user. This includes utilities, independent power producers (IPPs), and government and municipalities.

Regional Insights:

North India
South India
East India
West India

The report has also provided a comprehensive analysis of all the major regional markets, which include North India, South India, East India, and West India.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

India Grid Modernization Market News:

February 20, 2025: Tata Power partnered with Amazon Web Services (AWS) to bring artificial intelligence, the Internet of Things, and cloud computing technologies to modernize India's energy grid for facilitating more piecemeal and real-time management of this grid. Key apps, 23 of them have migrated, along with AI-powered data lakes that enable predictive maintenance, yielding fewer outages and better supply/demand balancing. The multinational’s digital revolution is instrumental in advancing India’s clean energy transition, setting benchmarks for smart, customer-friendly energy solutions.
February 28, 2024: GE T&D India received orders worth ₹370 Crore (around USD 3.7 Billion) from the Power Grid Corporation of India (PGCIL) for the supply of 765 kV shunt reactors, bolstering India’s grid modernization initiatives. Scheduled for delivery within FY26, these reactors are intended to enable the integration of renewable energy and enhance transmission capacity. This equipment will be manufactured in India as the Make in India program of the company will give it a leading edge in the high voltage grid solution segment.

India Grid Modernization Market Report Coverage:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Billion USD
Scope of the Report	Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment: Component Application End-User Region
Components Covered	Hardware, Software, Services
Applications Covered	Residential, Commercial, Industrial
End-Users Covered	Utilities, Independent Power Producers (IPPs), Government and Municipalities
Regions Covered	North India, South India, East India, West India
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Questions Answered in This Report:

How has the India grid modernization market performed so far and how will it perform in the coming years?
What is the breakup of the India grid modernization market on the basis of component?
What is the breakup of the India grid modernization market on the basis of application?
What is the breakup of the India grid modernization market on the basis of end-user?
What is the breakup of the India grid modernization market on the basis of region?
What are the various stages in the value chain of the India grid modernization market?
What are the key driving factors and challenges in the India grid modernization market?
What is the structure of the India grid modernization market and who are the key players?
What is the degree of competition in the India grid modernization market?

Key Benefits for Stakeholders:

IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the India grid modernization market from 2019-2033.
The research report provides the latest information on the market drivers, challenges, and opportunities in the India grid modernization market.
Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the India grid modernization industry and its attractiveness.
Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

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