The India renewable energy equipment market size reached USD 13.60 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 27.87 Billion by 2033, exhibiting a growth rate (CAGR) of 8.30% during 2025-2033. The market is expanding rapidly, fueled by government incentives, rising investments, and growing demand for solar, wind, and bioenergy technologies, while domestic manufacturing and strong policy support are reducing import dependence and accelerating progress toward sustainable energy goals.
Report Attribute
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Key Statistics
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Base Year
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2024 |
Forecast Years
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2025-2033
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Historical Years
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2019-2024
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Market Size in 2024 | USD 13.60 Billion |
Market Forecast in 2033 | USD 27.87 Billion |
Market Growth Rate (2025-2033) | 8.30% |
Surge in Domestic Manufacturing and Supply Chain Localization
The India renewable energy (RE) equipment market outlook is undergoing a major shift toward local manufacturing, driven by the Production-Linked Incentive (PLI) scheme and higher import duties on solar panels and wind components. This is aimed at reducing dependence on imports and strengthening domestic production capabilities. For instance, in 2024, India added 18.5 GW of new utility-scale solar capacity, a nearly 2.8-fold increase compared to 2023. Rajasthan led with 7.09 GW of new installations, followed by Gujarat with 4.32 GW and Tamil Nadu with 1.73 GW, collectively accounting for 71% of the country's utility-scale solar installations. In addition to this, the Atmanirbhar Bharat (self-reliant India) initiative has led companies to establish solar photovoltaic (PV) modules and inverter and wind turbine component and bioenergy equipment production facilities within the country. Moreover, the transfer of production from Chinese imports has established a more reliable supply chain network. Besides this, future manufacturing innovations combined with scaling operations will decrease RE costs to ensure greater market competitiveness. After these transformative changes, additional challenges need resolution since building large manufacturing facilities requires high-quality materials and specialized technical knowledge as well as sufficient financial resources. As a result, the India RE targets depend on domestic companies working together with leading global technology providers to develop superior products, thereby boosting the India renewable energy equipment market share.
Increasing Investments in Energy Storage and Grid Integration
The increasing investments in energy storage and grid integration are significantly driving the India renewable energy equipment market growth. In line with this, the unpredictable nature of solar and wind generation demands high-end storage technology which includes lithium-ion batteries and pumped hydro storage together with green hydrogen developments. Concurrently, the National Energy Storage Mission serves as a government initiative to enhance battery storage system research along with development and deployment efforts. Moreover, the implementation of smart grids and operation systems enables grid modernization through enhancements of power efficiency and stability. Besides this, the private sector demonstrates increasing interest in establishing large-scale battery production plants together with energy storage facilities. For example, in 2024, LG Energy Solution and India's JSW Energy are negotiating a $1.5 billion joint venture to manufacture batteries for electric vehicles and renewable energy storage, with a proposed plant capacity of 10 GWh. Additionally, the widespread adoption of batteries is supported by decreasing prices and the implementation of programs like viability gap funding for storage projects despite their high initial expenses. Apart from this, India is developing robust energy storage capabilities because the country needs a stable and resilient energy supply to support increasing RE deployment.
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the region level for 2025-2033. Our report has categorized the market based on equipment type and application.
Equipment Type Insights:
The report has provided a detailed breakup and analysis of the market based on the equipment type. This includes solar energy (photovoltaic (PV) panels, solar inverters, solar batteries/storage systems, solar thermal systems, solar chargers and controllers), wind energy (wind turbines, blades and towers, wind inverters, wind energy storage systems), hydropower (hydropower turbines, pumped storage hydroelectric systems, micro-hydro generators), biomass energy (biomass boilers, biomass gasifiers, biogas plants, bioenergy conversion systems), and geothermal energy (geothermal heat pumps, geothermal power plants, steam turbines and condensers).
Application Insights:
A detailed breakup and analysis of the market based on the application have also been provided in the report. This includes residential, commercial, utility-scale, and off-grid and microgrid systems.
Regional Insights:
The report has also provided a comprehensive analysis of all the major regional markets, which include North, South, East and West India.
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.
Report Features | Details |
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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:
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Equipment Types Covered |
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Applications Covered | Residential, Commercial, Utility-Scale, Off-Grid and Microgrid Systems |
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:
Key Benefits for Stakeholders: