India Renewable Energy Equipment Market Size, Report 2033

India Renewable Energy Equipment Market Size, Share, Trends and Forecast by Equipment Type, Application, and Region, 2025-2033

Report Format: PDF+Excel | Report ID: SR112025A30667

Buy Now Discount
Offer

India Renewable Energy Equipment Market Overview:

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	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	USD 13.60 Billion
Market Forecast in 2033	USD 27.87 Billion
Market Growth Rate (2025-2033)	8.30%

India Renewable Energy Equipment Market Trends:

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.

India Renewable Energy Equipment Market Size

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.

India Renewable Energy Equipment Market Segmentation:

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:

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
Geothermal Energy
- Geothermal Heat Pumps
- Geothermal Power Plants
- Steam Turbines and Condensers

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:

Residential
Commercial
Utility-Scale
Off-Grid and Microgrid Systems

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:

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, South, East 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 Renewable Energy Equipment Market News:

In December 2024, South Korea's LG Energy Solution and India's JSW Energy entered into a $1.5 billion joint venture to manufacture batteries for electric vehicles and renewable energy storage. The proposed plant, with a capacity of 10 gigawatt-hours, is expected to bolster India's energy storage infrastructure and support the transition to clean energy.
In November 2024, The Adani Group announced plans to establish a comprehensive solar manufacturing ecosystem in India, encompassing the production of solar ingots, wafers, cells, and panels. This initiative aims to reduce reliance on Chinese imports and strengthen India's position in the global solar market.

India Renewable Energy Equipment 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: Equipment Type Application Region
Equipment Types Covered	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 Geothermal Energy: Geothermal Heat Pumps, Geothermal Power Plants, Steam Turbines and Condensers
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:

How has the India renewable energy equipment market performed so far and how will it perform in the coming years?
What is the breakup of the India renewable energy equipment market on the basis of equipment type?
What is the breakup of the India renewable energy equipment market on the basis of application?
What is the breakup of the India renewable energy equipment market on the basis of region?
What are the various stages in the value chain of the India renewable energy equipment market?
What are the key driving factors and challenges in the India renewable energy equipment?
What is the structure of the India renewable energy equipment market and who are the key players?
What is the degree of competition in the India renewable energy equipment 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 renewable energy equipment market from 2019-2033.
The research report provides the latest information on the market drivers, challenges, and opportunities in the India renewable energy equipment 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 renewable energy equipment 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.

Need more help?

Speak to our experienced analysts for insights on the current market scenarios.
Include additional segments and countries to customize the report as per your requirement.
Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
For further assistance, please connect with our analysts.

Purchase Options Discount
Offer

Inquire Before Buying

Speak to an Analyst

Request Brochure

Request Customization

Benefits of Customization

Personalize this research
Triangulate with your data
Get data as per your format and definition
Gain a deeper dive into a specific application, geography, customer, or competitor
Any level of personalization

Get in Touch With Us

UNITED STATES

Phone: +1-631-791-1145

INDIA

Phone: +91-120-433-0800

UNITED KINGDOM

Phone: +44-753-714-6104

Email: sales@imarcgroup.com

Client Testimonials

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

IMARC did an outstanding job in preparing our study. They were punctual and precise, delivering all the data we required in a clear and well-organized format. Their attention to detail and ability to meet deadlines was impressive, making them a reliable partner for our project.

I wanted to express my sincere appreciation for your efforts in handling this matter. Your dedication and commitment have truly been commendable. It is evident that you have put in a tremendous amount of hard work and expertise into resolving the issues at hand. I would also like to take this opportunity to inform you that we are greatly interested

Overall, the deliverable was well organized and my experience with the project team was good. In particular, I appreciated how they responded when I requested additional information and the Japanese version.

The IMARC team were extremely professional and very cooperative. The team were also extremely flexible in making changes and modifications wherever required. The entire experience right from project kick-off to after sales support was fruitful and smooth.

I’d like to express my gratitude for the work you accomplished with the industry report. The way you responded to the requirements and delivered under tight timelines shows your expertise, exceptional work ethic and commitment to your customer’s success. The entire team and company are incredibly thankful for your dedication. Once again, thank you

The market reports from IMARC have been instrumental in guiding our business strategies. We found the reports comprehensive and data-driven, which helped us make informed decisions. The detailed insights and actionable data have consistently provided us with a competitive edge in a rapidly changing alcohol market.

One of the best things about IMARC is their flexibility and predisposition to tailor the reports and adapt to our needs. They are not just great in their researching and consulting solutions, but their service is unparallelled. We’ve worked with them a couple of times and we will keep working with them in future projects.

We recently commissioned multiple market research reports from IMARC, and the insights we received were invaluable. The depth of analysis, accuracy of data, and actionable recommendations have greatly enhanced our strategic decision-making.

The market estimates provided by your team were pretty much in line with what we were theorizing internally. Really appreciate the work on this.

The sale account manager and the service was excellent. The data and market trends gathered from the report was insightful and really assisted while planning future product and growth strategies.

The report is excellent and has good amount of data and our team is extremely happy with the information provided.

Thank you very much for your cooperation and post purchase support. We were really happy with the final deliverable, and the takeaways from the report.