India’s clean energy capacity is projected to grow substantially by 2030, with the country expected to achieve self-sufficiency in solar and wind energy, according to the Clean Energy Technology research team at S&P Global Commodity Insights.
India's solar PV module capacity is projected to reach 107 GW, wind nacelles at 20 GW, battery cells at 69 GWh, and 8 gigawatts equivalent (GWe) in electrolyzers by the end of the decade.
India will achieve full self-sufficiency in solar PV and wind and over 90% in battery cells,” said Indra Mukherjee of S&P Global Commodity Insights.
The country’s rise in clean energy is being driven by policies such as the Production-Linked Incentive (PLI) scheme, as well as tariffs on imports like basic customs duties (BCD) and the goods and services tax (GST). These measures are aimed at boosting domestic manufacturing.
India’s export capabilities are also benefiting from global trade restrictions on Chinese products. In 2023, India shipped 5 GW of solar modules to the US, a 7.4-fold increase compared to 2022, as the country gained market share from Chinese manufacturers.