As India moves towards energy transition, the government will focus on supporting clean technologies. The move aims to improve domestic value addition and build an ecosystem for solar cells, electric vehicle batteries, motors and controllers, electrolyzers, wind turbines, very high-voltage transmission equipment and grid-scale batteries.
Transmission systems equipment has been in focus as India faces huge electricity demand and renewable energy integration amid global supply challenges in the segment.
Clean technologies are seen playing a critical role in India's energy transition and its ambitious target of having 50% of non-fossil fuel-based power by 2030.
The policy measures will drive capacity expansion, fortify supply chains, and position India as a global leader in clean energy manufacturing, according to Amit Paithankar, whole-time director and CEO, Waaree Energies.
The size of the global renewable energy market was projected to be USD 1.21 trillion in 2023 and is anticipated to rise at a compound annual growth rate (CAGR) of 17.2% between 2024 and 2030. The transition to low-carbon fuels and the existence of strict environmental regulations in many developed nations have significantly benefited the renewable energy industry.
The energy generation sector has experienced an increase in the installed capacity of renewable sources over the past few years due to rising environmental concerns and the pressure to lessen the detrimental impacts of greenhouse gases (GHG).
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