India's Power Equipment Sector Growth Driven by Renewable Energy Expansion

planned and ongoing growth phase

India's power equipment industry is entering a sustained growth phase due to rapid expansion of renewable energy and rising investments in transmission infrastructure. The sector is expected to benefit from India's plan to add around 470 GW of solar and wind capacity over the next decade, increasing demand for transmission networks and related equipment. Annual spending on transmission infrastructure is projected to reach $8-9 billion, with a $14-15 billion opportunity in HVDC projects over the next five to six years. Export opportunities are also increasing as countries upgrade their power grids.