India at the Forefront of Renewable Growth: Opportunities Across Manufacturing and Services

India stands at a pivotal moment in its energy evolution. Once known for its coal dependency, the world’s third-largest energy consumer is now at the centre of a global clean energy transformation. With an ambitious target of 500 GW of renewable capacity by 2030 and a net-zero goal by 2070, the country is making significant strides towards sustainable growth. 

This shift is not just environmental; it’s economic. The renewable sector has emerged as a vibrant investment opportunity for manufacturers and service providers. Supported by policy reforms, technology advancements, and private capital, India is developing a diverse clean energy ecosystem, from solar panels in Gujarat to wind turbines in Tamil Nadu and green hydrogen initiatives in Rajasthan and Odisha. 

India’s move to alternative energy is creating a trillion-dollar market, opening two main areas of opportunity: 

• First, the country is becoming a manufacturing hub for solar, wind, and green hydrogen equipment. 
  

• Second, a new ecosystem of service providers is developing, spanning engineering, digital analytics, finance, and operations. 
  

India's alternative energy sector represents one of the most dynamic opportunities for manufacturers and service providers globally, driven by reform, innovation, and investment momentum. 

Market Overview: Scale and Momentum 

As of March 2025, India’s total installed power generation capacity reached 475.2 GW, with renewables contributing 116.24 GW: solar power at 82.4 GW, wind at 51.67 GW, bioenergy at 11.59 GW, and small hydro at 5.10 GW. The first half of 2025 saw a record 13,210 MW of renewable additions. Analysts forecast a 12–14% CAGR through 2030, aiming for 500 GW of non-fossil capacity.  

India's Renewable Energy Mix in 2025  

India's renewable capacity growth from 2020 to 2030, showing actual installations to reach 500 GW by 2030, driven by solar expansion and key policies like PLI and Green Hydrogen Mission. 

Sectoral Breakdown 

• Solar Power: Utility-scale projects are concentrated in Rajasthan, Gujarat, and Tamil Nadu, with rooftop solar contributing over 20% of new installations. Advanced technologies like bifacial modules and floating solar are enhancing efficiency. 

• Wind Energy: Coastal states, particularly Gujarat and Tamil Nadu, lead in onshore development, while offshore wind projects off Gujarat and Maharashtra are under feasibility study. Hybrid wind-solar installations are emerging in Karnataka and Andhra Pradesh. 

• Green Hydrogen: The National Green Hydrogen Mission aims for 5 MMT of annual capacity by 2030, bolstered by policy incentives and international collaboration. 

• Bioenergy and Waste-to-Energy: Urban and Agri-Industrial sectors are investing in small-scale bioenergy plants. 

• EV and Storage Infrastructure: Expanding battery storage and EV charging networks are being integrated with renewable generation to enhance grid stability. 

Foreign direct investment in the renewable sector has surpassed US$16 billion since FY2021. Indian companies like Adani Green Energy, Tata Power, and JSW Energy are actively expanding their portfolios. Key government initiatives continue to support growth: 

• Production Linked Incentive (PLI) for high-efficiency solar PV modules 
  

• National Green Hydrogen Mission targeting 5 MMT annual production by 2030  

• National Bioenergy Programme supporting biogas, biomass, and waste-to-energy 
  

• Renewable Energy Development Corridors linking Gujarat, Rajasthan, Andhra Pradesh, and Tamil Nadu.
  

The policy landscape is further strengthened by increasing involvement from global investors such as Brookfield, BlackRock, and TotalEnergies. 

Manufacturing Perspective: Building India’s Green Supply Chain 

The growth of India’s renewable sector relies on a strong manufacturing base. Policies under the Atmanirbhar Bharat initiative and the PLI scheme promote domestic production of solar PV modules, wind turbine components, electrolysers, and advanced battery systems. 

Solar Manufacturing: India’s solar module capacity exceeds 40 GW, with Tata Power Solar expanding its Tamil Nadu facility and Adani Solar operating one of the largest vertically integrated solar module plants outside China. Currently, India imports around 60% of photovoltaic cells, primarily from China, highlighting clear opportunities for domestic manufacturing. 

Wind Components: Suzlon Energy and Siemens Gamesa India manufacture wind turbines locally. The next phase of growth will necessitate localised production of gearboxes, blades, and generators for hybrid and offshore installations. 

Electrolysers and Green Hydrogen Equipment: Reliance Industries, Larsen & Toubro, and Ohmium India are investing in electrolyser manufacturing, positioning India as a potential green hydrogen hub in Asia. 

Battery and Storage Manufacturing: Ola Cell and Exide Energy Solutions are establishing gigafactories for EV and grid storage markets. Decreasing BESS costs and recent bids, such as Rajasthan’s ₹1.77 lakh per MW, are facilitating cost-efficient storage solutions. 

Opportunities Across the Value Chain: There are gaps in semiconductors, power electronics, precision materials, logistics, and grid components, providing entry points for both global and domestic manufacturers. R&D intensity, workforce skill development, and financing remain key constraints. 

Manufacturing, rather than just generation, will define India’s renewable independence. 

Service Provider Perspective: The Emerging Ecosystem 

The growth in renewable capacity is driving significant demand for services, including engineering, procurement, and construction (EPC), operations and maintenance (O&M), digital monitoring, and financial solutions. 

Indian Renewable Energy Service Market Sizes and Growth, 2024/2025 vs. 2030/2033

EPC (Engineering, Procurement, and Construction): The Indian power EPC market was valued at US$22.4 billion in 2024 and is projected to reach US$39.1 billion by 2033, growing at a CAGR of 6.4% from 2025 to 2033. Local firms such as Sterling and Wilson Renewable Energy and Mahindra Susten manage extensive solar and wind portfolios across various states, demonstrating the capability and reach of domestic players in executing utility-scale projects. 

Operations & Maintenance (O&M): The clean energy O&M market is expected to reach US$6.1 billion by 2025, driven by the expansion of renewable energy projects and the need to address ageing infrastructure. Assuming continued investment and steady capacity additions, the market could grow to around US$9.8 billion by 2033, reflecting an estimated CAGR of about 6%. These services ensure operational efficiency, reliability, and the longevity of renewable assets, making O&M a crucial enabler of India’s energy transition. 

Digital Solutions & AI: The Indian digital transformation in the energy market was valued at US$1.5 billion in 2023 and is anticipated to grow at a CAGR of 33.4% from 2024 to 2032, reaching approximately US$19.8 billion by 2032. Companies are implementing IoT-based sensors, AI-driven forecasting, and digital twins to enhance asset efficiency. For instance, ReNew Power uses predictive analytics to optimise wind farm performance, improving uptime by nearly 15%.  

Finance & Advisory (Green Bonds, ESG, Carbon Accounting): By the end of 2025, India had issued approximately US$55.9 billion in green, social, sustainability, and sustainability-linked (GSS+) debt, with green bonds accounting for 83% of the total. This represents the cumulative value of sustainable debt issuance, not a market size or CAGR figure. It highlights the strong financing momentum and deepening investor participation in India’s clean energy and ESG-linked sectors.   Financial and advisory specialists, including green finance consultants, ESG advisors, and carbon accounting firms, support the renewable value chain by facilitating funding, compliance, and sustainability reporting. 

Others (Certification, Consulting): While specific figures for this segment are not readily available, it encompasses essential services like certification and consulting, which are vital for the growth and compliance needs of the renewable energy sector. 

Innovation Hubs: Bengaluru, Pune, and Hyderabad are emerging as centres for clean energy innovation, combining engineering expertise, startup ecosystems, and proximity to manufacturing hubs. 

India’s service ecosystem is distinguished by its technical depth, scalability, and export potential, positioning it as a global partner in renewable energy management.  

Case Studies: Leading Indian Renewable Players 

India’s renewable energy transition is led by companies that combine scale, technology, and strategic investment. The following case studies show how these leaders are shaping the market and creating opportunities across the supply chain. 

• Adani Green Energy in Ahmedabad, Gujarat: A frontrunner in utility-scale solar and wind projects, Adani Green Energy has commissioned over 14 GW of renewable capacity. The company is also investing in hybrid projects that integrate solar, wind, and storage to enhance grid efficiency. Its vertically integrated model, from solar module manufacturing to project development, exemplifies how scale, technology adoption, and strategic partnerships can drive growth in India’s renewable sector. 

• ReNew Power in Gurugram, Haryana: ReNew Power operates a diversified clean energy portfolio across 13 states, encompassing wind, solar, and hybrid projects. The company integrates digital monitoring, predictive maintenance, and smart grid solutions to enhance operational efficiency. ReNew has also begun exploring energy storage solutions and EV charging infrastructure, presenting opportunities for EPC contractors, finance partners, and technology providers. 

• Tata Power Renewables in Mumbai, Maharashtra: Tata Power Renewables develops and operates solar and wind projects throughout India, with a strong focus on innovation. The company has integrated advanced battery storage, rooftop solar for industrial and commercial clients, and hybrid solutions to optimise energy output. Tata Power’s approach highlights opportunities for manufacturers in energy storage components and consulting firms in digital and operational services. 
  

These case studies demonstrate how companies leverage India’s resources, policy support, and market dynamics to scale operations and create value across the clean energy supply chain. 

Future Outlook: The Decade of Collaboration and Scale 

The next decade will be crucial for India’s leadership in global renewables. Emerging sectors such as offshore wind, green hydrogen exports, waste-to-energy, and grid-scale battery systems present multi-billion-dollar opportunities. 

Projected Investments in Emerging Renewable Sectors by 2030 

• Emerging Segments  

1. Green Hydrogen: India aims to become a top-three global producer by 2030, with investments exceeding US$20 billion and a production target of 5 MMT annually. 
   

2. Offshore Wind: Projects along the Gujarat and Tamil Nadu coasts are currently under feasibility study, expected to attract around US$8 billion in investments by 2030. 
   

3. Battery Storage: Grid-scale storage and EV integration are projected to receive US$10 billion, supporting renewable integration and enhancing grid stability. 
   

4. Waste-to-Energy: Urban waste management initiatives, incorporating energy recovery solutions, are forecasted to draw US$5 billion in investments by 2030. 

• Employment and Export Potential  

IRENA and McKinsey project 3.5–4 million new jobs in the renewable and clean tech sectors by 2030. India also aims to export solar modules, wind systems, and hydrogen equipment to markets in Africa, Southeast Asia, and the Middle East. 

• Strategic Outlook  

Collaboration is essential. Partnerships between global technology providers and Indian manufacturers can drive innovation in materials, processes, and digital efficiency. The synergy between manufacturing strength and service excellence will define India’s renewable leadership in the coming decade. 

AgileIntel Expertise 

AgileIntel offers strategic guidance and data-driven insights to assist manufacturers, service providers, and investors in navigating India’s renewable energy landscape. 

• Assessing renewable manufacturing clusters across Gujarat, Rajasthan, Tamil Nadu, Karnataka, and Andhra Pradesh to identify high-potential investment locations. 

• Evaluating EPC capabilities, O&M operations, digital services, and carbon accounting solutions to optimise performance and scalability. 

• Analysing policy reforms, FDI trends, financing options, and supply chain opportunities to inform strategic decisions. 

• Supporting localisation, supply chain optimisation, financing, and international partnerships to capture the economic and technological opportunities within India’s alternative energy sector. 
  

The clean energy revolution in India is not only about capacity; it is about capability. AgileIntel ensures clients are positioned to leverage this transformation, empowering them to define the next decade of renewable growth and innovation. 

Conclusion: Seizing India’s Renewable Opportunity 

India’s renewable energy sector serves as a launchpad for global innovation, industrial growth, and sustainable investment. Manufacturers can capitalise on resource-rich states, emerging supply chains, and supportive policies to scale efficiently. Service providers can engage with a rapidly expanding ecosystem that offers expertise in engineering, digitalisation, financing, and operational excellence. 

The convergence of manufacturing strength, service innovation, and strategic investment positions India as a global renewable powerhouse. Those who act now with vision, agility, and partnerships will not only secure economic returns but also shape the blueprint for the world’s energy future. India’s clean energy revolution is underway, rewarding bold, informed, and strategic action.