India’s Clean Energy Capacity to Reach 107 GW in Solar Power by 2030; Hydrogen and Wind Power to Face Challenges

09 Oct 2024

India's clean energy capacity is set to expand significantly by 2030, with forecasts indicating that the country will attain self-sufficiency in solar and wind energy, as reported by the Clean Energy Technology research team at S&P Global Commodity Insights. By the end of the decade, India's solar PV module capacity is expected to hit 107 GW, wind nacelles will reach 20 GW, battery cells will total 69 GWh, and electrolysers will amount to 8 GW equivalent (GWe).

"India is set to attain complete self-sufficiency in solar PV and wind energy, along with over 90% self-sufficiency in battery cell production," stated Indra Mukherjee from S&P Global Commodity Insights. The nation’s advancement in clean energy is fuelled by initiatives such as the Production-Linked Incentive (PLI) scheme and import tariffs, including basic customs duties (BCD) and the goods and services tax (GST). These strategies are designed to enhance domestic manufacturing capabilities.

Jessica Jin from S&P Global Commodity Insights stated, "The Indian government has launched several initiatives, such as the PLI scheme, aimed at drawing investments in solar module and battery manufacturing. These strategies are intended to satisfy rising domestic demand and establish India as a significant player in the global clean energy supply chain."

India's export potential is gaining traction due to global trade restrictions on Chinese goods. In 2023, the country exported 5 GW of solar modules to the US, marking a 7.4-fold increase from 2022, as it captured market share previously held by Chinese manufacturers.