Power Infrastructure Sector: India'S Renewable Energy Revolution And Epc Dynamics

Executive Summary

The Indian Power Infrastructure sector, particularly within renewable energy, is experiencing an unprecedented growth phase, driven by ambitious national targets, robust policy support, and rapidly improving economics of solar technology. India's non-fossil fuel capacity has already surpassed 250 GW and is aggressively targeting 500 GW by 2030, with solar energy poised to contribute over 280 GW to this goal. This translates into a multi-year growth opportunity across the entire solar value chain, encompassing project development, EPC (Engineering, Procurement, and Construction), module manufacturing, and the burgeoning energy storage segment.

The EPC services demand in the solar sector is projected to grow from Rs. 605 billion in FY2023 to Rs. 1,705 billion by FY2028, reflecting a robust 23% CAGR. Similarly, the O&M (Operations & Maintenance) market for solar is expected to expand from Rs. 16.8 billion in FY2023 to Rs. 73.0 billion by FY2030, also at a 23% CAGR. Battery Energy Storage Systems (BESS) are emerging as a critical growth area, with government targets of 200 GWh by 2030 and significant budgetary allocations under VGF schemes.

Leading players like Waaree Renewable Technologies Limited and Solarworld Energy Solutions Limited