India’s power equipment industry is set for a sustained growth phase, supported by the rapid expansion of renewable energy and rising investments in transmission infrastructure, according to a report by JP Morgan, ANI reported.
The report says manufacturers of high-voltage equipment are entering a long growth cycle as the power grid expands to keep pace with increasing renewable capacity. Strong policy support and a steady pipeline of clean energy projects are expected to drive demand over the coming years.
India’s plan to add around 470 GW of solar and wind capacity over the next decade is seen as a key factor behind this growth. This expansion is likely to increase the need for transmission networks and related equipment.
The report notes that large transmission projects typically take three to five years to complete, providing steady order flows and revenue visibility for equipment makers, even if renewable project timelines vary.
Annual spending on transmission infrastructure is expected to reach $8–9 billion, while high-voltage direct current (HVDC) technology is emerging as a major area of growth. The report estimates a $14–15 billion opportunity in HVDC projects over the next five to six years.
Beyond domestic demand, export opportunities are also increasing as countries upgrade their power grids to support renewable energy and rising electricity demand, including from data centres.
According to the report, limited competition in the HVDC segment and strong demand conditions are likely to support profitability for companies in the sector. While short-term risks such as supply chain issues or project delays remain, the long-term outlook continues to be positive.
Overall, the report highlights that India’s power equipment sector is well placed to benefit from the ongoing energy transition, with strong demand expected to continue over the next three to five years.
