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Mumbai: India’s clean energy technology capacity is projected to rise significantly by 2030, aiming for full self-sufficiency in solar PV and wind sector by 2030, reducing its dependency on imports, according to a study by S&P Global Commodity Insights.
It, however, added that challenges such as technological innovation gaps, skilled labor shortages, inadequate infrastructure, and inconsistent policy enforcement might hinder progress toward these clean energy goals by 2030.
“Projections indicate that India will reach 107 GW in PV modules, 20 GW in wind nacelles, 69 GWh in battery cells, and 8 gigawatts equivalent (GWe) in electrolyzers. This growth will enable India to achieve full self-sufficiency in solar PV and wind, and over 90 per cent in battery cells,” said Indra Mukherjee of S&P Global Commodity Insights.
The study said that with the rise of international trade restrictions on Chinese products, India is positioned to capitalize on market opportunities and increase its export activities.
“India is also poised to capitalize on international trade restrictions on Chinese products, enhancing its export capabilities. In 2023, India’s module shipments to the US surged, totalling 5 GW, a 7.4-fold increase compared to 2022, as the country gained market share from Chinese PV modules,” it added.
The study, however, added that challenges remain in the wind sector, where domestic companies are taking over market dominance from once-leading Western turbine manufacturers. Despite India’s significant wind turbine manufacturing capacity, much of it remains underutilized.
India is unlikely to meet its clean energy goals due to several obstacles, such as inconsistent and delayed policy implementation
The study said that while the manufacturing capacity is growing, India still faces obstacles in achieving its ambitious renewable energy installation targets.
In the solar PV sector, India struggles to meet its polysilicon and wafer production goals, which hampers its competitiveness. Similarly, India’s wind turbine product mix requires alignment with global standards for export, and its nascent offshore wind sector will demand further investments, it added.
“India’s hydrogen targets appear overly ambitious, like trends seen globally where there’s been considerable ‘hype’ surrounding hydrogen. Although India’s electrolyzer capacity is projected to have a significant growth by 2030, the electrolytic hydrogen sector remains largely underdeveloped, necessitating a foundational approach,” said Katherine Leydon of S&P Global Commodity Insights.
Leydon added that the electrolyzer is merely one component of a hydrogen facility; numerous additional elements, such as transformers and renewable energy sources like solar and wind, are critical. These supplementary components often delay project timelines, complicating the overall development process.
According to Rida Rambli of S&P Global Commodity Insights, in the battery sector, local manufacturers need time to enhance their production capabilities, as the industry is currently limited to battery pack assembly.
“High capital expenditure, technological hurdles, and the lack of a battery supply chain ecosystem are significant challenges. Meanwhile, India’s hydrogen ambitions, although promising, face developmental delays due to the complexity of building a hydrogen facility,” added Rambli.
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