India's Power Sector and Defence Sector Projected to Experience Significant Growth by 2030
Power Generation and Consumption Trends
India's power generation and transmission sectors are set for a remarkable transformation, expected to escalate to $280 billion between FY24 and FY30. As reported by Jefferies in September, the country's GDP is projected to enhance, leading to an increase in power consumption by over 7% annually. Future estimations indicate a substantial rise in total power generation capacity, increasing from 442 GW in FY24 to an estimated 673 GW by FY30. This growth necessitates an enhanced focus on thermal power solutions to maintain grid stability.
Expanding Renewable Energy Capacity
In conjunction with thermal power, renewable energy capacity in India is expected to surge, with annual additions anticipated to increase significantly by 2030. Targets aim for a total of 450 GW of renewable energy. By FY28, thermal plants are expected to reach an average annual plant load factor surpassing levels seen in FY08.
Defence Sector Growth in India
Parallel to the advancements in energy, the defence sector in India is estimated to grow at a 13% CAGR between FY2024 and FY2030E, driven by governmental initiatives aimed at indigenisation and increased export opportunities. Factors such as geopolitical tensions and self-reliance are crucial in shaping the revenue landscape for domestic defence firms.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.