India Renewable Energy Market Report 2026

In November 2026, the International Energy Agency (IEA) released the ‘India Renewable Energy Market Report 2026’. According to the report, India could achieve cumulative savings of nearly $240 billion on coal and natural gas imports by 2030.

Key Facts

Import Savings: According to the IEA, renewable power generation saved India an estimated $100+ billion on coal and natural gas imports between 2011 and 2025.
Projection for 2030: With continued renewable energy expansion, cumulative savings could reach nearly $240 billion, with annual savings of approximately $35 billion by 2030.
Major Energy Sources: Solar Photovoltaic (Solar PV) is estimated to contribute about 60% of these import savings, with wind energy accounting for approximately 30%.
Basis of Estimation: The IEA calculated potential savings assuming international fuel prices remain near their 2024–2025 average levels.
Reduction in Coal Imports: According to the IEA, had renewable energy capacity not expanded after 2010, India’s coal imports in 2025 would have been higher by roughly 110 million tonnes.
Renewable Energy Capacity: India’s installed renewable power capacity surpassed 300 GW in 2026 and is projected to reach approximately 530 GW by 2030.
Solar & Wind Capacity: By 2030, India’s solar PV capacity is projected to cross 350 GW, while wind power capacity is estimated to reach around 90 GW.
Electricity Generation: The IEA estimates renewables could generate around 35% of India’s electricity by 2030, with generation reaching roughly 950 TWh.
Global Standing: India has emerged as the world’s second-fastest-growing renewable energy market and the second-largest manufacturer of solar PV modules.