New Delhi. Synergy Steels, India's fourth-largest stainless-steel manufacturer, applauds India’s commendable growth in the renewables sector, which is nearing a capacity of 200 GW. The latest data from the Central Electricity Authority’s (CEA) monthly report from August 2024 shows that non-fossil renewable installed power stood at 199.58 GW. The break-up includes renewable energy sources—small hydro, bio, solar, and wind, at 152.6 GW. [1]India now ranks fourth worldwide in renewable energy installed capacity.
Subhash Chand Kathuria, Managing Director of Synergy Steels, said, “India’s renewable energy capacity has seen a 165% upswing in the past decade.[2] This growth is driven by a range of the government's short, medium, and long-term targets and is facilitated by a conducive policy ecosystem and rapid technological adoption. With our installed capacity reaching the milestone of 200 GW, India’s focus now shifts towards achieving the 2030 target of hitting the mark with 500 GW of renewable capacity. Continued utilization of a blended energy mix comprising solar, hydrogen, biogas, and wind sources can help India reach this threshold.
This shift towards cleaner power generation and technologies will further spur the demand for advanced equipment and machinery like pumps, tanks, pipes, etc, which rely on stainless-steel for its superior performance. Its heat and corrosion resistance, low maintenance costs, and extended life make stainless steel a key material in the infrastructure supporting renewable energy. The expanded use of renewable energy technologies will feed back into the decarbonization of the stainless-steel industry by adopting technologies like Electric Arc Furnaces (EAF) powered by renewable energy. Additionally, stainless-steel's 100% recyclability ensures minimal environmental impact, aligning perfectly with India’s vision to establish a sustainable and economically viable energy ecosystem. “
Mr. Anubhav Kathuria, Director of Synergy Steels, underscored the critical role of renewable energy-led economic growth, stating, “The transition to renewable energy sources is essential to achieve a balance with non-renewable resources, which have long dominated our energy landscape for establishing a cleaner, more resilient energy grid.
A grid powered by at least 80% clean electricity from wind, solar, storage, and other zero-carbon technologies can ensure resource adequacy and maintain grid stability.[3] We look forward to a new wave in manufacturing across various segments, particularly for solar panels, electric vehicles (EVs), and charging infrastructure.
Projections suggest that India’s EV market could reach annual sales of 10 million units by 2030. [4] This clips the stainless-steel demand in the automotive components at a 3.1% CAGR till the fiscal 2032.[5] Significant progress is also being made in solar module manufacturing, propelled by government initiatives such as the Production-Linked Incentive (PLI) scheme and the Approved List of Models and Manufacturers (ALMM).
[6] Each new megawatt (MW) of solar power needs between 35 to 45 tons of steel, which is increasingly being substituted with stainless steel for its durability and versatility. [7]This conducive policy environment is expected to enhance domestic manufacturing, strengthening India’s competitive position in the global renewable energy market. By integrating stainless-steel into the renewable energy supply chain, India is laying the groundwork for a robust, cost-efficient, and future-ready energy ecosystem.”
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