India’s power equipment sector is moving into a multi-year growth phase, driven largely by the country’s expanding renewable energy pipeline and rising investments in transmission infrastructure, according to a report by JPMorgan Chase.

The report points out that manufacturers of high-voltage (HV) equipment are moving through a long-term upcycle, as grid expansion keeps pace with a sharp rise in renewable capacity.

At the centre of this is India’s plan to add 470 GW of solar and wind capacity over the next decade. The report highlights that large-scale transmission projects typically take three to five years to complete, providing strong multi-year revenue visibility for HV original equipment manufacturers (OEMs), even if renewable project commissioning timelines fluctuate.

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Spending is already lining up. Annual transmission capex is expected to reach USD 8-9 billion, while HVDC (high-voltage direct current) systems are becoming critical for long-distance renewable power transfer. The report sees a USD 14-15 billion opportunity in HVDC projects over the next 5-6 years.

That also ties back to materials. Expansion in transmission networks typically drives demand for components like conductors and cables, areas where aluminium plays a major role due to its weight and conductivity advantages.

The growth story isn’t just domestic either. The report notes that export opportunities are opening up as global grids upgrade to handle renewables and rising electricity demand, especially from AI-driven data centres. Indian manufacturers are increasingly being positioned as competitive suppliers in that space.

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Industry dynamics show that limited competition in HVDC, tight supply as well as operating leverage are going to support the margins in the future. 

Overall, the sector looks set for a sustained run. With strong policy backing, rising exports and a heavy push toward renewables, India’s power equipment industry is likely to remain on an upward trajectory over the next 3-5 years.

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