India is emerging as an important force in global renewable energy markets, according to a report by the IEA.
The India Renewable Energy Market Report 2026 finds that the country’s renewable power capacity has almost quadrupled over the past decade, surpassing 300GW in 2026.
India is now the world’s second-fastest-growing renewables market and second-largest manufacturer of solar PV modules. The country also reached its target of 50% non-fossil installed power capacity in 2025, five years ahead of schedule.
The report finds India’s renewables expansion is already delivering substantial energy security benefits.
Fatih Biro, IEA Executive Director, said: “As countries look to strengthen domestic energy supplies, India’s experience shows how consistent policies can help drive down renewable energy costs and attract investment, offering valuable lessons for other emerging economies. We look forward to supporting India as it builds on these achievements.”
Renewable electricity saved the country more than $100 billion (£75.6 billion) in coal and natural gas import costs between 2011 and 2025, with cumulative savings expected to more than double by 2030.
By the end of the decade, India’s renewable power capacity is expected to reach around 530GW, with solar PV accounting for more than 80% of new additions and putting the country on track to meet its target of non-fossil power capacity.
The IEA says that sustaining this expansion will require faster investment in electricity grids, storage and system flexibility, alongside stronger utility finances and fewer project delays.
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