Indian Makers of Wind Turbines and Solar Modules Set Sights on UK's $20 Billion Clean Energy Market
The recent free trade agreement (FTA) signed between India and the United Kingdom on May 6 is poised to open vast new opportunities for Indian clean energy manufacturers. This comes at a time when trading with the US has become increasingly difficult due to tariffs and uncertainties surrounding the Inflation Reduction Act (IRA). Industry experts and stakeholders shared with Moneycontrol that the FTA will not only benefit Indian exporters of solar modules, wind turbines, and other green energy equipment, but is also expected to boost foreign direct investment (FDI) into India's renewable energy sector. According to Grand View Research, the UK’s renewable energy market was valued at $20.25 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 20.3% between 2024 and 2030. In comparison, India’s renewable energy market stood at $23.9 billion in 2024, with an anticipated CAGR of 9% from 2025 to 2033, according to IMARC. Hitesh Doshi, Chairman of the W...