Synergy Steel applauds India’s 113% clean energy growth, foresees stainless steel boom – EQ
In Short : Synergy Steel has praised India’s 113% growth in clean energy, highlighting the positive impact on the stainless steel industry. The company anticipates a surge in demand for stainless steel, driven by the increasing use of renewable energy infrastructure, including solar and wind projects. As India accelerates its green transition, Synergy Steel envisions substantial growth in the sector, fueled by the rising need for sustainable materials.
In Detail : India’s renewable energy capacity saw a historic 113 per cent surge in 2024, with 30 GW added in solar and wind sectors, paving the way for increased demand for stainless steel. This growth, fueled by the PM Surya Ghar Free Bijli Yojana, which added 4.59 GW through rooftop solar, signals an exciting opportunity for stainless steel applications in clean energy.
Boost in solar and wind installations
Under the government’s rooftop solar initiative, 7 lakh units were installed in just 10 months, contributing 4.59 GW to India’s energy grid. Additionally, the wind sector added 3.4 GW, pushing India’s total renewable capacity to 218 GW. This rapid expansion is creating a growing need for high-grade stainless steel for renewable energy projects, such as solar panels and wind turbines.
Stainless steel’s vital role in clean energy
Stainless steel is essential for renewable energy infrastructure due to its durability and corrosion resistance. It plays a key role in solar panels, wind turbines, and hydropower. Stainless steel mirrors can boost solar panel efficiency by 21.5 per cent, while its natural corrosion resistance makes it perfect for energy applications. With India’s growing renewable energy market, demand for specialised stainless steel products is expected to increase significantly.
Looking ahead, India’s goal of 500 GW of renewable energy capacity by 2030 offers a substantial opportunity for the stainless steel sector to grow. As India’s energy demand is projected to reach 15,820 TWh by 2040, the country’s push for clean energy will drive significant growth in the stainless steel industry.
