SMPL
New Delhi [India], January 29: India's remarkable achievement in renewable energy capacity addition, which saw a 113% increase in 2024 with 30 GW of new installations, has created significant opportunities for the stainless-steel sector. The nation's successful deployment of rooftop solar initiatives, resulting in 4.59 GW of new capacity and the installation of 7 lakh rooftop solar units in just 10 months under the PM Surya Ghar Free Bijli Yojana, along with the wind sector's addition of 3.4 GW capacity, signals a transformative phase for specialized steel applications.
With the massive growth of India's renewable energy market, which now has a record high capacity of 218 GW installed, the industry is facing unprecedented demand for high-grade stainless-steel products. The stainless-steel sector is experiencing a great demand for specialty products designed to support renewable energy applications.
Subhash Kathuria, Chairman of Synergy Steels, remarked, "The extraordinary growth in India's renewable energy sector marks a pivotal moment for the stainless-steel industry. The role of stainless steel in renewable energy infrastructure is becoming increasingly critical. With stainless steel mirrors capable of increasing solar panel power output by 21.5% and its superior corrosion resistance properties due to the minimum 10.5% chromium content, this material is fundamental to the renewable energy revolution. With increased government support and improved economics, the sector has become highly attractive for investors, evidenced by the significant FDI inflow of US$ 15.36 billion in non-conventional energy space. With process industries going to account for 27% of stainless-steel demand by 2030, we anticipate substantial growth in demand from renewable energy applications, including boilers, turbines, condensers, and feedwater heaters. The natural formation of chromium oxide provides continuous protection against corrosion, making it ideal for both solar, wind, and hydropower applications."
As a result of the acceleration in solar installations, especially in states like Gujarat, Karnataka, and Tamil Nadu, has been responsible for 98% of installed wind power, signaling a growing demand for stainless steel high-grade components. The adaptability and robustness of the material are paramount for both utility-scale applications and the booming domestic solar market.
Looking ahead, given India's ambitious goal of 500 GW of renewable energy capacity by 2030, the stainless-steel industry is in for substantial expansion. Since energy demand is forecast to be 15,820 TWh by 2040, renewable energy will be extremely important for India's energy security. The government support has provided a strong ecosystem where the stainless-steel producers and the renewable energy specialists can work together to accomplish the country's clean energy goals.
About Synergy Steels
Established in 1973, Synergy Steels specializes and leads in long stainless-steel products in India. The company's diverse product portfolio includes billets, wires, wire rods, stainless steel rebars, bright bars, etc, among other products. Synergy Steels operates state-of-the-art facilities across India, boasting a combined capacity exceeding 250,000 tonnes. Emphasizing quality, the company upholds rigorous safety standards. Synergy Steels' products cater to construction, infrastructure, energy, and manufacturing sectors, supplying renowned processing mills across India and global markets. Committed to social responsibility and sustainable practices, the company prioritizes Environmental, Social, and Governance (ESG) initiatives. Certified with ISO 9001:2015, Synergy Steels Limited maintains cutting-edge industrial infrastructure featuring advanced, technology-driven machinery.
For more information, please visit: https://synergysteels.com/
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