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Nuvama Wealth Management, an India-based wealth management firm, has projected India’s solar demand growth through FY35. India’s solar demand is projected to grow at 22% CAGR over FY26-35E, while overall power demand will rise at 6%. Total power consumption is expected to increase from approximately 1,848 BU to nearly 3,228 BU by FY35. This increase represents more than 1,380 BU of incremental demand over the next decade for India. The report links solar-driven FDRE/RTC demand over FY26-35E to renewable power-intensive data centres and GH2. Solar’s consumption share is projected to rise from 9% in FY26 to 33% by FY35. The report estimates approximately 416 GW of incremental base solar capacity addition during FY26-35E for India. Green hydrogen and data centres are expected to require 251 GW in base case and 406 GW in bull case.
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