The report highlights that high-voltage (HV) equipment manufacturers are "in the midst of a decadal upcycle as the grid keeps up with a step-change in renewables," underpinned by strong policy visibility and a sharp ramp-up in renewable capacity additions. The sector's outlook is anchored in India's ambitious clean energy pipeline, with the national plan targeting 470GW of solar and wind additions over the next decade. This is expected to significantly boost demand for transmission infrastructure and associated equipment.