Industry Research

Industry Research Reports

55 sector deep-dives across the industries investors are backing most - market structure, growth drivers, key players and Neoma's outlook. Share any report in a tap.

55 reports

Energy

Renewable Energy

Renewable Energy: Powering India's Net-Zero Transition

India's push toward ~500 GW of non-fossil capacity by 2030 is reshaping the country's power value chain.

Market Size

~$25 Bn (India, FY26E)

Growth

~18% CAGR (FY26–30E)

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Energy

Solar Manufacturing

Solar Manufacturing: Building India's Integrated Cell-to-Module Base

PLI incentives and ALMM protection are catalysing a domestic cell, wafer and module manufacturing ramp-up.

Market Size

~$10 Bn (India module + cell, FY26E)

Growth

~22% CAGR (FY26–30E)

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Energy

Green Hydrogen

Green Hydrogen: India's Long-Dated Decarbonisation Bet

The National Green Hydrogen Mission targets ~5 MMTPA production by 2030, opening a nascent electrolyser and offtake market.

Market Size

est. $2–3 Bn (India, early-stage, FY26E)

Growth

~40%+ CAGR (FY26–30E, off a low base)

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Energy

Battery Energy Storage

Battery Energy Storage: The Missing Link for Firm Renewables

Falling cell prices and storage-linked tenders are making grid-scale batteries the enabler of round-the-clock clean power.

Market Size

~$3–4 Bn (India BESS, FY26E)

Growth

~30% CAGR (FY26–30E)

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Energy

EV & Mobility

EV & Mobility: India's Two- and Three-Wheeler-Led Transition

Electrification is running fastest in two- and three-wheelers, where total cost of ownership already favours EVs.

Market Size

~$8–10 Bn (India EV, FY26E)

Growth

~25% CAGR (FY26–30E)

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Energy

EV Charging Infrastructure

EV Charging Infrastructure: Scaling the Backbone of Electrification

Public fast-charging and battery-swapping networks are expanding to unlock passenger and commercial EV adoption.

Market Size

est. $1–2 Bn (India, FY26E)

Growth

~35% CAGR (FY26–30E)

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Energy

Nuclear Power

Nuclear Power: Firm Baseload for a Decarbonising Grid

Policy openness to private participation and small modular reactors is reviving India's long-dormant nuclear ambitions.

Market Size

est. $5–7 Bn (India, FY26E)

Growth

~12% CAGR (FY26–35E, long-dated)

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Energy

City Gas Distribution

City Gas Distribution: Piped Gas as a Transition Fuel

Expanding PNG and CNG networks position natural gas as India's bridge fuel while renewables scale.

Market Size

~$15 Bn (India CGD, FY26E)

Growth

~10% CAGR (FY26–30E)

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Technology

Semiconductors

Semiconductors: India's Fab and ATMP Ambitions Take Shape

The India Semiconductor Mission is anchoring first fabs and packaging plants, seeding a domestic chip ecosystem.

Market Size

~$40–45 Bn (India consumption, FY26E)

Growth

~20% CAGR (FY26–30E)

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Technology

Data Centers

Data Centers: Digital and AI Demand Fuel a Capacity Boom

Data localisation, cloud growth and AI workloads are driving one of India's fastest infrastructure build-outs.

Market Size

~$10 Bn (India, FY26E)

Growth

~25% CAGR (FY26–30E)

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Technology

Artificial Intelligence

Artificial Intelligence: From Services Enabler to Product Layer

AI is moving from an IT-services efficiency lever to a product and application layer across Indian enterprises.

Market Size

est. $8–12 Bn (India AI, FY26E)

Growth

~30%+ CAGR (FY26–30E)

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Technology

Enterprise SaaS

Enterprise SaaS: India's Global Software Product Story

Indian SaaS firms are building global-scale products with capital-efficient go-to-market and improving profitability.

Market Size

~$15 Bn (India SaaS revenue, FY26E)

Growth

~25% CAGR (FY26–30E)

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Technology

Cybersecurity

Cybersecurity: Rising Threats Meet Regulatory Mandates

Escalating cyber threats and data-protection rules are turning security into a non-discretionary enterprise spend.

Market Size

~$4–5 Bn (India, FY26E)

Growth

~18% CAGR (FY26–30E)

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Technology

Cloud Infrastructure

Cloud Infrastructure: The Backbone of Digital India

Enterprise migration, data localisation and AI workloads are sustaining double-digit cloud infrastructure growth.

Market Size

~$12 Bn (India public cloud, FY26E)

Growth

~22% CAGR (FY26–30E)

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Technology

Fintech

Fintech: From Payments Rails to Full-Stack Financial Services

Built on UPI and India Stack, fintechs are expanding from payments into lending, wealth and embedded finance.

Market Size

~$70 Bn (India fintech revenue pool, FY26E)

Growth

~20% CAGR (FY26–30E)

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Technology

IoT & Connected Devices

IoT & Connected Devices: Instrumenting Industry and Homes

Falling sensor costs and 5G connectivity are driving IoT adoption across industry, utilities, mobility and homes.

Market Size

~$10 Bn (India IoT, FY26E)

Growth

~20% CAGR (FY26–30E)

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Technology

Consumer Internet

Consumer Internet: Monetising India's Digital Population

With one of the world's largest online populations, Indian consumer-internet platforms are pivoting to profitable scale.

Market Size

~$50 Bn (India, GMV/revenue pools, FY26E)

Growth

~18% CAGR (FY26–30E)

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Technology

Quick Commerce

Quick Commerce: The Race to Profitable 10-Minute Delivery

Dark-store networks are turning quick commerce into a mainstream urban habit, with the profitability question front and centre.

Market Size

~$8–10 Bn (India GMV, FY26E)

Growth

~40% CAGR (FY26–28E, off a fast-growing base)

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Financials

Capital Markets Infrastructure

Capital Markets Infrastructure: The Plumbing of a Deepening Market

Exchanges, depositories and RTAs are compounding on rising retail participation and financialisation of savings.

Market Size

~$5 Bn (India MII revenue pools, FY26E)

Growth

~15% CAGR (FY26–30E)

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Financials

Asset Management (AMCs)

Asset Management: Compounding on the SIP Revolution

Rising SIP flows and equity penetration are driving durable AUM growth for India's asset-management industry.

Market Size

~$700 Bn+ industry AUM (India MF, FY26E)

Growth

~18% CAGR in AUM (FY26–30E)

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Financials

Life Insurance

Life Insurance: Protection and Savings in an Under-Penetrated Market

Low protection penetration and a growing middle class underpin steady, long-duration life-insurance growth.

Market Size

~$130 Bn (India life premium, FY26E)

Growth

~12% CAGR (FY26–30E)

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Financials

General Insurance

General Insurance: Health-Led Growth in a Widening Market

Rising health and motor coverage, aided by digital distribution, is expanding India's under-penetrated non-life market.

Market Size

~$40 Bn (India non-life premium, FY26E)

Growth

~14% CAGR (FY26–30E)

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Financials

NBFC & Consumer Lending

NBFC & Consumer Lending: Credit Reaching the Under-Served

NBFCs and digital lenders are extending credit to under-served borrowers, with asset quality the perennial swing factor.

Market Size

~$500 Bn+ (India NBFC credit, FY26E)

Growth

~16% CAGR (FY26–30E)

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Financials

Wealth & WealthTech

Wealth & WealthTech: Serving a Fast-Growing Affluent Base

Rising HNI and mass-affluent wealth is expanding demand for advisory, PMS and technology-led wealth platforms.

Market Size

~$5–6 Bn (India wealth revenue pools, FY26E)

Growth

~20% CAGR (FY26–30E)

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Financials

Digital Payments

Digital Payments: Monetising the World's Largest Real-Time Rail

UPI has made India the global leader in real-time payments; the challenge and opportunity is durable monetisation.

Market Size

~$3 Tn+ annual UPI throughput (India, FY26E)

Growth

~25% CAGR in volumes (FY26–30E)

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Healthcare

Pharma & CDMO

Pharma & CDMO: India as the World's Pharmacy and Contract Partner

Generics leadership plus a China+1 shift in contract manufacturing position Indian pharma for a structural upcycle.

Market Size

~$60 Bn (India pharma, FY26E)

Growth

~10–11% CAGR (FY26–30E)

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Healthcare

Hospitals & Diagnostics

Hospitals & Diagnostics: Formalising India's Care Delivery

Rising incomes, insurance and lifestyle disease burden are driving formalisation of hospital and diagnostic care.

Market Size

~$100 Bn+ (India healthcare delivery, FY26E)

Growth

~12% CAGR (FY26–30E)

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Healthcare

Biotech

Biotech: Biosimilars, Vaccines and Novel Science

India's biotech strength in biosimilars and vaccines is broadening toward novel therapeutics and bio-services.

Market Size

~$10 Bn (India biotech, FY26E)

Growth

~14% CAGR (FY26–30E)

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Healthcare

Digital Health

Digital Health: Tele-consultation, e-Pharmacy and Care Tech

e-Pharmacy, tele-consultation and health-tech platforms are digitising access to care across India.

Market Size

est. $5–7 Bn (India, FY26E)

Growth

~25% CAGR (FY26–30E)

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Healthcare

Medical Devices

Medical Devices: Reducing Import Dependence Through Manufacturing

PLI incentives and localisation are building a domestic medical-device base in a heavily import-dependent market.

Market Size

~$14–15 Bn (India, FY26E)

Growth

~15% CAGR (FY26–30E)

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Consumer

D2C Brands

D2C Brands: Digital-First Consumer Franchises Coming of Age

Digital-first brands are building loyal niches, with the strongest now proving profitability and omnichannel scale.

Market Size

~$15 Bn (India D2C, FY26E)

Growth

~25% CAGR (FY26–30E)

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Consumer

FMCG

FMCG: Steady Compounders Meeting Premiumisation and Rural Recovery

India's FMCG majors combine defensive demand with premiumisation, even as D2C and quick commerce reshape distribution.

Market Size

~$120 Bn (India FMCG, FY26E)

Growth

~9–10% CAGR (FY26–30E)

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Consumer

Consumer Durables

Consumer Durables: Premiumisation and the Cooling-Appliance Cycle

Rising incomes, electrification and low appliance penetration drive a multi-year durables and electricals upcycle.

Market Size

~$50 Bn (India durables & electricals, FY26E)

Growth

~12% CAGR (FY26–30E)

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Consumer

Gems & Jewellery

Gems & Jewellery: Formalisation and the Rise of Branded Gold

A shift from unorganised to branded, hallmarked jewellery is powering organised players in a large, cultural market.

Market Size

~$85 Bn (India jewellery, FY26E)

Growth

~11% CAGR (FY26–30E)

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Consumer

Packaged & Convenience Foods

Packaged & Convenience Foods: Feeding Urban India's Time Poverty

Urbanisation, nuclear families and quick commerce are accelerating the shift to packaged and ready-to-eat foods.

Market Size

~$50 Bn (India packaged foods, FY26E)

Growth

~12% CAGR (FY26–30E)

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Industrials

Defence & Aerospace

Defence & Aerospace: Indigenisation Drives a Structural Order Cycle

Indigenisation mandates and record capital outlays are fuelling a multi-year order book for domestic defence manufacturers.

Market Size

~$25–30 Bn (India defence spend addressable, FY26E)

Growth

~14% CAGR (FY26–30E)

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Industrials

Space Tech

Space Tech: India's Private Launch and Satellite Ecosystem Ignites

Policy liberalisation and ISRO's heritage are catalysing a private launch, satellite and downstream space economy.

Market Size

est. $8 Bn (India space economy, FY26E)

Growth

~25%+ CAGR (FY26–30E)

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Industrials

Drones & UAV

Drones & UAV: From Agriculture to Defence and Logistics

Liberalised rules, PLI support and defence demand are scaling India's drone manufacturing and services ecosystem.

Market Size

est. $1–2 Bn (India drones, FY26E)

Growth

~30%+ CAGR (FY26–30E)

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Industrials

Electronics Manufacturing (EMS)

Electronics Manufacturing: India's PLI-Powered Assembly Boom

PLI schemes and China+1 are turning India into a major electronics and mobile-manufacturing hub, now moving toward components.

Market Size

~$130 Bn+ (India electronics production, FY26E)

Growth

~20% CAGR (FY26–30E)

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Industrials

Specialty Chemicals

Specialty Chemicals: India's China+1 Manufacturing Opportunity

Global supply-chain diversification and domestic demand position Indian specialty chemicals for structural growth.

Market Size

~$45 Bn (India specialty chemicals, FY26E)

Growth

~12% CAGR (FY26–30E)

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Industrials

Railways & Rail Infrastructure

Railways & Rail Infrastructure: A Record Capex Super-Cycle

Record government capex on modernisation, rolling stock and freight corridors underpins a multi-year rail order cycle.

Market Size

~$30 Bn (India rail capex addressable, FY26E)

Growth

~14% CAGR (FY26–30E)

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Industrials

Ports & Logistics

Ports & Logistics: Formalising India's Freight and Supply Chains

GST, multimodal corridors and e-commerce are formalising logistics and driving integrated, tech-enabled players.

Market Size

~$300 Bn+ (India logistics spend, FY26E)

Growth

~10–12% CAGR (FY26–30E)

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Industrials

Roads & Infrastructure

Roads & Infrastructure: Sustained Public Capex and Asset Monetisation

Elevated highway capex and asset-monetisation via InvITs sustain a broad construction and developer opportunity.

Market Size

~$30 Bn (India roads capex, FY26E)

Growth

~10% CAGR (FY26–30E)

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Materials

Metals & Mining

Metals & Mining: Cyclical Backbone of the Infrastructure Cycle

Steel, aluminium and base metals ride India's infrastructure and manufacturing capex, with cost position defining winners.

Market Size

~$150 Bn (India metals, FY26E)

Growth

~7–8% CAGR (FY26–30E)

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Materials

Cement

Cement: Consolidation Meets an Infrastructure and Housing Upcycle

Housing and infrastructure demand plus industry consolidation support volumes and pricing discipline for large cement players.

Market Size

~$40 Bn (India cement, FY26E)

Growth

~7% CAGR in volumes (FY26–30E)

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Materials

Textiles & Apparel

Textiles & Apparel: China+1 Sourcing and PLI-Backed Value Addition

Global sourcing diversification, PLI and PM MITRA parks position India to move up the textile value chain.

Market Size

~$150 Bn (India textiles & apparel, FY26E)

Growth

~9% CAGR (FY26–30E)

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Real Assets

REITs & Commercial Real Estate

REITs & Commercial Real Estate: Institutional Yield From Grade-A Offices

Grade-A office demand from GCCs and IT, packaged into REITs, offers institutional-quality income and growth.

Market Size

~$40 Bn+ (India REIT-able commercial assets, FY26E)

Growth

~10% CAGR (FY26–30E)

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Real Assets

Warehousing & Industrial Real Estate

Warehousing & Industrial Real Estate: The Backbone of Modern Supply Chains

E-commerce, GST-led consolidation and manufacturing are driving demand for Grade-A warehousing and industrial parks.

Market Size

est. $12–15 Bn (India Grade-A warehousing, FY26E)

Growth

~15% CAGR (FY26–30E)

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Real Assets

Hospitality & Hotels

Hospitality & Hotels: A Structural Upcycle in Indian Travel

Strong domestic travel, constrained supply and premiumisation are driving a durable hotel occupancy and rate upcycle.

Market Size

~$25 Bn (India hospitality, FY26E)

Growth

~11% CAGR (FY26–30E)

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Emerging

Agritech

Agritech: Digitising Inputs, Advisory and Farm-to-Fork Supply

Digital advisory, input marketplaces and output linkages are modernising India's vast, fragmented farm economy.

Market Size

est. $5–7 Bn (India agritech, FY26E)

Growth

~25% CAGR (FY26–30E)

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Emerging

EdTech

EdTech: From Pandemic Surge to Sustainable Learning Models

After a boom-and-correction cycle, edtech is refocusing on test-prep, upskilling and hybrid models with real outcomes.

Market Size

est. $5 Bn (India edtech, FY26E)

Growth

~15% CAGR (FY26–30E)

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Emerging

Gaming & E-sports

Gaming & E-sports: A Large Young Audience Meets Regulatory Reset

India's vast mobile-gaming audience offers scale, but monetisation and real-money-gaming regulation define the opportunity.

Market Size

est. $4 Bn (India gaming, FY26E)

Growth

~15% CAGR (FY26–30E)

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Emerging

Media & OTT

Media & OTT: Streaming Scale Meets the Search for Profitability

Streaming and digital advertising are reshaping Indian media, with consolidation and profitability now the central themes.

Market Size

~$30 Bn (India M&E, FY26E)

Growth

~10% CAGR (FY26–30E)

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Emerging

PropTech

PropTech: Digitising Property Discovery, Transactions and Management

Digital platforms are modernising property search, transactions, rentals and construction in a large, opaque real-estate market.

Market Size

est. $2–3 Bn (India proptech, FY26E)

Growth

~20% CAGR (FY26–30E)

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Emerging

Telecom & 5G

Telecom & 5G: Consolidated Market, Rising Data and New Revenue Layers

A consolidated three-player market, 5G monetisation and rising ARPU are improving telecom economics and cash flows.

Market Size

~$40 Bn (India telecom, FY26E)

Growth

~8% CAGR (FY26–30E)

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