Product Code: 55017
The India Wind Energy Market is expected to register a CAGR of greater than 8% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market has now reached pre-pandemic levels.
Key Highlights
- Over the long term, favorable government policies, the increasing investment in upcoming wind power projects, and the reduced cost of wind energy, which has led to increased adoption of wind energy, are expected to drive the market during the forecast period.
- On the other hand, the increasing adoption of alternative energy sources, such as gas-based and solar power, will likely hinder market growth.
- Nevertheless, the Government of India established a national renewable energy target of wind is 500 GW by 2030. This will likely provide widespread business opportunities to the market in the coming years.
India Wind Energy Market Trends
Onshore Wind Energy is Expected to Dominate the Market
- India is an onshore wind energy market as most significant wind-producing areas are on land. The southern regions provide the most optimum location in India due to the Western Ghats and different wind seasons.
- India's wind energy sector is led by the indigenous wind power industry and has created consistent progress. The expansion of the wind industry has resulted in a sustainable ecosystem, project operation capabilities, and a manufacturing base of about 10 GW per annum.
- The country has the fourth-highest wind installed capacity in the world, with a total installed capacity of 40 GW (end of 2021), witnessing an increase of 4% compared to 38.62 GW in 2020.
- India is trying to expand its green energy portfolio by harnessing the unexploited offshore wind energy potential along its 7,600 km coastline. The focus on offshore increased in recent years. The renewable energy ministry has set a target of 30 GW offshore wind installations by 2030.
- According to the Indian Wind Atlas, the installable wind potential capacity is around 102.79 GW and 302.25 GW at 80 m and 100 m, respectively, above the ground level. However, India's offshore wind power market is still nascent, with a potential of around 60 GW. The potential areas of India's offshore wind power are on the Gujarat and Tamil Nadu coasts.
- According to IRENA, the onshore wind energy installed capacity increased to 41.93 GW in 2022 from 25,088 MW in 2015. The trend is expected to increase in the coming years, aiding the market's growth.
- Hence, increasing deployment of onshore wind energy is expected to drive the market due to the growing indigenous wind industry.
Increasing Investment to Drive the Market
- India has a large population with increasing demand for clean energy, especially with the rising pollution.
- In February 2022, Tata Power and German electricity generating company RWE agreed on a partnership to explore the potential for joint development of offshore wind projects in India. India currently has no working offshore wind energy plant. However, it is expected that collaborations like these will be able to develop this segment.
- In 2021, Ayana Renewable Power Six awarded a contract to Siemens Gamesa to deliver 3. X turbines for a 300MW wind farm project in the Indian state of Karnataka. Under the agreement, Siemens Gamesa is expected to supply and install 84 units of the SG 3.6-145 wind turbines for the project.
- In September 2022, The Andhra Pradesh State Investment Promotion Board (SIPB) approved investments worth USD 9.8 billion in the green energy sector to generate 7,200 MW in pumped hydro, solar, and wind power projects.
- In December 2022, CleanMax Enviro Energy Solutions (CleanMax) partnered with global internet giant Meta to invest 33.8 MW of new renewable energy projects in India. The projects will comprise 21.6 MW wind and 12.2 MW solar installations.
- The increasing demand for electricity is another primary driver for the market. It has been growing substantially over the years, from 28.68 Exajoules in 2015 to 35.43 Exajoules in 2021. This trend is accepted to increase in the coming years, aiding the growth of the market.
- Hence, increasing investment is expected to drive the market in the coming years.
India Wind Energy Industry Overview
The Indian Wind Energy Market is fragmented. Some of the major players in the market (in no particular order) include Suzlon Energy Limited, Inox Wind Limited, Vestas Wind Systems AS, Tata Power Company, and Enercon GmBH.
Additional Benefits:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
TABLE OF CONTENTS
1 INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Wind Energy Installed Capacity and Forecast in GW, till 2028
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
- 4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
- 4.7 PESTLE Analysis
5 MARKET SEGMENTATION - BY SECTOR
6 COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
- 6.3 Company Profiles
- 6.3.1 Inox Wind limited
- 6.3.2 Suzlon Energy Limited
- 6.3.3 General Electric Company
- 6.3.4 Siemens Gamesa Renewable Energy SA
- 6.3.5 Vestas Wind Systems AS
- 6.3.6 Envision Group
- 6.3.7 Wind World India Ltd
- 6.3.8 Tata Power Company
- 6.3.9 Enercon GmBH
7 MARKET OPPORTUNITIES AND FUTURE TRENDS