India Wind Power Market Outlook, 2027-28

India Wind Power Market Outlook, 2027-28

The report titled India Wind Energy Market Outlook, 2027–28 is anticipated to grow at a CAGR of more than 11% in volume terms during the forecast period. Wind is an intermittent and site-specific source of energy; therefore, an extensive wind resource analysis is requisite for the selection of potential sites for on-shore wind energy. In India, wind energy appears as a successful renewable energy option. For on-grid power generation in India, wind energy is a better option in comparison to other renewable energies because it is the fastest growing renewable energy technology. Over a period of time, the Ministry, through the National Institute of Wind Energy (NIWE), has installed more than 890 wind-monitoring stations all over the country and issued wind potential maps at 50 m, 80 m, 100 m, and 120 m above ground level. The new installed capacity of wind energy is more than 15 GW in India, which is lower as compared to last year due to the COVID-19 pandemic situation.

India’s wind energy sector is led by the indigenous wind power industry and has shown consistent progress. The expansion of the wind industry has resulted in a strong ecosystem, project operation capabilities, and manufacturing base of about 10,000 MW per annum. As per the obtained data from the Ministry of New and Renewable Energy, the country currently has the fourth highest wind installed capacity in the world with a total installed capacity of 39.25 GW (as on March 31st, 2021) and has generated around 60.149 Billion units during 2020–21. India currently has a pipeline of projects of 10.3 GW in both central and state tenders, which are expected to drive installations until 2023. The market post-2023 will likely be driven by nearly 10 GW of new capacity awarded to wind projects, mainly through hybrid projects, which are becoming increasingly important for the country’s round-the-clock power initiative. Going forward, greater consensus and coordination between central and state governments around wind targets, supply chain utilization, and the definition of a clear market roadmap are some of the key actions needed to put India on a pathway to meet its decarburization and renewable energy goals.

According to Bonafide Research, wind capacity has been growing at an immense pace in India and has shown remarkable growth in the last few years. India occupies the 4th rank in the world in generating wind energy. The government of India has set a target of more than 175 GW for overall renewable energy and more than 60 GW for wind energy capacity that is to be accomplished by the forecast period. Gujarat leads India in wind energy installed capacity. By region, the West region is categorized as having the highest installed capacity in India.

Wind energy in India is mainly categorized into on-shore wind and off-shore wind energy. The penetration of on-shore wind is higher than that of off-shore wind. India has the largest open market and colossal growth potential. It has been experiencing a significant influx of capital and technology. This will help push the penetration rate of wind energy in India up. The government of India and the Ministry of New and Renewable Energy (MNRE) has sanctioned projects for offshore wind energy in many states with the objective of examining the feasibility of setting up offshore wind farm projects. India has set up a consortium to do an assessment of such sites where offshore wind farms can be set up to generate the optimum energy from the site.

Wind Turbine Generator technology has evolved and the latest technologies are available in the country for the manufacture of wind turbines and the other components of wind energy. Around 75% localization has been achieved with strong domestic manufacturing capacity for wind energy turbines and their components in the country. With a higher volume share, Siemens Gamesa Renewable Energy is the leading player in wind energy capacity installation in India. In addition to that, the Ministry of New and Renewable Energy has implemented the National Wind-Solar Hybrid Policy, with the objective of encouraging new technologies, methods, and way-outs involving combined operation of wind and solar PV plants.

India came up with its offshore wind power policy in 2015, but no projects have taken off since then, primarily because it costs significantly more than solar and onshore wind. Despite the higher costs today, offshore wind is an important resource for decarbonizing India’s power sector. The country has the potential to generate 140 GW of electricity from offshore wind along its 7,600-km coastline. Half of this potential is near the coasts of Tamil Nadu and Gujarat. For instance, the MNRE recently announced a mega 4-GW tender for offshore wind power off the coasts of Tamil Nadu and Gujarat in the next few months.

COVID-19 Impacts:
The COVID-19 pandemic resulted in nation-wide lockdowns in 2020 and caused severe disruptions to the supply chain and movement of goods and people, delaying project execution. Ongoing renewable energy projects in various sectors in India have influenced new capacity additions in power sectors. The COVID-19 pandemic situation hit when sustainability had started to gain significance in the energy sector. Due to the pandemic situation, expected growth in the installation of wind energy has not been achieved as per the target. However, in the forecasted period it is anticipated to grow at a higher CAGR.

Considered in this report
• Geography: India
• Base Year: 2016-17
• Estimated Year: 2022-23
• Forecasted Year: 2027-28

Aspects covered in this report
• India Wind Energy market with its value and forecast along with its segments
• Region-wise India Wind Energy market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

Regions covered in the report
• North
• South
• West
• East

Types of Wind Energy in the report
• On-Shore Wind Energy
• Off-Shore Wind Energy

Major Companies in Wind Energy
Siemens Gamesa Renewable Energy, Suzlon Energy Limited, GE Energy India Limited., Inox Wind Limited, Vestas Wind Technology India Private Limited , Envision and Senvion India Private Limited

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to wind energy industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

“India Wind Energy Market Outlook, 2027-28” discusses the following aspects of wind power in India:
How it will help solving your strategic decision making process??
The report gives an in-depth understanding of wind market in India:
• India Wind Energy Market Outlook
• India Wind Energy Market Size By Cumulative Capacity & Forecast
• India Wind Energy Market Size By Region By Cumulative Capacity
• India Wind Energy Market Size By State By Cumulative Capacity
• India Wind Energy Market Size By New Installed Capacity & Forecast
• India Wind Energy Market Segmental Analysis: By Company, By Region, By State
• Product Portfolio By Company
• The key vendors in this market space

This report can be useful to Industry consultants, manufacturers and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

Report Methodology
The information contained in this report is based upon both primary and secondary research. Primary research included interviews with various manufacturers of wind turbines in India. Secondary research included an exhaustive search of relevant publications like company annual reports, financial reports and proprietary databases.