India Wind Power Market is expected to grow at a CAGR of 5.81%
India
Wind Power Market is expected to grow owing to abundant wind resources,
particularly along its extensive coastlines and hilly terrains throughout the
forecast period.
According
to TechSci Research report, “India
Wind Power Market – By Region,
Competition, Forecast and Opportunities, 2019-2029”, India Wind
Power Market is expected to register robust growth during the forecast period.
Government policies and incentives have played a pivotal role in driving the
growth of the Indian wind power market. Initiatives like the Renewable Purchase
Obligation (RPO) mandate that utilities purchase a certain percentage of their
electricity from renewable sources, including wind power. Various financial
incentives, accelerated depreciation benefits, feed-in tariffs, and
generation-based incentives attract investment in wind energy projects.
The
Indian government has introduced various policies and incentives to promote
wind energy development. Initiatives like the National Offshore Wind Energy
Policy, the National Wind-Solar Hybrid Policy, and the Renewable Purchase
Obligation (RPO) mandate create a conducive environment for investment in wind
power projects.
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Based
on application, the Industrial
segment is expected to dominate the market during the forecast period. The
automotive sector is a substantial consumer of energy, with large manufacturing
plants and a growing demand for electric vehicle production. Wind power can be
used to meet a portion of the electricity needs of automotive factories, making
the manufacturing process more sustainable and reducing carbon emissions. Food
processing units often require continuous energy supply to maintain
refrigeration, cooking, and packaging processes. Wind power can be integrated
into these facilities to reduce energy costs and promote sustainability. The
intermittent nature of wind power can be managed effectively in combination
with grid power and energy storage systems. The chemical and petrochemical
sectors require significant energy inputs for various processes. Wind power can
be used to generate electricity for these industries, especially in regions
with favorable wind conditions. The integration of wind energy contributes to
reducing the carbon footprint and dependence on fossil fuels. The mining and
minerals sector requires reliable and continuous power for excavation,
processing, and transportation. Wind power can be harnessed to meet the energy
needs of mining operations, reducing the reliance on diesel generators and
contributing to a cleaner energy mix. In conclusion, the industrial segment of
the India Wind Power Market is witnessing increased adoption of wind energy to
meet energy demands, reduce operational costs, and enhance sustainability. Wind
power's intermittent nature is managed through grid integration and, in some
cases, energy storage solutions. As the industrial sector continues to grow,
the integration of wind power is expected to play a significant role in
enhancing energy resilience and environmental sustainability for these
industries.
Based
on Installation, the Offshore segment is projected to dominate the market
throughout the forecast period. Integrating offshore wind power into the
onshore grid is a significant challenge. The necessary grid infrastructure,
including underwater transmission lines and substations, needs to be developed
to transfer electricity from offshore projects to demand centers. Grid
management and the ability to balance the intermittent nature of wind power are
crucial for ensuring a stable and reliable energy supply. Offshore wind
projects require substantial upfront investment due to the costs associated
with offshore infrastructure, such as foundations and substructures. Securing
financing for these projects is a key challenge. The Indian government, in
collaboration with international financial institutions and private investors,
is working on creating financing mechanisms and incentives to attract
investments in offshore wind. Developing a local manufacturing and supply chain
for offshore wind components is essential for cost-effective and sustainable
offshore projects. This can create jobs and promote economic development. The
government has initiated plans to encourage local manufacturing of offshore
wind components and equipment. In conclusion, the offshore wind segment in the
Indian Wind Power Market represents a significant opportunity for clean energy
generation and achieving the country's renewable energy targets.
Key
market players in the India Wind Power Market are: -
- Suzlon
Energy Limited
- Vestas Wind Technology India Private Limited
- Siemens Gamesa Renewable Power Private Limited
- ReNew Power Private Limited
- Mytrah Energy (India) Private Limited
- Inox Wind Limited
- Greenko Energies Private Limited
- Adani Green Energy Limited
- CLP India Private Limited
- Hero
Future Energies
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“The
India Wind Power Market in South India is poised to be the dominant force in
the industry. South Indian states have implemented supportive policies and
incentives to promote wind energy development. These include feed-in tariffs,
power purchase agreements (PPAs), and other financial incentives to attract
investors. Tamil Nadu, for example, has been a pioneer in wind energy policies
and has been offering favorable incentives to wind power developers.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“India
Wind Power Market Segmented By Application (Residential, Commercial and
Industrial), By Installation (Onshore and Offshore), By Turbine Capacity (100
KW, 100 KW to 500 KW, 500 KW to 1 MW, 1MW to 3 MW and Less than 3 MW), By
Region, and By Competition, 2019-2029,” has evaluated the future growth
potential of India Wind Power Market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in India Wind Power Market.
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