India Wind Turbine Market is Dominated by South Region Until 2028
Increasing demand for renewable electricity and rising
investments are driving the India Wind Turbine Market in the forecast period
2024- 2028 across India.
According
to TechSci Research report, “India Wind Turbine Market - By Region,
Competition Forecast & Opportunities, 2018-2028”, the India Wind Turbine Market
is expected to register robust growth during the forecast period 2024-2028.
The demand for wind turbine is increasing rapidly as the country shifts
away from climate-damaging, non-renewable fossil fuels and toward clean,
renewable energy sources. Moreover, rising electricity rates are pushing demand
for renewable energy sources, thereby propelling the India Wind Turbine Market.
Furthermore, the demand for more and more off-grid applications has increased
the growth of the India Wind Turbine Market to a great extent.
The government is making efforts to develop renewable energy, and the
market is expanding. The main drivers for the growth of this market are
anticipated to be the rising need for renewable energy sources, particularly
wind power, and initiatives to lessen reliance on power generation based on
fossil fuels. The government offers several tax breaks and incentives that are
lowering component prices, which is anticipated to improve the market for wind
turbines in India.
Recent Investments in India Wind Turbine Market:
- In February 2022, Tata Power and the German power producer RWE reached
an agreement to work together to examine the possibility of developing offshore
wind projects in India. At the moment, India has no operational offshore wind
energy facility. But it is anticipated that partnerships like this would be able
to grow this sector.
- Siemens Gamesa was given a contract by Ayana Renewable Power Six in 2021
to provide 3.X turbines for a 300MW wind farm project in the Indian state of
Karnataka. In accordance with the contract, Siemens Gamesa will provide and
install 84 of the SG 3.6-145 wind turbines for the project.
- In 2022, Indian lenders have approved a plan by wind energy firm Suzlon
Energy to convert part of its debt of around INR 4,100 crore into equity that
would see the creditors' stake rise to thirty-five percent, while the
promoter's stake would fall to 12.7% from 16% after the dilution. Suzlon Energy
is one of the largest manufacturers of wind turbines in India, restructuring of
the company is essential for the growth of the market in the country.
Browse over XX market data
Figures spread through XX Pages and an in-depth TOC on the "India Wind Turbine Market”
India wind turbine market is segmented into type, installation,
component, application, capacity, rating, connectivity, and region. Based on type,
the market is segmented into horizontal-axis turbine and vertical-axis turbine.
Based on installation, the market is segmented into offshore and onshore. Based
on component, the market is segmented into foundation, tower, rotor, generator,
nacelle, and others. Based on application, the market is segmented into
industrial, commercial, residential, and utilities. Based on capacity, the
market is segmented into small, medium, and large. Based on rating, the market
is segmented into <100KW, 100KW to 250KW, 250KW to 500KW, 500KW to 1MW, 1MW
to 2MW, and >2MW. Based on connectivity, the market is segmented into standalone,
and grid connected. The market analysis studies the regional segmentation to
devise regional market segmentation, divided among north, east, west, and
south.
Based on type, horizontal-axis turbine
dominates the India Wind Turbine Market in 2022 because horizontal-axis wind
turbines are most frequently seen in large-scale wind farms for national
projects or industrial plants because they have greater efficiency ratings that
can produce more electricity, high operational wind speed, and high-power
output.
Based on installation, offshore dominates the India
Wind Turbine Market in 2022 since offshore wind turbines are more effective
than onshore installations. As a result, as per installed capacity, offshore
wind farms produce more electricity. Also, India has a coastline of around 7600
km that is bordered by water on three sides and has promising offshore wind
energy potential.
Based on
Region,
South dominates the India Wind Turbine Market in 2022 because Tamil Nadu’s wind
power capacity is around 35% of India’s total. Tamil Nadu has the total
capacity of 1500MW, which is largest in India. Moreover, Maharashtra is one of
the prominent states that install wind power projects after Tamil Nadu in
India.
Key market
players in the India Wind Turbine market include:
- Vestas Wind Technology India Private Limited
- ReGen Powertech Pvt Ltd.
- Suzlon Energy Limited
- Wind World (India) Limited
- GE Renewable Energy
- Indowind Energy Limited
- Orient Green Power Company Limited
- Siemens Gamesa Renewable Energy, S.A.
- Pioneer Wincon Energy Systems Pvt Ltd
- Enercon India Pvt. Ltd.
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“With significant domestic and international businesses
present, India has a robust local wind turbine manufacturing ecosystem. These
businesses produce and exports wind turbines to the USA, Europe, Australia, and
Brazil. Furthermore, the country's growing demand for clean fuel energy
increases the demand for wind turbine all across India. Furthermore, the
augmentation targets for renewable energy generation capacity have been updated
by the Indian government to 175 GW by 2022. Due to it, the demand for wind turbines
is anticipated to grow during the predicted period.” said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“India
Wind Turbine Market By Type (Horizontal-axis Turbine, Vertical-axis Turbine),
By Installation (Offshore, Onshore), By Component (Foundation, Tower, Rotor,
Generator, Nacelle and Others), By Wind Class (Wind Class1, Wind Class2, Wind
Class3), By Application (Industrial, Commercial, Residential, Utilities), By Capacity
(Small, Medium, Large), By Rating (<100KW, 100KW to 250KW, 250KW to 500KW,
500KW to 1MW, 1MW to 2MW, >2MW), By Connectivity (Standalone, Grid
Connected), By Region, Competition Forecast & Opportunities, 2028F” has assessed the India Wind
Turbine market's future development potential and provides data and information
on market size, structure, and projected market growth. The report's goal is to
give current market knowledge and assist decision makers in making informed
investment decisions. Furthermore, the study identifies and analyses emerging
trends, as well as key drivers, constraints, and opportunities in the India Wind
Turbine market.
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