Report Description

India Wind Turbine Market is anticipated to register a higher CAGR in the forecast period 2024-2028 due to the increasing demand for renewable electricity, rising technological advancements, and increasing government investments and projects. For instance, India presently has 10.3 GW worth of projects in both national and state bids, and these projects are anticipated to power installations through 2023. After 2023, approximately 10 GW of newly granted wind capacity will drive the market, mostly through hybrid projects that are becoming more crucial for the nation's "round-the-clock" electricity strategy.

Wind turbine is a system that turns kinetic energy of wind into electricity. This electrical energy is further transferred to a power grid and from the power grid the electrical energy gets transmitted to the consumer.

India is the fourth largest country in terms of installed wind power capacity in the world after China, USA, and Germany. India’s current wind installed capacity stands at about 28 GW, which is expected to increase to 60 GW by 2022. Further, India’s wind power potential now stands at around 300 GW at a hub height of 100 meters. India’s onshore wind industry is more commercially active than the offshore industry. The Government of India has taken a major policy push to develop offshore wind power segment in India. India has a strong local wind turbine manufacturing ecosystem with major global and Indian players present. These companies manufacture and export wind turbines to countries such as Australia, Brazil, Europe, and the USA. Although the local wind turbine manufacturing ecosystem in India is strong, some manufacturers do import critical high value components.

Furthermore, the government of India has revised the renewable energy power capacity addition targets to 175 GW by 2022. In addition to increasing the solar power capacity by five times to 100 GW by 2022, the government has announced that 60 GW of power would be contributed from the Wind Power sector. The National Institute of Wind Energy (NIWE) estimated India’s Wind potential at 49 GW at 50m height. However, at the 80m hub height, the potential grows to 102 GW. Furthermore, at the 100m hub height, the potential grows significantly to about 300 GW. Among other initiatives, key targets of the Indian government include reaching 40% power installed capacity from non-fossil-fuel-based energy resources by 2030. As a result, the demand for wind turbine is likely to grow along with the increasing solar power capacity initiatives.

India Wind Turbine Market: Drivers

The merchandise will increase across residential applications due to rising electricity demand, rapid urbanization, rising living standards, and greater electricity consumption. The utility turbine industry situation will be boosted by the government's multiple attempts to increase the share of renewable energy in overall power generation across various industrial segments. The country's continued local production facility growth and rapid industrialization will improve the business environment. The demand for wind turbines is growing quickly due to the speedy transition away from dirty, renewable energy sources like wind and solar power. The significant rise in electricity costs is fueling demand for accessible, affordable energy from renewable sources, which is boosting the market for wind turbines in India.

Moreover, technological improvements like increased-capacity wind turbines, floating Wind Turbines, have brought the general cost of wind generation to the lowest level and opened new offshore locations like deep water that was previously inaccessible because of lack of investment and technology. These developments are accelerating the adoption of wind generation across the country and are expected to supply significant opportunities for the players to enter the market.

India Wind Turbine Market: Challenges

Legacy Challenges- Legacy issues such a lack of suitable infrastructure for power transmission and evacuation, delays in obtaining licenses and permissions, and land acquisition, etc. continue to drive up the price of project execution.

Surge In Commodity Prices- Turbine OEMs are facing cost pressures due to cost inflation of related raw materials and critical wind turbine components. Steel is a major component used in turbine manufacturing. The resurgence of steel demand from the pandemic, shipping disruptions, and increased power outages in mainland China have led to an increase in commodity prices inclusive of steel, with expected prices to be 25-30% higher than 2021.

Recent Development in India Wind Turbine Market:

Government Launches Scheme to Procure 4,500 MW Electricity- Under the SHAKTI Policy's provision for transparently utilizing and allocating koyala resources, the Government of India's Ministry of Electricity has announced a proposal to purchase 4,500 MW of power over a five-year period on a finance, own, and operate (FOO) basis (coal). PFC Consulting Ltd, a completely owned subsidiary of Power Finance Corporation (PFC Ltd), has been appointed by the power ministry as the scheme's nodal organization. About 27 million tonnes of dry fuel per year must be set aside by the coal ministry for the delivery, which will begin in April 2023.

Amazon Announces 300 MW Wind-Solar Hybrid Projects in India, First Such Project Globally- In November 2022, Amazon India has announced its first wind-solar hybrid projects in India, marking a big shift to clean energy. The two projects with a capacity of 300 MW will be based in Madhya Pradesh and Karnataka, and once operational, will produce 1163 GW hours of clean power.

India Plans USD 2 Billion Incentive for Green Hydrogen Industry- Indian Government plans to invest USD 96 billion in green hydrogen and its derivative green ammonia by 2030. Moreover, the government is planning a USD 2.2 billion incentive in the upcoming budget that aims to reduce the production cost of green hydrogen by a fifth, over the next five years.

India Needs a Doubling of Installs to Deliver on PM Modi’s 450 GW By 2030 Ambition- India installed a record 15 GW of new renewable energy capacity in 2021/22, giving visibility to PM Modi’s ambitious vision of 450GW by 2030. This would require a new investment in firmed renewables and grid transmission capacity of USD 500 billion.


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Market Segments

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 divided among north, east, west, and south.

 

Market Players

Major market players of India wind turbine market are 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.

Attribute

Details

Base Year

2022

Historic Data

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million, and CAGR for 2018-2022 and 2023-2028

Report coverage

Revenue forecast, company share, growth factors, and trends

Segments covered

By Type

By Installation

By Component

By Application

By Capacity

By Rating

By Connectivity

By Region

Regional scope

North India, East India, West India, South India

Key companies profiled

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.

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)


Report Scope:

In this report, India Wind Turbine market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

·         India Wind Turbine Market, By Type:

o   Horizontal-axis Turbine

o   Vertical-axis Turbine

·         India Wind Turbine Market, By Installation:

o   Offshore

o   Onshore

·         India Wind Turbine Market, By Component:

o   Foundation

o   Tower

o   Rotor

o   Generator

o   Nacelle

o   Others

·         India Wind Turbine Market, By Application:

o   Industrial

o   Commercial

o   Residential

o   Utilities

·         India Wind Turbine Market, By Capacity:

o   Small

o   Medium

o   Large

·         India Wind Turbine Market, By Rating:

o   <100KW

o   100KW to 250KW

o   250KW to 500KW

o   500KW to 1MW

o   1MW to 2MW

o   >2MW

·         India Wind Turbine Market, By Connectivity:

o   Standalone

o   Grid Connected

·         India Wind Turbine Market, By Region:

o   North India

o   East India

o   West India

o   South India

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in India Wind Turbine Market

Available Customizations:

India Wind Turbine market with the given market data, Tech Sci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

India Wind Turbine Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

1.1.     Market Definition

1.2.     Scope of the Market

1.2.1.    Markets Covered

1.2.2.    Years Considered for Study

1.2.3.    Key Market Segmentations

2.    Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3.    Executive Summary

4.    Voice of Customer

5.    India Wind Turbine Market Outlook

5.1. Market Size & Forecast

5.1.1.    By Value

5.2. Market Share & Forecast

5.2.1.    By Type (Horizontal-axis Turbine, Vertical-axis Turbine)

5.2.2.    By Installation (Offshore, Onshore)

5.2.3.    By Component (Foundation, Tower, Rotor, Generator, Nacelle and Others)

5.2.4.    By Application (Industrial, Commercial, Residential, Utilities)

5.2.5.    By Capacity (Small, Medium, Large)

5.2.6.    By Rating (<100KW, 100KW to 250KW, 250KW to 500KW, 500KW to 1MW, 1MW to 2MW, >2MW)

5.2.7.    By Connectivity (Standalone, Grid Connected)

5.2.8.    By Region (North India, East India, West India, South India)

5.2.9.    By Company (2022)

5.3. Market Map (By Type, By Installation, By Component, By Application, By Capacity, By Rating, By Connectivity and By Region)

6.    North India Wind Turbine Market Outlook

6.1. Market Size & Forecast

6.1.1.    By Value

6.2. Market Share & Forecast

6.2.1.    By Type

6.2.2.    By Installation

6.2.3.    By Component

6.2.4.    By Application

6.2.5.    By Capacity

6.2.6.    By Rating

6.2.7.    By Connectivity

7.    East India Wind Turbine Market Outlook

7.1. Market Size & Forecast

7.1.1.    By Value

7.2. Market Share & Forecast

7.2.1.    By Type

7.2.2.    By Installation

7.2.3.    By Component

7.2.4.    By Application

7.2.5.    By Capacity

7.2.6.    By Rating

7.2.7.    By Connectivity

8.    West India Wind Turbine Market Outlook

8.1. Market Size & Forecast

8.1.1.    By Value

8.2. Market Share & Forecast

8.2.1.    By Type

8.2.2.    By Installation

8.2.3.    By Component

8.2.4.    By Application

8.2.5.    By Capacity

8.2.6.    By Rating

8.2.7.    By Connectivity

9.    South India Wind Turbine Market Outlook

9.1. Market Size & Forecast

9.1.1.    By Value

9.2. Market Share & Forecast

9.2.1.    By Type

9.2.2.    By Installation

9.2.3.    By Component

9.2.4.    By Application

9.2.5.    By Capacity

9.2.6.    By Rating

9.2.7.    By Connectivity

10. Market Dynamics

10.1.  Drivers

10.2.     Challenges

11. Market Trends & Developments

12. Policy & Regulatory Landscape

13. India Economic Profile

14. Company Profiles

14.1.        Vestas Wind Technology India Private Limited

14.1.1.  Business Overview

14.1.2.  Key Revenue (If Available)

14.1.3.  Recent Developments

14.1.4.  Key Personnel

14.1.5.  Key Product/Service Offered

14.2.   ReGen Powertech Pvt Ltd.

14.2.1.  Business Overview

14.2.2.  Key Revenue (If Available)

14.2.3.  Recent Developments

14.2.4.  Key Personnel

14.2.5.  Key Product/Service Offered

14.3.   Suzlon Energy Limited

14.3.1.  Business Overview

14.3.2.  Key Revenue (If Available)

14.3.3.  Recent Developments

14.3.4.  Key Personnel

14.3.5.  Key Product/Service Offered

14.4.      Wind World (India) Limited

14.4.1.  Business Overview

14.4.2.  Key Revenue (If Available)

14.4.3.  Recent Developments

14.4.4.  Key Personnel

14.4.5.  Key Product/Service Offered

14.5.   GE Renewable Energy

14.5.1.  Business Overview

14.5.2.  Key Revenue (If Available)

14.5.3.  Recent Developments

14.5.4.  Key Personnel

14.5.5.  Key Product/Service Offered

14.6.   Indowind Energy Limited

14.6.1.  Business Overview

14.6.2.  Key Revenue (If Available)

14.6.3.  Recent Developments

14.6.4.  Key Personnel

14.6.5.  Key Product/Service Offered

14.7.   Orient Green Power Company Limited

14.7.1.  Business Overview

14.7.2.  Key Revenue (If Available)

14.7.3.  Recent Developments

14.7.4.  Key Personnel

14.7.5.  Key Product/Service Offered

14.8.   Siemens Gamesa Renewable Energy S.A.

14.8.1.  Business Overview

14.8.2.  Key Revenue (If Available)

14.8.3.  Recent Developments

14.8.4.  Key Personnel

14.8.5.  Key Product/Service Offered

14.9.   Pioneer Wincon Energy Systems Pvt Ltd

14.9.1.  Business Overview

14.9.2.  Key Revenue (If Available)

14.9.3.  Recent Developments

14.9.4.  Key Personnel

14.9.5.  Key Product/Service Offered

14.10.   Enercon India Pvt. Ltd.

14.10.1.  Business Overview

14.10.2.  Key Revenue (If Available)

14.10.3.  Recent Developments

14.10.4.  Key Personnel

15. Strategic Recommendations

16. About Us & Disclaimer

(Note: The companies list can be customized based on the client requirements.)

Figures and Tables

Frequently asked questions

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Technological evolution of wind turbine, increasing renewable energy demand and rapid expansion of favorable government policies are the current trends expected to influence the India Wind Turbine Market in the next few years.

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Offshore is the dominating segment in the India Wind Turbine Market, by installation in 2022 because India has coastline of about 7600 km surrounded by water on three sides and has good prospects of harnessing offshore wind energy. Moreover, though offshore wind energy could help India produce more clean energy.

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South is the dominating segment in the India Wind Turbine Market, by region in 2022 as the state of Tamil Nadu has the highest installed wind capacity in India. It is home to 25 per cent of the nation’s wind power capacity.

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The key market players in India wind turbine market are 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.

profile

Parvati Sharma

Account Manager BD
Press Release

India Wind Turbine Market is Dominated by South Region Until 2028

Jun, 2023

Increasing demand for renewable electricity and rising investments are driving the India Wind Turbine Market in the forecast period 2024- 2028 across India.