India Wind Energy Market More Than Doubles Its Size to Touch Value of USD 10.4 Billion by 2030

Published | 17 July 2024

India Wind Energy Market is booming primarily due to increasingly cost-competitive wind power, the government’s commitment to clean energy with ambitious Renewable Purchase Obligation (RPO) targets and financial incentives, and a conducive market landscape for private sector investments.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated India Wind Energy Market size by value at USD 4.8 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects India Wind Energy Market size to expand at a CAGR of 11.8% reaching a value of USD 10.4 billion by 2030. The Wind Energy Market in India is propelled the increasing tender volumes, India's robust wind manufacturing capacity, and strategic advantages in overcoming global supply chain challenges. The Government of India's ambitious target of achieving 500 GW of renewable energy by 2030, with 140 GW specifically from wind energy, serves as a significant catalyst for market expansion. The growing demand for renewable, environmentally friendly, and cost-effective energy sources further amplifies market dynamics. Wind energy not only supports rural employment and economic growth but also offers environmental benefits such as zero water consumption and CO2 emissions. Its cost-effectiveness and rapid deployment capabilities make wind farms highly competitive compared to other renewable energy options. Advances in estimating wind potential at higher hub heights present substantial growth opportunities, complemented by national initiatives like "Make in India" and "Atmanirbhar Bharat," which bolster domestic manufacturing capabilities and solidify India's position in the global wind supply chain.

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Opportunity – Emerging offshore wind market with significant potential

India stands poised to harness its offshore wind energy potential along the coasts of Gujarat and Tamil Nadu, marking a significant stride in its renewable energy ambitions. Offshore wind promises enhanced operational efficiency and cost reduction, particularly during monsoon months with peak wind speeds exceeding 20.76 m/s and a capacity utilization factor surpassing 50%, bolstering system reliability. The FOWIND project, backed by a EUR 4 million grant from the EU Delegation to India and in collaboration with the Ministry of New and Renewable Energy, underscores India's nascent yet promising offshore wind market. The initiative focuses on crucial activities, such as feasibility studies for a 500 MW offshore wind capacity and strategic policy briefs. WISE, a key consortium member, has played a pivotal role, deploying LIDAR technology to assess wind resources in Gujarat's Gulf of Cambay, strengthening technological integration and supply chain resilience while stimulating significant interest and investments in India's offshore wind sector. It positions India's offshore wind industry as a pivotal growth frontier in renewable energy, highlighting its transition towards sustainable development. The growth of offshore wind energy sector could further boost the growth of India Wind Energy Market.

West India to Dominate India Wind Energy Market

West India region emerges as the leader in India Wind Energy Market and is expected to maintain its dominant position over the forecast period. Gujarat, with its expansive 1,600 km coastline, enjoys optimal wind speeds ideal for electricity generation. The state boasts a substantial gross potential of 7,362 MW for wind power, encompassing both onshore and potential offshore projects. Gujarat has already operationalized 20.70 MW in wind mill power projects, with ambitious plans for further expansion. Initiatives such as the exploration of offshore wind projects underscore Gujarat's steadfast commitment to advancing renewable energy within the framework of national climate initiatives.

Impact of Escalating Geopolitical Tensions on India Wind Energy Market

Intensifying geopolitical tensions can have a multifaceted impact on India Wind Energy Market. Conflicts between countries disrupt supply chains, impede international collaborations, and heighten regulatory uncertainties, leading to market volatility. Increased risk premiums on financing, coupled with potential supply chain disruptions for critical components sourced internationally, may raise project costs. Furthermore, geopolitical instability can influence policy decisions regarding energy independence and foreign investments, altering market dynamics and growth projections. Stakeholders in the India Wind Energy Market must navigate these challenges by diversifying supply chains, strengthening local manufacturing capabilities, and advocating for stable regulatory environments to mitigate risks and sustain growth in renewable energy deployment.

Competitive Landscape

India Wind Energy Market is highly fragmented, with numerous players serving the market. The key players dominating the market include Inox Wind Limited, Suzlon Energy Limited, General Electric Company, Siemens Gamesa Renewable Energy, Vestas Wind Systems AS, Envision Group, Wind World India Ltd, Tata Power Company, and Enercon GmBH. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge over their competitors in India Wind Energy Market .

Don’t miss the business opportunity of India Wind Energy Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and India Wind Energy Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Wind Energy Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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