PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1534462
PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1534462
India Wind Energy Market, By Location (Offshore, Onshore); By End User (Industrial, Commercial, Residential); By Region (North India, South India, East India, West India), Trend Analysis, Competitive Landscape & Forecast, 2019-2030
India Wind Energy Market More Than Doubles Its Size to Touch Value of USD 10.4 Billion by 2030
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.
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 .
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.
Table of Contents
1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
2. Executive Summary
3. India Wind Energy Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Cost competitiveness of wind in the overall energy mix
- 3.2.1.2. Supportive government policies and incentives like RPO targets and fiscal incentives
- 3.2.1.3. Increasing private sector investment and participation
- 3.2.2. Restraints
- 3.2.2.1. Slowdown in domestic market in recent years leading to under-utilization of manufacturing capacity
- 3.2.2.2. Lack of a comprehensive plan to accelerate production capacity and encourage new investments
- 3.2.2.3. Reliance on imports for certain components due to lack of domestic manufacturing
- 3.2.3. Opportunities
- 3.2.3.1. Potential to become a global export hub by leveraging existing manufacturing capabilities
- 3.2.3.2. Emerging offshore wind market with significant potential
- 3.2.3.3. Technological advancements and innovation to enhance efficiency and reduce costs
- 3.2.4. Challenges
- 3.2.4.1. Ensuring adequate transmission infrastructure and grid integration for large-scale wind power
- 3.2.4.2. Addressing key priorities like technology alignment, cost convergence, and supportive tax and incentive regime to enhance global competitiveness
- 3.2.4.3. Skilling workforce and investing in new technology and infrastructure to capitalize on emerging opportunities
- 3.2.1. Growth Drivers
- 3.3. Technological Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter's Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
4. India Wind Energy Market: Marketing Strategies
5. India Wind Energy Market Overview
- 5.1. Market Size & Forecast, 2019-2030
- 5.1.1. By Value (USD Billion)
- 5.2. Market Share & Forecast
- 5.2.1. By Location
- 5.2.1.1. Offshore
- 5.2.1.2. Onshore
- 5.2.2. By End User
- 5.2.2.1. Industrial
- 5.2.2.2. Commercial
- 5.2.2.3. Residential
- 5.2.3. By Region
- 5.2.3.1. North India
- 5.2.3.2. South India
- 5.2.3.3. East India
- 5.2.3.4. West India
- 5.2.1. By Location
6. North India Wind Energy Market
- 6.1. Market Size & Forecast, 2019-2030
- 6.1.1. By Value (USD Billion)
- 6.2. Market Share & Forecast
- 6.2.1. By Location
- 6.2.2. By End User
7. South India Wind Energy Market
- 7.1. Market Size & Forecast, 2019-2030
- 7.1.1. By Value (USD Billion)
- 7.2. Market Share & Forecast
- 7.2.1. By Location
- 7.2.2. By End User
8. East India Wind Energy Market
- 8.1. Market Size & Forecast, 2019-2030
- 8.1.1. By Value (USD Billion)
- 8.2. Market Share & Forecast
- 8.2.1. By Location
- 8.2.2. By End User
9. West India Wind Energy Market
- 9.1. Market Size & Forecast, 2019-2030
- 9.1.1. By Value (USD Billion)
- 9.2. Market Share & Forecast
- 9.2.1. By Location
- 9.2.2. By End User
10. Competitive Landscape
- 10.1. List of Key Players and Their Offerings
- 10.2. India Wind Energy Market Company Market Share Analysis, 2023
- 10.3. Competitive Benchmarking, By Operating Parameters
- 10.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
11. Impact of Escalating Geopolitical Tensions on India Wind Energy Market
12. Company Profiles
- 12.1. Inox Wind limited
- 12.2. Suzlon Energy Limited
- 12.3. General Electric Company
- 12.4. Siemens Gamesa Renewable Energy
- 12.5. Vestas Wind Systems AS
- 12.6. Envision Group
- 12.7. Wind World India Ltd
- 12.8. Tata Power Company
- 12.9. Enercon GmBH
- 12.10. Other Prominent Players
13. Key Strategic Recommendations
14. Research Methodology
- 14.1. Qualitative Research
- 14.1.1. Primary & Secondary Research
- 14.2. Quantitative Research
- 14.3. Market Breakdown & Data Triangulation
- 14.3.1. Secondary Research
- 14.3.2. Primary Research
- 14.4. Breakdown of Primary Research Respondents, By Region
- 14.5. Assumptions & Limitations
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable
List of Figures
- Figure 1 India Wind Energy Segmentation
- Figure 2 India Wind Energy Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2023
- Figure 4 India Wind Energy Market Size, By Value (USD Billion), 2019-2030
- Figure 5 India Wind Energy Market Share, By Location, By Value, 2019-2030
- Figure 6 India Wind Energy Market Share, By End User, By Value, 2019-2030
- Figure 7 India Wind Energy Market Share, By Region, By Value, 2019-2030
- Figure 8 North India Wind Energy Market Size, By Value (USD Billion), 2019-2030
- Figure 9 North India Wind Energy Market Share, By Location, By Value, 2019-2030
- Figure 10 North India Wind Energy Market Share, By End User, By Value, 2019-2030
- Figure 11 South India Wind Energy Market Size, By Value (USD Billion), 2019-2030
- Figure 12 South India Wind Energy Market Share, By Location, By Value, 2019-2030
- Figure 13 South India Wind Energy Market Share, By End User, By Value, 2019-2030
- Figure 14 East India Wind Energy Market Size, By Value (USD Billion), 2019-2030
- Figure 15 East India Wind Energy Market Share, By Location, By Value, 2019-2030
- Figure 16 East India Wind Energy Market Share, By End User, By Value, 2019-2030
- Figure 17 West India Wind Energy Market Size, By Value (USD Billion), 2019-2030
- Figure 18 West India Wind Energy Market Share, By Location, By Value, 2019-2030
- Figure 19 West India Wind Energy Market Share, By End User, By Value, 2019-2030
List of Tables
- Table 1 India Wind Energy Market Size, By Value (USD Billion), 2019-2030
- Table 2 India Wind Energy Market Size, By Location, By Value, 2019-2030
- Table 3 India Wind Energy Market Size, By End User, By Value, 2019-2030
- Table 4 India Wind Energy Market Size, By Region, By Value, 2019-2030
- Table 5 North India Wind Energy Market Size, By Value (USD Billion), 2019-2030
- Table 6 North India Wind Energy Market Size, By Location, By Value, 2019-2030
- Table 7 North India Wind Energy Market Size, By End User, By Value, 2019-2030
- Table 8 South India Wind Energy Market Size, By Value (USD Billion), 2019-2030
- Table 9 South India Wind Energy Market Size, By Location, By Value, 2019-2030
- Table 10 South India Wind Energy Market Size, By End User, By Value, 2019-2030
- Table 11 East India Wind Energy Market Size, By Value (USD Billion), 2019-2030
- Table 12 East India Wind Energy Market Size, By Location, By Value, 2019-2030
- Table 13 East India Wind Energy Market Size, By End User, By Value, 2019-2030
- Table 14 West India Wind Energy Market Size, By Value (USD Billion), 2019-2030
- Table 15 West India Wind Energy Market Size, By Location, By Value, 2019-2030
- Table 16 West India Wind Energy Market Size, By End User, By Value, 2019-2030
- Table 17 Inox Wind limited Company Overview
- Table 18 Inox Wind limited Financial Overview
- Table 19 Suzlon Energy Limited Company Overview
- Table 20 Suzlon Energy Limited Financial Overview
- Table 21 General Electric Company Overview
- Table 22 General Electric Company Financial Overview
- Table 23 Siemens Gamesa Renewable Energy Company Overview
- Table 24 Siemens Gamesa Renewable Energy Financial Overview
- Table 25 Vestas Wind Systems AS Company Overview
- Table 26 Vestas Wind Systems AS Financial Overview
- Table 27 Envision Group Company Overview
- Table 28 Envision Group Financial Overview
- Table 29 Wind World India Ltd Company Overview
- Table 30 Wind World India Ltd Financial Overview
- Table 31 Tata Power Company Overview
- Table 32 Tata Power Company Financial Overview
- Table 33 Enercon GmBH Company Overview
- Table 34 Enercon GmBH Financial Overview
