India’s Growing Role in Wind Energy is Set to Conquer Global Markets

India is poised to become a key player in the global wind energy supply chain, according to a recent report titled “India Wind Energy Market Outlook 2023–2027”. This report, a collaborative effort between the Global Wind Energy Council (GWEC) and MEC Intelligence (MEC+), reveals India’s comprehensive strategy to not only boost its wind turbine production and export capacities but also to strengthen its domestic renewable energy initiatives. The report’s release precedes the critical discussions held at GWEC’s Asia Pacific Summit in Melbourne.

Kane Xu, Chairman of Envision Energy India, stressed, “The upcoming decade is crucial for the Indian wind industry to transform plans into substantial actions. We are at a pivotal juncture to achieve the milestone of net-zero emissions.”

India is set to conquer significant global market share while addressing its own renewable energy needs. With ambitious targets including approximately 22 GW of wind energy capacity in the next five years, potentially reaching 26 GW, India faces the dual challenge and opportunity of domestic and export growth. “India’s strategic geopolitical stance and scale make it a potential global supply chain hub,” said Sidharth Jain, Managing Director of MEC+.

Government projections indicate a goal of 140 GW of cumulative installed wind energy capacity by 2030. However, experts see a more realistic target of around 100 GW, emphasizing the need for active policy and industry support. Ben Backwell, CEO of GWEC, commended India’s initiative in expanding its wind energy portfolio, stating, “Proactive policy support could boost wind energy installation in India to more than 68 GW by 2027.”

In 2022, the Indian wind energy market witnessed substantial growth, with the award of tenders totaling 4.7 GW and plans for an additional 5 GW in 2023 alone. The industry is also venturing into offshore wind and the development of a hydrogen ecosystem. Nevertheless, realistic estimates, considering policy and infrastructure challenges, suggest a target of 5 GW by 2030 in these new sectors.

India’s prominent role in global forums like the G20 Presidency and COP28 in Dubai places it in a unique position to influence the global shift to a net-zero energy system. “India is in a distinctive position to help the world meet its ambitious 2030 targets, given its conducive policy environment, advanced manufacturing chain, and emerging sectors like offshore wind,” stated Sumant Sinha, Chairperson of GWEC India.

Dr. Prabir Kumar Das, from India’s Ministry of New and Renewable Energy, acknowledged the country’s commitment to a 500 GW capacity but highlighted the mismatch between contract durations and the construction timeline for wind projects. He underscored the necessity of concessional financing for the industry’s growth.

India, facing huge challenges and opportunities, issued tenders for 10.4 GW of standalone wind and hybrid projects last year, marking a significant growth phase. “An invigorated domestic market, combined with India’s wind manufacturing and knowledge base, positions it to be a renewable industrial hub in Asia and beyond,” Ben Blackwell emphasized.

The India Wind Energy Market Outlook 2023-2027 report advocates aligning market demand with specific targets, supporting the Commercial and Industrial (C&I) segment, and adhering to Renewable Purchase Obligations (RPO). It suggests that India’s future in the wind energy sector hinges on creating Free Trade Agreements, refining tax and documentation processes, and securing access to essential raw materials and advanced technologies.

The report emphasizes India’s need to invest in developing advanced wind energy models to meet the changing domestic and global market demands. “With its growing domestic market and evolving global supply chain dynamics, India has exciting prospects to fulfill global demand for wind equipment supply,” concluded Jain, envisioning a bright future for India in the global wind energy arena.

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