In accordance with a recent report from the Global Wind Energy Council (GWEC), India is set to witness a substantial increase in wind energy capacity, with an estimated addition of around 22GW over the upcoming five years. However, under a more optimistic scenario driven by heightened demand from various sectors, including central and state markets, commercial entities, and industrial consumers of clean energy, this figure could escalate to over 26GW within the same timeframe.
The Government of India has set a target of achieving 140GW of cumulative installed wind energy capacity by 2030. Nevertheless, several factors suggest that a more realistic estimate would be around 100GW by the end of the decade. To bridge this projected gap, proactive policy measures and industrial strategies will be crucial in expediting growth.
The report titled ‘India Wind Energy Market Outlook 2023-2027' underscores the significant opportunities for India's wind energy sector in the global export market. The study delves into both the domestic challenges of ramping up wind energy deployment and the avenues for growth within this decade.
One of the key priorities outlined in the report is the expansion of domestic wind capacity and the enhancement of manufacturing and export capabilities for wind-related components. Encouraging the growth of the domestic market becomes paramount in fostering high-volume and competitive production of tier-2 wind components and raw materials.
Moreover, the report advocates for the establishment of Free Trade Agreements and the streamlining of tax and documentation procedures to gain competitive access to raw materials and technologies. These measures would facilitate the acquisition of resources essential for building advanced models that cater to both domestic and export market demands.
Ben Backwell, CEO of GWEC, emphasized India's potential to emerge as a prominent player in the global wind supply chain by capitalizing on its thriving domestic market and existing wind manufacturing expertise.
Given India's G20 Presidency and its role in the upcoming COP28 in Dubai, the nation assumes a critical position in shaping global initiatives for expanding renewable energy toward achieving a net-zero energy system.
GWEC stressed that the rapid acceleration of wind energy deployment must be an integral aspect of future energy strategies across regions.
Sumant Sinha, Chairperson of GWEC India and Founder, Chairman, and CEO of ReNew, highlighted India's advantageous position with favorable policy frameworks, advanced manufacturing supply chains, and emerging opportunities such as the commercial and industrial business and offshore wind. These factors position India to contribute significantly to the world's ambitious 2030 targets.
Sidharth Jain, MD of MEC+, pointed out that India's strategic geopolitical standing and substantial scale make it a prime contender for developing into a global supply chain hub, provided the industry enhances its competitiveness.
The report serves as a comprehensive examination of the industry's trajectory, offering insightful recommendations to guide its growth path.
