New Report Forecasts Rapid Growth in Wind Energy Capacity and Export Opportunities
India is poised to become a significant player in the global wind energy supply chain, according to a report titled “India Wind Energy Market Outlook 2023-2027” released today by the Global Wind Energy Council (GWEC) and MEC Intelligence (MEC+). The report highlights the vast export opportunities for India in the wind energy market and addresses the challenges faced in scaling up wind energy deployment to meet ambitious goals within this decade.
The report forecasts the addition of approximately 22 GW of wind energy capacity in India over the next five years at the current growth rate. Under an accelerated scenario driven by heightened demand from various sectors, this figure could exceed 26 GW during the same period.
India’s government aims to achieve 140 GW of cumulative installed wind energy capacity by 2030, although challenges could result in around 100 GW being attained by the end of the decade. To bridge this potential gap, proactive policies and industrial strategies are necessary to expedite growth.
Ben Backwell, CEO of GWEC, praised India’s current efforts and stated that with the right policy support, India could achieve more than 68 GW of total wind energy installation by 2027. This growth would enable India to leverage its domestic market, manufacturing base, and knowledge to establish itself as a pivotal player in the global wind supply chain, advancing renewable energy action globally.
The report also points out that India’s role in global energy expansion toward a net-zero system is crucial due to its G20 Presidency and participation in COP28. The acceleration of wind energy deployment must be a central element in this trajectory.
Sumant Sinha, Chairperson GWEC India, emphasized that India’s favorable policy environment, manufacturing supply chain, and emerging opportunities like commercial and industrial businesses and offshore wind uniquely position the country to aid the world in achieving its 2030 targets.
The report sheds light on the growth of India’s wind power sector in recent years, with significant tender awards and prospects for serving global wind equipment demand. Sidharth Jain, MD of MEC+, highlighted multiple opportunities, including offshore wind and the hydrogen ecosystem, which could lead to a 10 GW wind market by 2030.
The report’s key highlights include aligning market demand with targets, expanding the domestic market for competitive tier-2 wind component production, creating trade agreements, enhancing infrastructure, and nurturing an offshore wind ecosystem.
Martand Shardul, Policy Director-India at GWEC, commended India’s progress in wind energy growth driven by policy support and stressed the need for continued efforts to translate auctioned projects into active projects and connected capacity.