Wind Energy Industry Market Industry in India Share, Trends & Forecast to 2026

Posted by Faraz on November 12th, 2020

The growth of the wind energy industry in India is enormous and can be aptly used to mitigate the challenges relating to electricity demands, greenhouse gas emission, and depleting non-renewable resources. According to the Global Wind Energy Council, India has the second-largest wind market in Asia after China and fourth amongst the global cumulative installed countries after the US and Germany. Escalating demand for renewable energy, favorable government policies, and the decreasing cost of equipment are the key motivators for the growth of the wind energy industry. 

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Installed renewable power generation capacity has gained pace over the past few years, posting a CAGR of 17.3% between the fiscal year 2016-2020. The government is keen on the growth of the wind energy sector in India. With the growing government support, the sector has received significant investment. National Institute of Wind Energy (MIWE) and the Ministry of New and Renewable Energy (MNRE) are the two major organizations of the wind energy industry in India.

India’s Onshore Wind Energy Industry

According to the Global Wind Energy Council, India is the fourth-largest onshore wind industry by installations, with 37.5 GW of capacity as of 2019, and has the potential for more than 495 GW at 120 meters hub height across the globe. Wind energy is the second most competitive energy source on India’s renewable energy grid. However, with 37.5 GW of onshore wind power installed at the end of 2019, India may fall short of its 2022 targets due to challenges around pricing, payment risk mitigation, transmission capacity, and land use.

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Key initiatives of the Indian Government for onshore wind turbine deployment

•          In December 2019, the MNRE has revised its “Guidelines for Development of Onshore Wind Power Projects” released on 22 October 2016, to aid the development of wind power projects in a cost-effective and environmentally friendly way. The guidelines have been revised keeping the requirements of project developers and investors in mind.
•          In December 2017, the Government of India had issued ‘Guidelines for Tariff Based Competitive Bidding Process for Procurement of Power from Grid Connected Wind Power Projects’, to provide a framework for the procurement of wind power through a transparent process of bidding including standardization of the process and defining of roles and responsibilities of various stakeholders.

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