Market Size of India Wind Energy Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 8.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
India Wind Energy Market Analysis
The Indian wind power installed capacity is expected to register a CAGR of more than 8% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market has now reached pre-pandemic levels.
- Over the long term, favorable government policies, the increasing investment in upcoming wind power projects, and the reduced cost of wind energy, which has led to increased adoption of wind energy, are expected to drive the market during the forecast period.
- On the other hand, the increasing adoption of alternative energy sources, such as gas-based and solar power, will likely hinder market growth.
- Nevertheless, the Government of India established a national renewable energy target of wind is 500 GW by 2030. This will likely provide widespread business opportunities to the market in the coming years.
India Wind Energy Industry Segmentation
Wind power is generated by the force of the wind, mainly through the rotor, which transforms kinetic energy into mechanical energy, and through the generator, which converts this mechanical energy into electrical energy.
The Indian wind power market is segmented by sector. By sector, the market is segmented into onshore and offshore. For each segment, the market sizing and forecasts have been done based on gigawatts (GW).
India Wind Energy Market Size Summary
The wind energy market in India is poised for significant growth, driven by favorable government policies and increased investments in wind power projects. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. The reduction in wind energy costs has further facilitated its adoption, although the rise of alternative energy sources like gas-based and solar power presents challenges. The Indian government's ambitious target of achieving substantial wind energy capacity by 2030 is expected to create numerous business opportunities. The country's wind energy sector, primarily onshore, benefits from optimal locations in southern regions and has developed a robust manufacturing base, contributing to its position as one of the top countries globally in terms of installed wind capacity.
India is also exploring its offshore wind energy potential, with plans to harness the vast opportunities along its extensive coastline. Despite the nascent stage of offshore wind power, collaborations and investments are anticipated to spur development in this segment. The increasing demand for clean energy, driven by a large and growing population, further propels the market. Major industry players are actively involved in expanding wind energy projects, with significant contracts and partnerships being established. The fragmented market landscape includes key companies such as Suzlon Energy Limited, Inox Wind Limited, and Vestas Wind Systems AS, all contributing to the sector's growth trajectory.
India Wind Energy Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Wind Energy Installed Capacity and Forecast in GW, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION - BY SECTOR
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2.1 Onshore
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2.2 Offshore
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India Wind Energy Market Size FAQs
What is the current India Wind Energy Market size?
The India Wind Energy Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)
Who are the key players in India Wind Energy Market?
Inox Wind limited, Vestas Wind Systems A/S, Tata Power Company, Enercon GmBH and Suzlon Energy Limited are the major companies operating in the India Wind Energy Market.
