India could become a key player in the global wind energy supply chain, as the country shows huge opportunities in the export market.
This is according to the latest report from the Global Wind Energy Council (GWEC) and MEC Intelligence (MEC+); India Wind Energy Market Outlook 2023-2027.
The report forecasts that between 22GW and 26GW of wind energy capacity could be added in India over the next five years, depending on the pace of growth.
And between now and 2030, the report suggests 100GW installed wind capacity will be achieved. With proactive policy and industrial strategy support, this could be increased to 140GW, the government’s goal for this decade.
Ben Backwell, CEO of GWEC said: “India has an enormous strategic opportunity to leverage an invigorated domestic market and its existing wind manufacturing base and knowledge to become a key player in the global wind supply chain. This would establish the country as a renewable industrial hub in Asia and beyond, advancing climate action across the globe.”
According to Sidharth Jain, MD, MEC+, India’s wind power sector has multiple opportunity areas. “With a growing domestic market and evolving global supply chain dynamics, Indian companies have exciting prospects to serve the global demand for wind equipment supply.”
Jain suggests that rising domestic volumes and supporting policies have allowed the Indian market to expand, with 4.7GW tenders being awarded in 2022.
In 2023, 3.5GW tenders have been awarded, and 5GW more announced.
Added Jain: “India’s strategic geopolitical position and scale make it a prime candidate to develop as a global supply chain hub, provided the industry shores up competitiveness. This report aims to examine the facts, offering insights and recommendations to guide the industry’s trajectory.”
The India Outlook from GWEC and MEC+ makes the following recommendations:
Align market demand trajectory with targets through supporting C&I segment, ensuring compliance in RPO;
Ensure that the domestic market expands to encourage high volume and competitive production of tier-2 wind components and raw materials;
Create Free Trade Agreements and refine tax and documentation procedures to get competitive access to raw materials and technologies;
Facilitate the ability to access resources required to build next-level models accommodating domestic and export market needs;
Review and upgrade infrastructure to facilitate the transportation and storage of the large-sized components;
Nurture an offshore wind ecosystem that could boost India’s participation in the fast-expanding offshore wind sector in Asia.
