India Wind Turbine Market Driven by Rising Demand for Renewable Electricity
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According to TechSci Research report, “India Wind Turbine Market - By Region, Competition Forecast & Opportunities, 2018-2028”, The India Wind Turbine Market is poised to experience robust growth during the forecast period from 2024 to 2028.
The demand for wind turbines is rapidly increasing as India transitions away from environmentally harmful non-renewable fossil fuels toward clean, renewable energy sources. Additionally, rising electricity costs are driving the adoption of renewable energy sources, thereby boosting the India Wind Turbine Market. Furthermore, the market's expansion is significantly fueled by the growing need for off-grid applications.
Government initiatives aimed at promoting renewable energy development are further driving market growth. Key drivers include the escalating demand for wind power and efforts to reduce dependence on fossil fuel-based power generation. Various tax incentives and subsidies offered by the government are reducing component costs, thereby enhancing the market prospects for wind turbines in India.
Recent Investments in the India Wind Turbine Market:
In February 2022, Tata Power and German power producer RWE entered into an agreement to explore offshore wind projects in India, aiming to develop this sector which is currently undeveloped in India. Siemens Gamesa secured a contract from Ayana Renewable Power Six in 2021 to supply 84 SG 3.6-145 wind turbines for a 300MW wind farm project in Karnataka, India. In 2022, Indian lenders approved a debt restructuring plan for Suzlon Energy, involving the conversion of part of its debt into equity, thereby supporting the growth of the market.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "India Wind Turbine Market.”
The India wind turbine market is segmented by type, installation, component, application, capacity, rating, connectivity, and region. Based on type, it includes horizontal-axis and vertical-axis turbines. Installation types are categorized as offshore and onshore, while components encompass foundation, tower, rotor, generator, nacelle, and others. Applications cover industrial, commercial, residential, and utilities sectors, with capacities ranging from small to large. The market also considers different ratings and connectivity types like standalone and grid-connected. Regional analysis divides the market into north, east, west, and south regions.
Based on type, horizontal-axis turbines dominate the India Wind Turbine Market in 2022 due to their efficiency in large-scale wind farms and industrial applications, offering high operational speed and power output.
For installation, offshore turbines lead the India Wind Turbine Market in 2022, leveraging their higher efficiency and electricity production capacity compared to onshore installations. India's extensive coastline provides substantial potential for offshore wind energy development.
In terms of regions, the South region leads the India Wind Turbine Market in 2022, primarily driven by Tamil Nadu's significant wind power capacity, which accounts for about 35% of India's total. Maharashtra follows closely as another key state in wind power installations in India.
Key market players in the India Wind Turbine market include:
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India boasts a robust domestic wind turbine manufacturing ecosystem with significant presence in both domestic and international markets. These manufacturers export wind turbines to key markets including the USA, Europe, Australia, and Brazil. The country's increasing shift towards clean energy fuels is driving demand for wind turbines nationwide. Moreover, the Indian government has revised its targets for renewable energy capacity, aiming to achieve 175 GW by 2022. This ambitious goal is expected to further bolster demand for wind turbines in the foreseeable future," stated Mr. Karan Chechi, Research Director at TechSci Research, a global management consulting firm specializing in research.
“India Wind Turbine Market By Type (Horizontal-axis Turbine, Vertical-axis Turbine), By Installation (Offshore, Onshore), By Component (Foundation, Tower, Rotor, Generator, Nacelle and Others), By Wind Class (Wind Class1, Wind Class2, Wind Class3), By Application (Industrial, Commercial, Residential, Utilities), By Capacity (Small, Medium, Large), By Rating (<100KW, 100KW to 250KW, 250KW to 500KW, 500KW to 1MW, 1MW to 2MW, >2MW), By Connectivity (Standalone, Grid Connected), By Region, Competition Forecast & Opportunities, 2028F” has assessed the India Wind Turbine market's future development potential and provides data and information on market size, structure, and projected market growth. The report's goal is to give current market knowledge and assist decision makers in making informed investment decisions. Furthermore, the study identifies and analyses emerging trends, as well as key drivers, constraints, and opportunities in the India Wind Turbine market.
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