Wind Energy - India

The Wind Energy market in India is witnessing minimal growth, influenced by challenges such as policy inconsistencies, limited grid infrastructure, and competition from other renewable sources, which collectively hinder the sector's potential expansion and investment.

Customer preferences: Consumers in India are increasingly prioritizing sustainability and green energy solutions, leading to a growing interest in wind energy as a clean alternative. This shift is influenced by rising environmental awareness among younger demographics, who are more inclined to support eco-friendly initiatives. Additionally, urban populations are embracing renewable energy sources to reduce their carbon footprints, while businesses are seeking to enhance their corporate social responsibility profiles by investing in wind energy projects. This evolving mindset is fostering a more favorable environment for the wind energy sector.

Trends in the market: In India, the Wind Energy Market is experiencing significant growth as the government accelerates its renewable energy targets, aiming for 175 GW of renewable capacity by 2022, with wind energy playing a crucial role. The rise of innovative financing models, such as green bonds and public-private partnerships, is attracting investments. Additionally, advancements in turbine technology are enhancing efficiency, making wind projects more economically viable. These trends are not only reducing dependence on fossil fuels but also providing new job opportunities, fostering a sustainable energy landscape that benefits industry stakeholders, including manufacturers, developers, and investors.

Local special circumstances: In India, the Wind Energy Market is uniquely shaped by its diverse geographical landscape, with vast coastlines and elevated terrains ideal for wind farms. Cultural acceptance of renewable energy is growing, driven by community awareness and local initiatives promoting sustainability. Regulatory frameworks are evolving, with state-specific policies enhancing incentives for wind projects. These elements create a dynamic environment that encourages investment and innovation, distinguishing India's wind energy sector from those in other countries, where local conditions may not align as favorably.

Underlying macroeconomic factors: The Wind Energy Market in India is significantly influenced by macroeconomic factors such as the nation’s GDP growth, energy demand, and foreign investment trends. As India's economy expands, the rising energy needs drive investments in renewable sources, particularly wind energy. Additionally, government initiatives aimed at enhancing energy security and reducing carbon emissions are bolstered by fiscal policies that provide incentives for both domestic and foreign investors. Global trends towards sustainability and decarbonization further encourage investments in wind projects, making India an attractive destination for green energy investments. Furthermore, fluctuations in global energy prices can impact the competitiveness of wind energy, shaping market dynamics.

Data coverage:

The data encompasses B2B enterprises. Figures are based on the value of electricity production in the energy market.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use resources from the Statista platform as well as annual reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, and the experience of our analysts.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting electricity generation due to the non-linear growth of this market, especially because of the direct impact of climate change on the market.

Additional notes:

The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.