Market Overview
India's wind power market is a key player in the country's renewable energy landscape, supported by favorable government policies and abundant wind resources. With ambitious targets for renewable energy capacity, India has emerged as one of the fastest-growing wind power markets globally. Initiatives such as competitive bidding and wind-solar hybrid projects have accelerated market growth, attracting investments from both domestic and international players. However, grid integration challenges and land acquisition issues hinder the full realization of the market's potential. Despite these challenges, India remains committed to expanding its wind power capacity, driving economic growth and sustainable development.
The global wind power market is expected to grow from USD 118.61 billion in 2022 to USD 262.20 billion by 2030, at a CAGR of 12.00% during the forecast period. This growth is attributed to the increasing demand for clean energy, favorable government policies, and technological advancements in the wind power industry.
The wind power market is segmented into onshore and offshore wind power. Onshore wind power is the dominant segment in the market, accounting for over 90% of the global installed wind capacity in 2021. However, the offshore wind power segment is expected to grow at a faster CAGR during the forecast period, due to the increasing investments in offshore wind projects and the declining costs of offshore wind power.
A wind turbine, which transforms kinetic energy into mechanical energy, uses wind energy, a clean and renewable energy source, to produce electricity. It has less effect on the environment than conventional energy sources like fossil fuels, which burn and release sulfur dioxide and nitrogen oxide. Aside from this, wind energy has many uses in the commercial, industrial, and residential sectors across the globe because it is sustainable, affordable, and easily accessible.
Due to growing environmental concerns and strict laws put in place by governments of various nations, there is currently a noticeable growth in the adoption of renewable energy sources. This is one of the main driving forces behind the market's expansion, along with rapidly increasing energy consumption due to urbanization and a heavy reliance on electronics. Additionally, wind power is a practical resource for producing electricity in isolated areas where conventional power lines cannot be expanded. It can also lessen supply disruptions and stabilize electricity prices. A growing need for clean energy in response to high levels of pollution worldwide and the ensuing public health concerns are the main drivers pushing the market share of wind power.
Major actors are investing in technologies that can effectively and efficiently capture the enormous wind power potential and reduce, and eventually cancel, our dependence on nonrenewable energy sources as the emphasis on decreasing humanity's carbon footprint grows. Moreover, the growing demand for wind power is creating a lot of long-term job possibilities in the production of wind turbine components, as well as in building and Installation, maintenance, and operations, as well as in legal and marketing services, logistics, and transportation.
Key Players:
- Vestas (Denmark)
- General Electric (US)
- Senvion SA (Germany)
- Wind World Limited (India)
- Orient Green Power Company (India)
- Indowind (India)
- DNV GL (Norway)
- Siemens Gamesa Renewable Energy SA (Spain)
- Goldwind (China)
- Bergey Wind Power (US), among others
Market Segmentation
The Wind Power Market is divided into different segments
By Component:
- Turbine
- Support Structure
- Electrical Infrastructure
- Others
By Installation:
- Onshore
- Offshore
By Turbine Type:
- Vertical Axis
- Horizontal Axis
By Application:
- Utility
- Industrial
- Commercial
- Residential
Regional analysis
Emerging trends in countries with economies like Brazil, South Africa, etc., provide the wind power sector with significant prospects for corporate expansion. Given the high levels of growth in these nations, an increase in energy consumption is anticipated, with renewable energy making up a significant portion of it.
North America dominates and has the most competitive market share for wind power globally. This expansion, driven by an increase in domestic system production, is anticipated to continue trending upward during the projected period.
Germany, China, and the United Kingdom are the top three countries selling offshore wind turbines, and the UK offshore wind industry is anticipated to grow by 100% during the predicted period.
Recent developments
In February 2021, Continuum Wind Energy Ltd., sponsored by Singapore's Clean Energy Investing Ltd., an indirect wholly-owned subsidiary of Morgan Stanley fund entity New Haven Infrastructure Partners, revealed plans to issue its first green bond for between $500 million and $600 million to be listed on the SGX. The money would be utilized to put up wind projects in India and restructure the project debt at six of its operating firms. The market is anticipated to develop as a result of this.
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