Around 22GW of wind energy capacity will be added in India over the next five years, at the current pace of growth, according to a new report from GWEC.
Under an accelerated growth scenario with heightened demand from central and state markets, as well as commercial and industrial consumers of clean energy, more than 26GW could be added within this period.
The Government of India is targeting 140GW of cumulative installed wind energy capacity by 2030, though various factors make it more likely that around 100GW of capacity will be achieved by the end of the decade.
The projected shortfall can still be avoided, but this will require proactive policy and industrial strategy support to help accelerate growth.
‘India Wind Energy Market Outlook 2023-2027′ emphasises “the huge supply chain opportunities” for India in the export market and looks at the domestic challenges of ramping up deployment of wind energy in this decade.
The report outlines priorities for domestic wind growth and scaling up manufacturing and export capabilities for the wind sector, including ensuring that the domestic market expands to encourage high volume and competitive production of tier-2 wind components and raw materials.
It also recommends creating Free Trade Agreements and refining tax and documentation procedures to get competitive access to raw materials and technologies and facilitate the ability to access resources required to build next-level models accommodating domestic and export market needs.
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.”
India’s leadership as part of its G20 Presidency and at the forthcoming COP28 in Dubai give the country a “crucial role” in determining global action to expand renewable energy towards a net zero energy system.
GWEC stated the rapid acceleration of wind energy deployment across regions must be an integral element of the way forward.
Sumant Sinha, Chairperson GWEC India and Founder, Chairman and CEO, ReNew, said: “India, with an extremely conducive policy environment under the current government, a fairly advanced manufacturing supply chain and growth of new opportunities like the C&I business and offshore wind, is uniquely positioned to play an important role in helping the world meet its ambitious 2030 targets.”
Sidharth Jain, MD of MEC+, said: “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.”