India has the potential to become a key player in the global wind energy supply chain by revitalising its local wind energy market, according to a report released today, by the Global Wind Energy Council (GWEC) and MEC Intelligence (MEC+).
India boasts annual wind manufacturing capacity of 10 GW-12 GW, which, however, has been underutilised in recent years due to a slowdown in the domestic market. This, though, should change as tender volumes in India are expected to increase and the country could also take advantage of the forecast global supply chain crunch, the report says.
In 2022, India issued tenders for 10.4 GW of standalone wind and hybrid projects, of which 4.7 GW was awarded, the report noted.
According to the study, India will add 21.7 GW of wind energy capacity over the next five years, at the current pace of growth, while an accelerated scenario could see the addition of 26.2 GW over this period.
The country has a 500-GW renewable energy target by 2030, including 140 GW of cumulative wind capacity. While it is more likely to reach around 100 GW of capacity by 2030, the target could still be accomplished but proactive policy will be needed to do that, GWEC says.
“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,” according to GWEC chief executive Ben Backwell.
The report is called “From Local Wind Power to Global Export Hub: India Wind Energy Market Outlook 2023-2027.”
