Wind Energy Industry Growth, Trends and Forecast 2021-2027

 

The growth of the wind energy industry in India is enormous and can be aptly used to mitigate the challenges relating to electricity demands, greenhouse gas emission, and depleting non-renewable resources. According to the Global Wind Energy Council, India has the second-largest wind market in Asia after China and fourth amongst the global cumulative installed countries after the US and Germany. Escalating demand for renewable energy, favorable government policies, and the decreasing cost of equipment are the key motivators for the growth of the wind energy industry. With the growing Indian economy, electricity consumption has been increased considerably.

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According to the India Brand Equity Foundation (IBEF), India’s electricity consumption is projected to reach 15,280 TWh in 2040 from 4,926 TWh in 2012. The Indian renewable energy sector is the fourth most attractive renewable energy market across the globe. Installed renewable power generation capacity has gained pace over the past few years, posting a CAGR of 17.3% between the fiscal year 2016-2020. The government is keen on the growth of the wind energy sector in India. With the growing government support, the sector has received significant investment. National Institute of Wind Energy (MIWE) and the Ministry of New and Renewable Energy (MNRE) are the two major organizations of the wind energy industry in India. MIWE serves as a research focal point in the improvement and development in the entire spectrum of the wind energy sector in India. MNRE is at the forefront of providing the necessary policy support and a facilitative regulatory system for the fast and orderly growth of the sector. India has potential for both onshore and offshore wind energy industry.

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India’s Onshore Wind Energy Industry

According to the Global Wind Energy Council, India is the fourth-largest onshore wind industry by installations, with 37.5 GW of capacity as of 2019, and has the potential for more than 495 GW at 120 meters hub height across the globe. Wind energy is the second most competitive energy source on India’s renewable energy grid. However, with 37.5 GW of onshore wind power installed at the end of 2019, India may fall short of its 2022 targets due to challenges around pricing, payment risk mitigation, transmission capacity, and land use.

Key initiatives of the Indian Government for onshore wind turbine deployment

·        In December 2019, the MNRE has revised its “Guidelines for Development of Onshore Wind Power Projects” released on 22 October 2016, to aid the development of wind power projects in a cost-effective and environmentally friendly way. The guidelines have been revised keeping the requirements of project developers and investors in mind.

·        In December 2017, the Government of India had issued ‘Guidelines for Tariff Based Competitive Bidding Process for Procurement of Power from Grid Connected Wind Power Projects’, to provide a framework for the procurement of wind power through a transparent process of bidding including standardization of the process and defining of roles and responsibilities of various stakeholders.

Key initiatives by the Indian Government for offshore wind turbine deployment

·        In October 2019, the tender for the First Offshore Wind Project of India (FOWPI) led by COWI A/S in collaboration with the European Union, the MNRE India, and the National Institute of Wind Energy (NIWE) India was accepted. Located off the coast of Gujarat, the proposed 1GW project has an average wind speed of 7.4m/s with an expected Annual Energy Production (AEP) of 2,327 GWh/yr for 6MW turbines.

·        The MNRE has notified the basic framework of the National Offshore Wind Energy Policy in October 2015 for the development of offshore wind energy projects for the production of electrical power within the Exclusive Economic Zone (EEZ) of the country. In February 2019, the ministry has formulated new lease rules for wind energy production.

·        In June 2018, the MNRE had announced medium and long-term offshore wind energy targets of 5GW by 2022 and 30 GW by 2030, respectively. For this, the ministry had invited Expressions of Interest (EoI) for the first 1 GW offshore wind project in India, which has evoked keen response from the industry, both global and Indian investors.

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Challenges Associated with Offshore Wind Turbine Deployment in India

India holds immense potential for the development of offshore wind energy. However, the high cost of initial investment, high tariff rates, unavailability of historical data, and complicated clearance approval process among others are the major factors that may restrain the growth of the offshore wind energy industry in India. Many Central Government Ministries/Departments are involved in the process of granting clearances for offshore wind power projects in India.

 

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