India Wind Power Market, Forecast & Opportunities, 2022-2027
Bharat Book Bureau Provides the Trending Market Research Report on “Wind Power Market in India 2022 – 2027” under Energy Market Research Report Category. The report offers a collection of superior Market research, Market analysis, competitive intelligence and Market reports.
India Wind Power Market, Forecast 2022-2027
Wind power or wind energy harnesses the wind to generate mechanical power or electricity. Wind turbines convert wind kinetic energy into mechanical power, which can be used for specific tasks (such as grain grinding or water pumping) or converted into electricity by a generator. The growth of the wind power capacity has resulted in a robust ecosystem, enhanced project operation capabilities, and a manufacturing base of approximately 10,000 MW per year. The cumulative installed wind power capacity stood at 40.36 GW in FY 2022. It is expected to reach 52.48 GW by FY 2027, expanding at a CAGR of 5.84% during the FY 2023 – FY 2027 forecast period.
Government initiatives:
The Ministry of Power has extended the waiver on charges of the Inter-State Transmission System (ISTS) on the electricity transmission generated by solar and wind sources for projects scheduled to be completed by June 30, 2025. Furthermore, the order encourages the development of solar, wind, hydro-pumped storage plants (PSPs), and battery energy storage systems (BESS), along with the trading of renewable energy (RE) in power exchanges and the seamless transmission of RE power across states.
COVID-19 impact analysis:
All energy consumptions related to aviation, transportation, commercial activities, and industry have decreased dramatically due to the severe lockdown measures, while residential activities have significantly increased. As most business activities came to a standstill, there was a remarkable drop in power demand (up to 30%) that led to a 25% fall in exchange prices during the peak of the pandemic in 2020. The demand from commercial and industrial (C&I) consumers had declined by about 18% during the 2020 – 2021 period.
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