Research from the Global Wind Energy Council (GWEC) indicates that there is a significant opportunity for India in the global supply chain for wind energy, given the recent increases in commodity costs and the growing effects of Europe’s diminishing supply chains. Especially in the more developed economies of Japan, Australia, and South Korea, the offshore wind business is anticipated to experience huge growth over the next five to seven years as governments face increasing pressure to meet their net-zero emissions commitments. In India, offshore wind is also anticipated to increase quickly. Importantly, India is in a unique position to take advantage of expanding export and international service possibilities in the Asia Pacific and European regions.
In India, offshore wind is also anticipated to increase quickly
The collaboration will be key to the growth of offshore wind in the Asia Pacific. As shown in Europe, the origins of the offshore wind industry, the region’s common problems with the supply chain, legislation, and infrastructure were all resolved through collaboration rather than localization. According to GWEC, the key to quickening Asia Pacific’s energy transformation will be regional collaboration on infrastructure and supply chains, as well as the development of harmonised rules with policymakers.
In its long-term goal for the energy transition, India has prioritised renewable energy, especially wind power, which has raised expectations for a wind sector that has recently seen a slowdown in capacity additions. The proportion of renewable energy in the mix for power generation will quickly rise as a result of the combined effects of economic growth, net zero goals, and rising electricity demand. India’s goal for wind energy is to reach a total capacity of 140 GW by 2030. In addition, the most recent laws are probably going to increase demand for wind energy even more and speed up capacity increases in coming years.
India’s goal for wind energy is to reach a total capacity of 140 GW by 2030
An offshore wind market is also being developed in India. A strategy paper proposing a trajectory for 37 GW of offshore wind by 2030 was produced by the Ministry of New and Renewable Energy in 2022. 15 offshore wind projects are included in a conceptual plan as well. A solid partnership between the government, commercial banks, development finance organisations, local communities, and the offshore wind industry is necessary to build a market for offshore wind in India. The implementation of suitable standards, such as environmental impact assessment guidelines, and support for energy offtake, while ensuring the competitiveness of offshore wind, are further requirements for developing India as a competitive offshore wind market.
According to GWEC data, India has an annual production capacity of 11–12 GW for wind turbine generators. In addition, India is the second-largest provider of blades and generators in the Asia Pacific region, as well as the second-largest market for gearbox manufacture worldwide. Importantly, this well-established sector may serve as a starting point for expansion that would position India in the centre of the renewable economy.
The summit will also include the publication of the most recent Offshore Wind 2023 report by the Global Wind Energy Council, the definitive overview of the offshore market’s position today and a vital source of industry predictions for the following decade. The significant event is moreover anticipated to influence the development of renewable energy in Australia, the Asia-Pacific region, and of course India.