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According to a recent report by CRISIL Ratings, the wind energy sector in India is expected to grow 4.5 times by 2028, driven by policy tailwinds and increasing adoption of renewable energy.
The report, titled “Wind Energy Sector: 4.5x Surge on Policy Tailwinds,” highlights the significant potential for growth in the sector, particularly with the Indian government’s focus on renewable energy and its target of achieving 450 GW of renewable energy capacity by 2030.
“The Indian government’s ambitious target of 450 GW of renewable energy capacity by 2030, along with supportive policies and initiatives, is expected to boost the growth of the wind energy sector in the country,” said Nitesh Jain, Director, CRISIL Ratings.
The report also notes that the expected surge in the wind energy sector will create significant business opportunities for players across the value chain, including turbine manufacturers, project developers, and service providers.
“India’s wind energy sector has significant potential to grow in the coming years, and we expect to see a surge in demand for wind turbines, project development, and related services. This presents an excellent opportunity for players across the value chain to capitalize on this growth,” added Jain.
CRISIL Ratings expects the wind energy sector’s capacity to increase from the current 39 GW to 175 GW by 2028, with a cumulative investment of around Rs. 2.5 lakh crore. The report also highlights the significant growth potential in states such as Gujarat, Karnataka, Rajasthan, Tamil Nadu, and Andhra Pradesh, which account for around 70% of the total installed wind capacity in India.
The report also identifies several key factors that are expected to drive growth in the sector, including stable policy and regulatory environment, increasing adoption of hybrid renewable energy systems, and advancements in wind turbine technology.
The growth in the wind energy sector is expected to contribute significantly to India’s efforts to reduce greenhouse gas emissions and achieve its climate goals. It also presents an opportunity for India to reduce its dependence on fossil fuels and promote energy security.
Overall, the CRISIL Ratings report highlights the significant potential for growth in the wind energy sector in India and the opportunities it presents for players across the value chain. With supportive policies and initiatives, the sector is expected to surge 4.5 times in the coming years, creating significant business opportunities and contributing to India’s efforts to achieve its climate goals.
