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India ranks fifth as the largest wind power producer in the world. The increasing demand for renewable energy, government policies in its favor and decreasing costs of equipment have contributed to an increase in the size of the wind energy market and serve as strong continuous driving factors for the market for Wind Power in India. There is a growing demand for power across the country and corresponding decrease in cost of wind energy from onshore wind farms owing to increase in installations has made wind power an attractive and suitable option for governments aiming to cut down harmful emissions.
One of the major restraining factors for wind energy is its dependence on availability of fossil fuels. The required investment is high and the power generated is low in comparison to conventional sources. Despite this, wind power technology is gaining popularity and the market is progressing fast becoming cheaper and increasing developments for wind systems like storage technologies that are helping growth of the market for wind power in India.
The market for wind energy generator towers is roughly estimated at Rs. 300.3 million and the market for drives and motors is predicted to be Rs. 334.6 million by 2022. National targets, falling capital costs, increased loans lent out by banks at lower interest rates and for longer tenures also helps market growth. India is expected to install 54.7GW of wind capacity by 2022 to meet the 60GW target set by the government.
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The Market for Wind Power in India is segmented mainly by Location and Technology of the wind turbines.
In terms of location, the market is mainly classified into Onshore and Offshore locations.
With respect to technology of the wind turbines, the market is divided into horizontal axis wind turbines and vertical axis wind turbines.
Some of the largest Wind Energy facilities in India are installed at some major states across the country which include Tamil Nadu (Coimbatore, Kanyakumari, Thirunelveli and Tiruppur), Gujarat, Maharashtra, Karnataka etc.
Some of the other well-known windfarms or windmills are located at Sangli and Satara District of Maharashtra, Kayathar, Tirupur, Kanyakumari, Kethanur in Tamil Nadu and Dewas Wind Farm in Madhya Pradesh.
The Wind Installation in India is divided into 3 regions with the southern region contributing to the highest market share. Large players like Gamesa Renewable and Suzlon Energy contributed to generation of more than half of newly installed wind power capacity.
With a 100 MW demonstration plant located off the Gujarat Coast, India is planning to enter into the offshore wind power market further contributing to the market for wind power in India. Along with Gujarat, there are several sites across different states in the country, assessing for favorability to set up offshore wind farms that will generate an optimum amount of energy.
The largest wind power production states in India are Tamil Nadu, Maharashtra, Gujarat, Rajasthan, Karnataka, Madhya Pradesh, Andhra Pradesh, Telangana, Kerala, Odisha, West Bengal, Jammu and Kashmir
IL&FS Energy and the Government of Andhra Pradesh signed a memorandum of understanding for a 1,000 MW Hybrid Park with energy storage. A renewal hybrid project is to be commissioned in Karnataka by Gamesa.