Wind Turbine Market in India & South East Asia Outlook Update H2 2020
Imports of Wind Turbine to India took a massive hit in H1 2020 due to supply chain restrictions, market returning to "Business As Usual" mode in H2 2020
Wind Turbine Market in India & South East Asia Outlook Update H2 2020
Imports of Wind Turbine to India took a massive hit in H1 2020 due to supply chain restrictions, market returning to "Business As Usual" mode in H2 2020
Imports of Wind turbine to India took a massive hit in H1 2020 due to supply chain restrictions, market returning to “Business As Usual” mode in H2 2020
Wind installations levels in India have significantly declined after the reverse auction mechanism was introduced in the wind sector after several years of growth. Moreover, India installed only 2.4 GW (1.23 GW in H1 2019) of wind capacity in 2019 which is close to 34% below the estimated targeted wind capacity. The dismal response of the wind capacity addition is mainly attributed to the financial stress of turbine makers, land acquisition issues and grid connectivity delays resulting in denting investors sentiments in wind segment. However, COVID-19 outbreak has effected the supply chains that begin in or go through China. As a result of the factory shutdowns in China during H1 2020, many disruptions have been felt across the supply chain including the imports. Consequently, India turbine market take a hit due to restrictions on transportation of wind turbine from China as vital parts such as gear box, yaw components, blades for rotor, sub-parts of such blades are imported, mostly from China. As economies are returning back to the normal, the wind projects are also returning to “ Business as usual” mode in H2 2020.
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Key Highlights
Enel Green Power and Norfund entered into a long-term, joint investment partnership to finance, build and operate new renewable projects in India. The agreement is aimed at boosting the development of renewables in India.
Siemens Gamesa has received a firm order from Adani Green Energy for one of the largest wind power projects in India. The company will deliver 215 SG 2.2-122 wind turbines, totaling 473 MW.
Renewable energy developer Greenko and analytics and engineering firm ONYX Insight announced they have signed an agreement to modernise 500 wind turbines.
Report Insights
Siemens Gamesa to supply wind turbines for Vietnam’s 78 MW nearshore wind energy project. Siemens Gamesa has strengthened its market leadership position in Vietnam after securing its fifth nearshore wind farm project as the Vietnamese government quickly advances on its renewable energy goals.
The COVID-19 pandemic is expected to result in near-term hurdles for wind turbine original equipment manufacturers (OEMs), despite a healthy outlook for the supply chain over the next decade. Consolidation in the wind turbine market in India might be a possibility in the near future as Smaller regional players lost market share due to challenging market conditions.
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