India Wind Power Market Outlook – Revamp of Generation Based Incentive Scheme to Drive Growth
New York, NY, May 15, 2014 --(PR.com
)-- Global market intelligence firm, Netscribes, Inc. released its latest report on the ‘Wind Power Market in India 2014’. Wind power generation has long been acknowledged as the fastest growing renewable energy sector in the country and the states of Tamil Nadu, Karnataka, Maharashtra and Gujarat have been the leaders in terms of total wind installations due to their logistical and geographical advantage.
Netscribes’ latest market research report titled Wind Power Market in India 2014 analyses how the renewable energy sector is gaining importance in India and how wind energy has become an indispensable part of this sector. With the gap in demand and supply of energy increasing at a steady pace, it has become necessary to look beyond conventional sources for generating energy. This has led to a shift in focus from thermal power plants to renewable sources of energy. With wind energy related equipment being the easiest and least expensive to set up among the various types of renewable energy, the latter has emerged as the fastest growing segment. The high prices and lack of easy availability of raw materials for generating electricity through thermal plants is also driving growth in the market. However, the central government’s decision to withdraw the Accelerated Depreciation Scheme and withdrawal of the Generation-Based Incentive scheme, before it was reinstated in Aug 2013, led to considerable decline in market growth during the previous year. The market is, however, expected to become stable and once again start exhibiting steady growth.
Several government and industry bodies are working towards developing the market and wind energy producers are being provided various incentives. Majority of the players operating in the market are foreign companies and there is stiff competition among these players. New trends such as off-shore wind energy generation, hybrid generators that include solar photovoltaic and wind, and wind and diesel, and the advent of small wind turbines comprise crucial future driving factors for this market.