| Product Code: ETC104383 | Publication Date: Jul 2023 | Product Type: Report | |
| Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 |
The India marine wind turbine market import shipment demonstrated robust growth with a high CAGR from 2020 to 2024. The market maintained its momentum with a notable growth rate between 2023 and 2024, indicating consistent expansion and a positive trend in the industry.
India marine wind turbine market is expected to grow significantly over the coming years. This growth is driven by the increasing focus on renewable energy sources in India, as well as the development of advanced technology for offshore installations. In addition, government initiatives such as providing subsidies and tax incentives are contributing to further expand the industry.
The increasing demand for clean and renewable energy sources has been one of the major drivers for marine wind turbine market. Additionally, government initiatives such as financial incentives and favorable regulations have been further encouraging investments in this industry. Furthermore, technological advancements which have resulted in cost-effective solutions are also driving the growth of marine wind turbine market. Moreover, reducing carbon footprint is another factor that is expected to positively influence the growth of this market during coming years.
Some challenges remain that need to be overcome before this market can reach its full potential. These include high installation costs due to lack of infrastructure and a fragmented supply chain; regulatory issues related to environmental concerns; and limited financing options for small developers.
There are several key players operating in this space who have been instrumental in driving innovation and adoption of new technologies within India marine wind turbine sector. These companies include Gamesa, Suzlon Energy Ltd., Vestas Wind Systems A/S, Siemens AG, ReGen Powertech Pvt Ltd., Mytrah Energy (India) Private Limited etc.