The India Wind Energy Market Report is Segmented by Location (Onshore and Offshore), Turbine Capacity (Less Than 3 MW, 3 To 6 MW, and Above 6 MW), and Application (Utility-Scale, Commercial and Industrial, and Community Projects). The Market Size and Forecasts are Provided in Terms of Installed Capacity (GW).

The size of the India Onshore Wind Energy Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 8.00">> 8.00% during the forecast period. Recent developments include: October 2022: Suzlon Group secured new order to develop 144.9 MW wind power projects located at sites in Gujarat and Madhya Pradesh for the Aditya Birla Group. As a part of the contract, the company will install around 69 units of wind turbine generators (Wind Turbines) with a Hybrid Lattice Tubular (HLT) tower with a rated capacity of 2.1 MW each. It is expected to commence operations by the end of 2023., May 20222: India's Minister for Power and New & Renewable Energy announced plans to have a capacity of 30,000 MW of offshore wind power in India., October 2021: GE Renewable Energy secured a contract from JSW Energy Ltd, part of the local conglomerate JSW Group. As a part of the contract, JSW has ordered 810 MW of onshore wind turbines for its upcoming projects in Tamil Nadu.. Key drivers for this market are: 4., Growing Vehicle Ownership4.; Government Initiatives. Potential restraints include: 4., Volatile Crude Oil Prices. Notable trends are: Onshore Wind Energy is Expected to Dominate the Market.

In 2019, Siemens Gamesa had the largest market share of wind turbine suppliers in India. Nearly ** percent of the Indian market was grabbed by Suzlon and Gamesa. The south Asian country added nearly ***GW of new wind capacity in 2019.

The India Renewable Energy Market Report is Segmented by Technology (Solar Energy, Wind Energy, Hydropower, Bioenergy, Geothermal, and Ocean Energy) and End-User (Utilities, Commercial and Industrial, and Residential). The Market Sizes and Forecasts are Provided in Terms of Installed Capacity (GW).

India's Renewable Energy Market is set to grow from USD 24 Billion in 2024 to USD 37 Billion by 2030, with a 9% CAGR from 2025-30, driven by sustainable energy initiatives.

India Wind Power Market was valued at USD 9.11 Billion in 2025 and is expected to reach USD 13.71 Billion by 2031 with a CAGR of 6.89%.

India Wind Energy Market size was valued to be USD 9.87 Billion in the year 2024 and it is expected to reach USD 39.3 Billion in 2032, at a CAGR of 18.9% over the forecast period of 2026 to 2032.

Ambitious Renewable Energy Targets: India's commitment to achieving 500 GW of renewable energy capacity by 2030 has catalyzed significant market growth.

Declining Levelized Cost of Energy (LCOE): The continuous reduction in wind energy costs has transformed market dynamics, with LCOE decreasing by 38% from INR 4.5/kWh in 2018 to INR 2.8/kWh in 2023.

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Wind Turbine Market Size and Trends

The wind turbine market size is forecast to increase by USD 47.9 million at a CAGR of 9.3% between 2023 and 2028. The market is experiencing significant growth due to the increasing emphasis on clean energy and reducing carbon footprint in response to climate change. Wind turbines have emerged as an efficient and economical renewable energy resource, providing electricity generation that reduces reliance on fossil fuels and associated carbon dioxide emissions. Government initiatives to promote the use of renewable energy and improve air quality are driving market growth. Additionally, wind energy production offers agricultural income through land lease agreements and the potential for co-location with farming operations. This trend is expected to continue as the world transitions to a more sustainable energy future. Keywords: wind turbines, climate change, electricity generation, fossil fuels, carbon dioxide emissions, clean energy, air quality, public health, agricultural income.

Market Overview

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Wind turbines have emerged as a crucial component in the global shift towards clean energy and reducing carbon footprint. With the increasing awareness of the negative impacts of fossil fuels on climate change, air quality, and public health, the demand for renewable energy sources, including wind power, has been on the rise. Wind turbines play a significant role in electricity generation, contributing to the reduction of carbon dioxide emissions. The use of wind turbines not only benefits the environment but also offers economic advantages. For instance, landowners can earn income by leasing their land for wind farm installations. Moreover, wind energy is an excellent option for off-grid power, providing electricity to remote areas where traditional power sources are not readily available. The wind power market in the US is expected to grow significantly in the coming years.

Furthermore, the transition to wind power and other renewable energy sources is essential for reducing our reliance on fossil fuels and mitigating the negative impacts on the environment and public health. Wind turbines offer a viable solution for electricity generation, with the added benefits of energy efficiency, economic opportunities, and a reduced carbon footprint. In conclusion, wind turbines are a crucial component in the transition to a cleaner and more sustainable energy future. With the growing demand for renewable energy sources and the increasing awareness of the negative impacts of fossil fuels, the wind turbine market is poised for significant growth in the US and beyond.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.

Type

  Onshore
  Offshore


Geography

  APAC

    China
    India


  Europe

    Germany
    Spain


  North America

    US


  Middle East and Africa



  South America

By Type Insights

The onshore segment is estimated to witness significant growth during the forecast period. The wind turbine market is experiencing significant growth due to the global push towards clean energy and reducing carbon footprint in electricity generation. Onshore wind turbines accounted for the largest share of the global market in 2023, with steady growth anticipated compared to offshore wind farms.

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The metallurgical segment was the largest and valued at USD 44.40 million in 2018. Real-time wind turbine monitoring systems, which optimize performance and efficiency, are gaining popularity in onshore applications due to their ease of implementation. APAC is expected to dominate the onshore wind power generation sector due to favorable regulations. By adopting wind turbines, countries can reduce their reliance on fossil fuels, decrease carbon dioxide emissions, improve air quality, and enhance public health. Investing in wind turbines is an excellent agricultural income source, making it an attractive option for farmers and rural communities.

Regional Analysis

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Europe is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The Asia Pacific (APAC) region is experiencing a surge in energy demand due to population growth and improving living standards. In response, there is a heightened focus on renewable energy sources, particularly wind energy, for power generation. China and India are anticipated to dominate the installation of wind turbines in this regio

In India Offshore Wind Energy Market, MHI Vestas Offshore Wind partnered with research institutes to develop advanced digital monitoring solutions for predictive maintenance of offshore turbines.

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Wind Energy Market Size 2025-2029

The wind energy market size is forecast to increase by USD 70.9 billion at a CAGR of 8.7% between 2024 and 2029.

The market is experiencing significant growth, driven by the increasing awareness of environmental pollution and the global push towards renewable energy sources. However, the market faces substantial hurdles, with high upfront costs and investments required to establish wind energy projects. Energy policy and climate policy are shaping the market, pushing for grid parity and energy efficiency. Turbine efficiency is a key focus, with advancements in yaw control, torque control, and blade pitch enhancing power curve performance.
These financial constraints necessitate strategic planning and innovative financing models for companies seeking to capitalize on this market's potential. Navigating these challenges will be crucial for stakeholders looking to succeed in the market. Land use and turbine installation are also essential considerations, with power transmission infrastructure playing a crucial role in integrating wind power into the grid. Research and development in sustainable energy have led to the integration of battery energy storage and hydrogen storage for improved energy storage capabilities.

What will be the Size of the Wind Energy Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
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In the dynamic market, meteorological data plays a crucial role in optimizing wind atlas analysis for site assessment. Circular economy principles are increasingly applied, with blade recycling and material recycling reducing operational costs and promoting green technology. Sustainable investing and green finance are driving the adoption of renewable energy portfolios, including both bottom-fixed and floating wind turbines.
Wind shear and wake effect management are essential for maximizing energy output from wind farms. Offshore substations are becoming more common, enabling larger wind farms and greater grid integration. Research and development in areas like battery energy storage, control systems, and condition monitoring are also crucial to optimizing energy yield and power output.

How is this Wind Energy Industry segmented?

The wind energy industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Onshore
  Offshore


End-user

  Industrial
  Commercial
  Residential


Component

  Turbines
  Support structures
  Electrical infrastructure
  Control systems
  Others


Geography

  North America

    US
    Canada
    Mexico


  Europe

    Germany
    UK


  APAC

    Australia
    China
    India
    Japan
    South Korea


  Rest of World (ROW)

By Type Insights

The onshore segment is estimated to witness significant growth during the forecast period. Wind power has experienced significant advancements in the last decade, driving down production costs by half for new onshore projects. This economic shift has positioned wind power as the most cost-effective source of electricity generation globally. Sweden, for instance, has set ambitious targets to expand onshore wind energy, with wind temporarily surpassing traditional sources in December 2024. In this record-breaking year, wind energy generated 40.8 TWh, accounting for a quarter of the nation's electricity mix, up from 22% in 2023. During this period, wind covered 35% of Sweden's electricity demand, underscoring its growing importance. Technological innovations have played a pivotal role in this progress.

For example, blade manufacturing has evolved with the use of carbon fiber, enhancing durability and energy yield. Wind turbine design has advanced, with rotor dynamics and control systems optimized for increased power output and grid integration. Environmental regulations have also influenced the wind power industry, with a focus on climate change mitigation and carbon emissions reduction. Wind energy associations have advocated for renewable portfolio standards and condition monitoring, ensuring wind farms operate efficiently and adhere to environmental guidelines.

Offshore wind has emerged as a promising sector, with offshore installation and capacity factor improvements contributing to increased power output. Despite these advancements, challenges remain. Wind direction and wind speed variability, noise pollution, and public acceptance are critical concerns.

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The Onshore segment was valued at USD 87.00 billion in 2019 and showed a gradual increase during the forecast period.

The Wind Energy Market is rapidly expanding as nations invest in sustainable power solutions.

The size of the wind energy market was valued at USD 105.4 Billion in 2023 and is projected to reach USD 316.33 Billion by 2032, with an expected CAGR of 17% during the forecast period. Recent developments include: April 2023:India, which still posing immense potential in the Wind Energy sector, announced in late 2022 the e-bidding process for developing its 8 GW of Wind Energy installations. The Ministry of New and Renewable Energy, a ministry of the government of India, announced the country's first offshore wind power project in Tamil Nadu, which is aimed to be completed by 2030., August 2022:EDF Renewables signed a memorandum of understanding with Ferrovial's Polish subsidiary Budimex for realizing investments in wind farm development offshore Poland. The two companies will focus on the second phase of offshore development in the country on a 50/50 basis.. Notable trends are: Advancements in turbine technology are driving the market growth.

The size of the India Renewables Energy Market was valued at USD 18.7 Billion in 2023 and is projected to reach USD 35.98 Billion by 2032, with an expected CAGR of 9.8% during the forecast period. Recent developments include: January 2019:Suzlon Energy secured a 50.4 MW wind power project from Atria Power. The project involved supplying, installing, and commissioning Suzlon's S111-140m wind turbine generators (WTGs) in the Anantapur district of Andhra Pradesh, India., In February 2021, Tata Power Renewable Energy Limited (TPREL), a wholly-owned subsidiary of Tata Power, inked a deal to purchase a 100% ownership in Sterling & Wilson Private Limited's (SWPL) operating solar projects for an enterprise value of around INR 1,600 crore (roughly USD 219 million). This acquisition brought approximately 253 MW of working solar capacity to Tata Power's renewable energy portfolio., In June 2021, NTPC Limited has signed a memorandum of understanding (MoU) with the Indian Institute of Forest Management (IIFM) to carry out a project to build a green cover and eco-restoration strategy around its coal mining facilities. This collaboration is intended to promote sustainable practices and strengthen environmental conservation efforts.. Notable trends are: Increasing government initiatives and policies is driving market growth.

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Wind Turbine Components Market Size 2025-2029

The wind turbine components market size is valued to increase USD 47.7 billion, at a CAGR of 7.2% from 2024 to 2029. Rapid growth of global wind power market will drive the wind turbine components market.

Major Market Trends & Insights

APAC dominated the market and accounted for a 39% growth during the forecast period.
By Application - Onshore segment was valued at USD 71.80 billion in 2023
By Product - Wind turbine rotor blades segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 71.84 billion
Market Future Opportunities: USD 47.70 billion
CAGR : 7.2%
APAC: Largest market in 2023

Market Summary

The market encompasses the production and distribution of essential elements for wind turbine systems. Core technologies, such as blades, generators, and towers, continue to evolve, with advancements in materials and manufacturing processes driving innovation. Applications span various sectors, including onshore and offshore wind farms, while service types range from installation and maintenance to upgrades and replacements. Regulatory frameworks and incentives shape market dynamics, with governments worldwide investing in renewable energy to reduce carbon emissions. The global wind power market is experiencing rapid growth, with the cost of wind power consistently declining, making it increasingly competitive with traditional energy sources. However, challenges persist, including complications related to materials, control systems, and energy storage, requiring ongoing research and development efforts. According to a recent study, the global wind turbine blades market share is projected to reach 30% by 2027, underscoring the market's continuous evolution and potential for growth.

What will be the Size of the Wind Turbine Components Market during the forecast period?

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How is the Wind Turbine Components Market Segmented and what are the key trends of market segmentation?

The wind turbine components industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. ApplicationOnshoreOffshoreProductWind turbine rotor bladesWind turbine gearboxesWind turbine generatorsWind turbine towersOthersGeographyNorth AmericaUSCanadaEuropeFranceGermanySpainUKAPACChinaIndiaJapanSouth AmericaBrazilRest of World (ROW)

By Application Insights

The onshore segment is estimated to witness significant growth during the forecast period.

Onshore wind power plants, situated on land, have been gaining significant traction in the global energy market due to their cost-competitiveness against traditional fossil fuels like coal and natural gas. In countries such as the UK and China, the adoption of onshore wind power has seen a notable increase, driven by the decreasing cost of technology and finance. The onshore the market is witnessing continuous growth, with several innovations and advancements contributing to its expansion. For example, Vestas, a leading wind turbine manufacturer, has introduced a 4 megawatts (MW) platform, enabling onshore turbines to operate efficiently in a wide range of wind conditions. Key components of wind turbines, including rotor diameter, corrosion protection, blade fatigue, material selection, hydraulic systems, wind turbine pitch, blade aerodynamics, thermal management, condition monitoring, and grid integration, are undergoing significant advancements. These improvements have led to increased energy yield and enhanced turbine performance. Moreover, the market is witnessing a growing focus on safety systems, blade manufacturing, capacity factor, vibration monitoring, yaw drive systems, foundation design, and tower assembly. The integration of advanced drivetrain technology, turbine lifespan extension, and maintenance schedules are also crucial factors influencing market growth. According to recent industry reports, the onshore the market is expected to grow by approximately 15% in the next two years, with a similar expansion rate forecasted for the following period. This growth can be attributed to the increasing demand for renewable energy, advancements in technology, and government initiatives promoting the adoption of wind power. Furthermore, the market is witnessing a shift towards larger turbines with higher hub heights, which can generate more electricity from the same wind resource. This trend is expected to continue, as wind turbine manufacturers strive to maximize energy production and minimize operational costs. In conclusion, the onshore the market is experiencing robust growth, driven by technological advancements, cost competitiveness, and governmen

[226+ Pages Report] The India renewable energy certificate market size is expected to grow from USD 22.45 billion in 2023 to USD 47.22 billion by 2032, at a CAGR of 8.6% from 2024-2032

The global wind power market size is projected to grow from USD 111.14 billion in 2025 to USD 200.53 billion by 2033, exhibiting a CAGR of 7.64%.
Report Scope:

The global wind energy market, valued at $7287.2 million in 2025, is projected to experience robust growth, driven by increasing demand for renewable energy sources to mitigate climate change and enhance energy security. Governments worldwide are implementing supportive policies, including tax incentives and renewable portfolio standards, to accelerate the adoption of wind power. Technological advancements, such as the development of larger and more efficient wind turbines, are further contributing to cost reductions and improved performance, making wind energy increasingly competitive with fossil fuels. The market is segmented by application (power plants, street lighting, and others) and type (turbine blades, electricity generators, towers, control equipment, and others). Power plants currently dominate the application segment due to their high energy output requirements, while turbine blades represent a significant portion of the type segment due to their crucial role in energy capture. Key players like Vestas, Siemens Gamesa, and GE Wind Energy are leading the market with their extensive experience, technological expertise, and global presence. The Asia-Pacific region, particularly China and India, is expected to witness significant growth owing to substantial investments in renewable energy infrastructure and increasing energy demand. North America and Europe also contribute substantially, fueled by established markets and supportive regulatory environments. While challenges remain, including grid integration complexities and intermittency of wind power, ongoing innovations and supportive policies suggest a positive outlook for the wind energy market's continued expansion through 2033. The forecast period (2025-2033) anticipates a sustained growth trajectory, influenced by several factors. Continued investment in offshore wind farms, which offer higher energy yields compared to onshore installations, will be a primary driver. Furthermore, advancements in energy storage solutions are addressing the intermittency issue, boosting the reliability and appeal of wind power. The growth, however, might be affected by fluctuating commodity prices for raw materials used in turbine manufacturing and potential regulatory changes in different regions. Nevertheless, the long-term prospects for wind energy remain strong, with a projected market expansion into new geographical areas and an ongoing drive towards greater efficiency and sustainability. Competition among manufacturers is expected to remain intense, prompting ongoing innovation and cost optimization strategies.

India Power Market was valued at USD 245 Billion in 2023 and is projected to reach USD 400 Billion by 2031 growing at a CAGR of 7% from 2024 to 2031.

Key Market Drivers:

Expansion of Renewable Energy Capacity: According to the Ministry of New and Renewable Energy (MNRE), India's renewable energy capacity would reach 177 GW by the end of 2023, accounting for around 40% of overall power capacity in the country. The Indian government have set an ambitious goal of 500 GW of renewable energy capacity by 2030, which is resulting in considerable investments in solar, wind and other renewable energy technologies. This shift to renewables is increasing demand for energy storage solutions and grid integration technologies, which are critical to the power market's growth.

Rising Energy Demand Due to Economic Growth: According to data from the International Energy Agency (IEA) and the Indian government

The global wind turbine blade market, currently valued at $15.7 billion (2025), is projected to experience robust growth, driven by the increasing demand for renewable energy sources and supportive government policies promoting clean energy transition. A compound annual growth rate (CAGR) of 13.9% from 2025 to 2033 indicates a significant expansion, reaching an estimated market size of approximately $50 billion by 2033. This growth is fueled by several key factors. Firstly, the expansion of offshore wind farms necessitates larger, more efficient blades, driving demand for higher-capacity segments (4-6MW and above 6MW). Secondly, technological advancements in blade materials, such as improved composites and lightweight designs, are enhancing blade performance and lifespan, leading to greater cost-effectiveness. Thirdly, rising energy prices and concerns about climate change are accelerating the global adoption of wind energy, creating a favorable market environment. However, challenges remain, including the high initial investment costs associated with wind turbine installation and the potential for supply chain disruptions impacting material availability. Market segmentation reveals a strong preference for onshore applications, currently dominating the market share, while the maritime segment is poised for substantial growth in the forecast period. Competition among key players like Vestas, Siemens Gamesa, and LM Wind Power remains intense, pushing innovation and driving down prices, further stimulating market expansion. The geographical distribution of the market reflects the existing renewable energy infrastructure and government incentives. Regions like North America, Europe, and Asia-Pacific are expected to lead the market, accounting for a significant portion of the total revenue. Within Asia-Pacific, China and India are major contributors due to their ambitious renewable energy targets and substantial investments in wind energy projects. However, emerging markets in Africa and South America present significant untapped potential and are anticipated to contribute to the market's overall growth in the long term. The market's future trajectory is highly dependent on the continued support for renewable energy initiatives, technological advancements in blade design, and the successful integration of wind energy into smart grids. Navigating these factors will determine the market's ability to sustain its projected high growth rate.

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India Power Market Size 2024-2028

The India power market size is forecast to increase by USD 465.95 billion at a CAGR of 9.19% between 2023 and 2028. The Indian power market is witnessing significant growth, driven by government policies aimed at mitigating carbon footprints and striving for net zero emissions. The rising electricity demand, fueled by population growth and industrialization, necessitates infrastructural activities to scale up renewable energy infrastructure.

Solar energy is a key focus area, with foreign investment pouring in to capitalize on the country's abundant solar resources. However, challenges persist, including the poor financial health of DISCOMs in the power sector, which hampers the effective implementation of these initiatives. The Indian power market presents a unique opportunity for stakeholders to contribute to a sustainable energy future while addressing the pressing infrastructure needs of the country.

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The Indian power market is a significant sector in the country's macroeconomics, with an annual power consumption of over 1,200 Terawatt-hours (TWh) and an installed capacity of over 380 GW as of 2021. The power generation sector is primarily driven by thermal (63%), hydro (19%), and renewable energy sources (18%). The regulatory structure plays a crucial role in shaping the power market, with policies focused on ensuring supply security and promoting generation infrastructure. Major power plants are located in various regions, including Western, Northern, Eastern, and Southern India. Asset transactions have been a significant trend in the power market, with several infrastructural activities underway to boost electricity demand and improve the overall efficiency of the sector. The market is expected to witness strong growth in the coming years due to increasing electricity demand and the government's focus on renewable energy.

Market Segmentation

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Technology

  Thermal
  Renewables
  Hydroelectric
  Nuclear


End-user

  Industrial
  Commercial
  Residential


Source

  Non-renewable
  Renewable


Geography

  India

By Technology Insights

The thermal segment is estimated to witness significant growth during the forecast period. The market is significantly influenced by government policies, population growth, and infrastructure activities. Thermal power technology, which involves generating electricity through the combustion of fossil fuels, remains a crucial component of India's energy mix due to its reliability and cost-effectiveness. Abundant coal reserves in the country make it a readily available and reasonably priced fuel source for electricity generation. The Indian government's focus on increasing electricity access and meeting the rising electricity demand, particularly in rural areas, is driving infrastructural activities in the power sector. Furthermore, the government's initiatives to promote renewable energy, particularly solar energy, are also expected to supplement thermal power generation.

India's large population and rapid industrialization have led to a significant increase in electricity demand, making it an attractive destination for foreign investment in the power sector.

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The thermal segment accounted for USD 346.43 billion in 2018 and showed a gradual increase during the forecast period.

Our market researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

India Power Market Driver

Mitigating carbon footprints and striving for net zero emission is the key driver of the market. The market is experiencing significant growth as a result of the increasing focus on low-carbon and sustainable energy sources. In an effort to reduce carbon emissions in the mining sector and pursue net zero carbon targets, coal and lignite companies are expanding their energy portfolios by investing in solar projects.

Moreover, this includes both rooftop and ground-mounted installations, as well as the development of solar parks on previously mined land. As of May 26, 2023, coal and lignite public sector undertakings (PSUs) collectively boast an installed capacity of approximately 1,656 MW of solar energy and 51 MW of wind energy. Deal types in this sector include debt offerings, acquisitions, and asset transactions, as companies seek to diversify and strengthen their positions in the power market.

India Power Market Trends

Rise in investments in scaling up renewable energy infrastructure is the upcoming trend

India Offshore Wind Power Market is expected to grow during 2025-2031