Wind Turbine Market in India & South East Asia Outlook Update H1 2020

Imports of Wind turbine to India to take a massive hit in H1 2020 as Chinese Wind turbine manufacturing market experienced a slowdown due to spread of COVID 19 globally

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 close to 80-85% of the wind turbine are imported from China. Thus, fresh investments in the wind energy segment to take a hit in India which shall have the cascading effect on new wind energy capacity additions in H1 2020

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Key Investments

• In H1 2020, the budget outlay was INR 9.20 billion ($130 million) for wind power in India.
• The National Thermal Power Corporation (NTPC) has floated a tender for 600 MW of interstate transmission system (ISTS) connected wind energy projects in the country.
• GE Renewable Energy to deliver wind turbines for 300 MW wind farm in Gujarat - GE Renewable Energy has secured a contract from the EDF Renewables and SITAC Group joint venture to supply and install wind turbines for 300MW

Key Trends

• Siemens Gamesa likely to strengthen its market leadership in Q1 2020 in India if Suzlon’s project execution challenges continue.
• The lack of stringent policy initiative for Wind energy in South East Asia, the wind capacity addition will remain at a moderate level in 2020 unless governments stop prioritizing coal
• The outbreak of COVID-19 shall have an impact on wind turbine installed capacity in India, likely to add only 2.4 - 2.5 GW of wind power capacity, hitting 35-45% of targeted capacity in 2020

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