Consumption of Wind Energy Composites forecast to grow 12.8% pa between 2013 and 2018

Visit website

An enormous opportunity for raw materials used in the fabrication of fiber-reinforced plastics (FRP) products exists in the Indian Wind Energy Industry, as per Composite Insights. The demand for composite materials in Indian Wind Energy Industry continued its growth momentum till 2011. However, in 2012, the industry was affected by the withdrawal of two key incentives by the government: accelerated depreciation and generation-based incentive. In 2012, India was the fourth largest wind market in the world, with around 1700 MW new capacity addition. With a generation-based incentive of 50 paise per unit being introduced in the Union Budget, India’s wind power capacity is poised to grow between 2013 and 2018. It is estimated by Composite Insights that more than 22 gigawatt of wind power capacity will be installed during this six year period. The primary drivers continue to global warming concerns, increasing security of supply and high oil prices. Indian Government increased its focus on clean and domestic energy production, both of which wind offers. India has drafted a model renewable energy law to increase the target for electricity generation by renewable energy to 20% by 2020 of the total power generation in the country and has a planned target of 15,000 MW of wind power to be installed between 2012 and 2017. During the past six years period (2007-2012), around 11,931 MW of new wind capacity was installed. Around 22,053 MW of new wind capacity is forecast to be installed, representing a 85% growth.