What is the future of wind energy production in India??
Answers
Answer:
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Explanation:
✔✔India plans to add 60 GW of wind power installed capacity by the year 2022. Although a relative newcomer to the wind industry as compared to Denmark or the US, domestic policy support for wind power has enabled India to become the fourth largest in the world with an installed capacity of over 34 GW as of June 2018.✔✔✔
India’s economy is the world’s sixth-largest by nominal GDP and the third-largest by Purchasing Power Parity (PPP). It is the world’s fastest growing major economy, as well. India is the third largest energy consumer in the world and is the backbone of the economy. Access to cheap energy is essential to India’s sustained accelerated growth. As per International Energy Agency (IEA), India’s aggregate energy consumption will more than double by 2040. This growing demand for energy has been traditionally dependent on imports of conventional energy like coal, oil and natural gas which poses a threat to India’s energy security. Strategically, it is important that a country is energy independent or it meets the requirements of energy security which means ‘the uninterrupted availability of energy sources at an affordable price’. According to Global Data’s Wind Power Market Update 2018, the size of the global wind power market increased from $21.4 billion in 2006 to $94.5 billion in 2017, at a CAGR of 14.4%. The global cumulative installed capacity for wind power grew from 74.6 GW in 2006 to 547.3 GW in 2017, at a CAGR of 19.9%. There was a total addition of 52.3 GW in 2017. During 2018–2025, the wind power market size is expected to increase from $94.9 billion to $98.9 billion.