India Battery Energy Storage Systems Market Poised to Benefit from Rising Demand for Renewable Energy
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According to TechSci Research report, “India Battery Energy Storage Systems Market- By Region, Competition Forecast & Opportunities, 2029F,” the India Battery Energy Storage Systems market is expected to grow in the upcoming years due to the rising demand for electricity, the growing demand for energy storage batteries in the automotive industry, among others. Furthermore, the increasing adoption of electric vehicles presents lucrative opportunities for key players in the battery energy storage systems market across India.
Energy storage finds critical applications in several key areas, including integrating renewable energy into transmission and distribution grids, establishing rural microgrids with diverse loads or standalone systems, and developing storage components for electric mobility initiatives.
Companies like Tata Power, Adani Group, and Hero Future Energies are investing in battery storage solutions and solar energy, which is expected to bolster the battery energy storage systems market nationwide. Government incentives such as tax exemptions and subsidies for lithium-ion battery manufacturing further contribute to the anticipated growth of this market in the coming years.
India stands poised for significant economic gains in energy storage. With ambitious emissions reduction targets and strategies aimed at reducing dependence on imported battery packs and cells, India aims to establish itself as a global hub for research, innovation, and production in this sector. This effort is expected to generate new jobs, foster economic growth, and leverage India's strengths in IT, manufacturing, entrepreneurship, and dynamic public-private collaboration under visionary leadership.
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The India Battery Energy Storage Systems Market is categorized by battery type, connection type, application, end user, region, and competitive landscape. In terms of battery type, the market includes lithium-ion, advanced lead acid, flow batteries, and others. Connection types are divided into on-grid and off-grid, while applications are segmented into front of the meter and behind the meter. End users encompass commercial, industrial, and residential sectors. Geographically, the market is segmented into North India, South India, West India, and East India.
Lithium-ion batteries held the largest market share in 2022 and are projected to maintain a significant compound annual growth rate (CAGR) throughout the forecast period. These batteries are integral to renewable energy projects, with experts in the renewable industry emphasizing their cost-effective integration. Lithium-ion solar batteries, specifically, serve as rechargeable energy storage solutions in solar power systems, capturing surplus solar energy. As of November 30, 2022, India's installed solar energy capacity reached approximately 61.97 GW, with the government aiming to increase this to 100 GW by 2022 through various planned projects. To address solar power intermittency issues, private sector initiatives are focusing on solar plus energy storage projects to ensure uninterrupted grid supply.
South India dominated the market in 2022 in terms of regional market share. This can be attributed to increased investments in IT, cloud computing, data centers, and manufacturing industries, bolstered by government initiatives like Make in India, Digital India, and Atmanirbhar Bharat. Industries in these sectors face challenges from power cuts and irregular supply, making high-quality electricity essential for uninterrupted operations. The rapid growth and substantial investments in the IT sector, particularly in cities like Bangalore and Chennai, which have significant power requirements, have further stimulated the growth of the battery energy storage systems market in South India.
Key market players in the India Battery Energy Storage Systems Market include:
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“The India Battery Energy Storage Systems Market is expected to experience a boost in the upcoming years due to the rising population, urbanization, increased usage of electric vehicles, and growing demand from data centers, among other factors. In June 2023, the union government offered approximately USD455 million in incentives to market players for the installation of battery energy projects with a capacity of 400 MWh. The government also aims to achieve 500 MWh of renewable energy by the end of 2030.
Additionally, in April 2023, India Grid Trust completed its first battery energy storage system (BESS) project in conjunction with solar panels located at the Dhule substation in Maharashtra. Therefore, the India Battery Energy Storage Systems Market is expected to experience a boost in the upcoming years," said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Battery Energy Storage Systems Market By Battery Type (Lithium-ion, Advanced Lead Acid, Flow Batteries and Others), By Connection Type (On-Grid and Off-grid), By Application (Front of the Meter, Behind the Meter), By End User (Commercial, Industrial, Residential), By Region, Competition Forecast & Opportunities, 2029F,” has evaluated the future growth potential of India Battery Energy Storage Systems Market and provides statistics & information on market size, structure, and future market growth. The report's goal is to give current market knowledge and assist decision-makers in making informed investment decisions. Furthermore, the study identifies and analyzes emerging trends and key drivers, challenges, and opportunities in the India Battery Energy Storage Systems Market.
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