India Battery Energy Storage Systems Market is Expected to be Dominated by the Lithium-ion Segment Until 2029F
Increasing demand for renewable energy
and rising needs for electricity in remote areas are likely to drive the India battery
energy storage systems market.
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.
Additionally, increasing the usage of electric cars is another aspect that is
anticipated to present profitable opportunities for the major players in the
market for battery energy storage systems across the country.
There are various key areas of energy
storage applications, including integrating renewable energy with transmission
grids and distribution grids, setting up rural microgrids with diversified
loads or stand-alone systems, and developing storage components for electric
mobility plans.
Additionally, various companies,
including Tata Power, Adani Group, and Hero Future Energies, are starting to
invest in the development of battery storage solutions and solar energy, which
is anticipated to boost the market for battery energy storage systems across
the country. Furthermore, the union government provides incentives such as tax
exemptions and subsidies to the manufacturing companies of lithium-ion
batteries. Therefore, the market for battery energy storage systems is expected
to boost in the upcoming years.
India has an enormous economic
opportunity when it comes to energy storage. India is anticipated to meet its
emission reduction targets while avoiding import dependency on battery packs
and cells through ambitious goals, concerted strategies, and a collaborative
approach. It can contribute to establishing India as a center of excellence in
research and innovation, boosting its production capacity, creating new jobs,
or promoting economic growth. The main factors for achieving these aims are
likely to be India's strengths in IT, manufacturing, entrepreneurship, and a
dynamic private sector, as well as the visionary leadership of the public and
private sectors.
Browse over XX market data Figures
spread through XX Pages and an in-depth TOC on the "India Battery Energy Storage Systems Market."
The India
Battery Energy Storage Systems Market is segmented into battery type,
connection type, application, end user, region and competitive landscape. Based
on battery type, the market is divided into lithium-ion, advanced lead acid, flow
batteries ,and others. Based on connection type, the market is divided into
on-grid and off-grid. Based on application, the market is divided into front of
the meter and behind the meter. Based on end user, the market is divided into
commercial, industrial, and residential segments. Based on region, the market
is divided into North India, South India, West India, and East India.
Based on
battery type, the lithium-ion segment had the largest market share in 2022 and
is expected to maintain a significant CAGR during the forecast period.
Lithium-ion batteries are used in renewable power projects. Various renewable
industry experts believe that the growth of renewables in India is incomplete
without energy storage systems, and lithium batteries offer the most
cost-effective integration. Additionally, a lithium-ion solar battery is a
rechargeable energy storage solution utilized in solar power systems to gather
the excess amount of solar power. India's installed solar energy capacity stood
at around 61.97 GW as of November 30, 2022, and the government has planned many
projects to reach its ambitious target of increasing its share to 100 GW by
2022. However, due to the intermittency of solar power supply, many private
players have planned solar plus energy storage projects to ensure a continuous
power supply to the grid.
Based on
region, South India had the largest market share in 2022. The rising investment
in the IT, cloud computing, data center, and manufacturing industries under
various government policies like Make in India, Digital India, and Atmanirbhar
Bharat initiatives is a major factor driving the growth of the India battery
market. Power cuts and irregular power supply pose significant challenges to
industries and businesses that rely heavily on good quality electricity for smooth
operations. Furthermore, the increasing investment and rapid development in the
IT sector have significantly contributed to the growth of the battery energy
storage systems market in the upcoming years. On the other hand, cities such as
Bangalore and Chennai are home to major IT companies and have high power
requirements, making South India a major shareholder in the India battery
energy storage systems market.
Key market players in the India Battery Energy Storage Systems Market include:
- AES India Engineering Limited
- Exide Industries Ltd
- Delta Electronics India Private Limited
- Toshiba India Private Limited
- Amara Raja Batteries Ltd
- Panasonic Corporation
- HBL Power Systems Ltd
- Schneider Electric India Pvt Ltd
- Siemens Ltd
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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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