India Battery Energy Storage Systems Market is set to grow due to rising renewable energy demand and increasing electricity needs in remote areas.
According to a TechSci Research report, the India Battery Energy Storage Systems Market is expected to grow in the coming years due to the rising demand for electricity and the growing need for energy storage batteries in the automotive industry. The increasing use of electric cars is also anticipated to present profitable opportunities for major players in the battery energy storage systems market across the country.
There are several key applications for energy storage, including integrating renewable energy with transmission and distribution grids, setting up rural microgrids, and developing storage components for electric mobility plans. These areas are expected to see significant investment and growth as the demand for energy storage solutions increases.
Companies such as Tata Power, Adani Group, and Hero Future Energies are beginning to invest in battery storage solutions and solar energy. This is expected to further drive the growth of the battery energy storage systems market. Additionally, the Indian government provides incentives such as tax exemptions and subsidies to lithium-ion battery manufacturers, boosting the market even more.
India has a tremendous economic opportunity in energy storage. With ambitious goals and strategies, India aims to meet its emission reduction targets while reducing dependence on imported battery packs and cells. By focusing on IT, manufacturing, entrepreneurship, and leveraging public and private sector leadership, India can position itself as a hub for research and innovation in energy storage.
The India Battery Energy Storage Systems Market is segmented by battery type, connection type, application, end user, region, and competitive landscape. The market includes lithium-ion, advanced lead acid, flow batteries, and other battery types. It is divided into on-grid and off-grid connection types, and applications include front of the meter and behind the meter solutions. The market also caters to commercial, industrial, and residential end users, with regional segments including North, South, West, and East India.
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The lithium-ion segment held the largest market share in 2022 and is expected to maintain significant growth during the forecast period. Lithium-ion batteries are essential in renewable power projects, and many experts believe that their use is crucial for the success of India’s renewable energy growth. These batteries are especially important in solar power systems, where they store excess solar energy. India’s solar energy capacity reached 61.97 GW in November 2022, and the government aims to increase this to 100 GW in the coming years. However, to address the intermittency of solar power, many private players are investing in solar-plus-storage projects to ensure a continuous power supply.
Regionally, South India held the largest market share in 2022. This growth is driven by increased investment in IT, cloud computing, data centers, and manufacturing, supported by government initiatives like Make in India, Digital India, and Atmanirbhar Bharat. Power cuts and unreliable electricity supply are significant challenges for industries that depend on consistent power. The rapid development in the IT sector, particularly in cities like Bangalore and Chennai, has contributed to the growth of the battery energy storage systems market in South India.
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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