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.
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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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