The Energy Storage Solution (ESS) market in India is growing at a high rate due to the country’s growing interest in renewable energy integration, grid modernization, and sustainability. India has set a target to install 500 GW of non-fossil fuel-based power by 2030 where ESS has emerged as an important solution to the problem faced by the intermittent nature of solar and wind energy. The increasing demand for electric cars, requirement for peak load control and the progress of battery technologies such as lithium ion has also boosted the market growth. Some of the government policies like the National Energy Storage Mission (NESM) and other schemes under the Production Linked Incentive (PLI) scheme are supporting the sector. The Ministry of Power and the Ministry of New and Renewable Energy (MNRE) has also come up with policies to support large-scale grid-connected storage particularly to support integration of renewable energy.
The participation of the private sector is gradually increasing and more domestic and international players are investing in battery production, distribution level storage and micro grid systems. Major market players are leveraging on the increased market demand for energy storage systems. However, there are some challenges that are present even in the developed countries such as high capital costs, lack of a well-established supply chain, and regulatory hurdles which need to be overcome for the sector to grow to its full potential. Nevertheless, India’s increasing focus on sustainability and energy security will propel the ESS market to achieve a CAGR of more than 10 percent in the future.
In this special issue, we introduce you to the top companies in this segment. Industry Outlook has identified the select few companies that have done particularly well in this sector with a high level of dedication. We have found that these companies have gone the extra mile in proving their commitment to meet the customer needs in an integrated manner.
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