Report Summary Market Opportunity Analysis by Product (Li-Ion Battery, Flow Battery etc.), By Application (Transportation - Electric Vehicles, UPS for Industrial Consumers) & Segment Outlook by 2024
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Storage Business case Massive in near future with close to $160 billion cumulative Market size globally, with India set to be the leading Contributor
AES America’s Energy firm sees USD 50 billion opportunity in Indian Energy Storage
With growing solar PV installations and further gaining up in renewable power capacity additions clubbed with enticing business for electric vehicles in India, the rationale behind the battery energy storage systems (BESS) is certain to embellish and gather momentum in the country. The storage market is already making sustained gains and is expected to flourish with near term market size of close USD 160 Billion and grow further to USD300 Billion by 2030. Interestingly this entire energy storage market shall see BESS being the largest contributor in terms of share of above 50% globally. This shall be no different in India either and shall be not be a surprise that it might stand scaled up to 70-75% in the country. Having said that with India being still in the nascent phase for the BESS there are certain push elements desired for the market gain momentum and unwind it’s entire market potential in the country for there are terrific benefits for its application. Because of the positives of BESS, recently Tata Power commissioned 10 MW grid-scale energy storage system which is the largest BESS project in South Asia, signifying the growing market potential of energy storage in India.
With electric vehicles market bursting up the scene coupled with increasing solar PV installations in the country business case for BESS does call for a deep dive to project opportunities for different value chain players likely to be engaged with in the segment. America’s energy firm AES Corp. expects USD 50 Billion opportunity in Indian energy storage market which shows companies are conducting studies for assessing opportunity scale which is a promising sign for Indian battery market.
BUSINESS CASE FOR BATTERY MARKET IN INDIA
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