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Energy Storage Market in India Outlook Update H1 2020

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Report Summary The recent pandemic related to COVID19 has highlighted the importance of domestic manufacturing considering the risk of global supply chain disruptions.

Energy Storage Market in India Outlook Update H1 2020

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    China dominance in Li-ion battery manufacturing created a series of disruptions in the supply chain – Cascading effect on Indian energy storage projects in H1 2020

    The intermittent nature of renewable energy and the limitations on its ability to ramp up and down based on demand lead to the waste of a certain amount of capacity. To counter this drawback, energy banking has been adopted in the past. Owing to strong push by Government & decline in the cost of storage technologies, CY 2019 witnessed a rise in the number of storage tenders. Moreover, It is also estimated Indian Energy Storage Market is expected to grow at a CAGR of 6.1% by 2026

    However, the onset of COVID-19 has created a series of disruptions in the supply chain and manufacturing of Li-ion batteries impacting the Indian EVs and stationary energy storage market. Since, China is dominant in the Li-ion battery manufacturing and supply chain, the impact is expected to account for FY 2020-21. This further, shall have a cascading effect on implementation of Energy Storage Enabled projects in India. Consequently, in H1 2020, Industry demanded clear policy on energy storage in new electricity law showing the roadmap involving investment incentives, improved storage technology, and realistic targets for developing storage capacity.

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