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Energy Storage Market in India Outlook Update Q1 2020

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Report Summary With growing solar PV installations and further gaining up in renewable power capacity additions clubbed with the enticing business for electric vehicles in India

Energy Storage Market in India Outlook Update Q1 2020

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    COVID 19 outbreak across the Globe to hit Renewable Capacity Additions in India – Cascading effect on Energy Storage Enabled Projects expected in Q1 2020

    Indian Energy Storage Market is expected to grow at a CAGR of 6.1% by 2026. Having said so, in CY 2019 the capacity additions pace for the renewable sector in the country was low as compared to erstwhile year-on-year capacities being added from CY 2014, but owing to strong push by Government & decline in the cost of storage technologies, CY 2019 witnessed a rise in the number of storage tenders. Though, a lot of new energy storage tenders are issued in CY 2019, the arrangement of implementation of the projects of these tenders make their implementation unsustainable. Further, the capacity of the storage is so high that it leads to unfeasible project tariffs leading to the cancellation of such projects. The sector is already plagued with many issues, above it, amidst force majeure circumstances witnessed from COVID 2019 outbreak, the supplies to Indian renewable industry has halted completely from China and with uncertainty in future the situation for capacities look grim. This for sure will have cascading impact upon the Energy Storage enabled projects in first two quarters of 2020.

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