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Report Summary India has recently gained stature as one of the fastest growing markets for Advanced Energy Storage Technology – Will India keep its pace ‘Up’ in near term or Pandemic Outbreak to delay installations?
Energy Storage Market in India Outlook Update Q2 2020
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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 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.
Having said so, 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 coming next 3 Quarters. This further, shall have a cascading effect on implementation of Energy Storage Enabled projects in India for at least next 4 Quarters.
Key Signpost – Special Incentive Package for Energy Storage, EVs & Renewable Industry
To minimize the expected slowdown, various stakeholders expect, that the Government should create special incentives package for energy storage, electric vehicle (EV) and renewable industry, which includes special GST reduction for a specified period (3 months to 1 year), creation of special energy storage procurement targets for next 1-5 years, and skill development and capacity building training programs in energy storage and EV sector to increase the employment. Further, the Government is also expected to launch a framework to support indigenous manufacturing capabilities.
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