Market Size of India Battery Energy Storage Systems Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 11.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
India Battery Energy Storage Systems Market Analysis
India's battery energy storage system market is estimated to be at USD 3.10 billion by the end of this year and is projected to reach USD 5.27 billion in the next five years, registering a CAGR of over 11.20% during the forecast period.
- Over the medium term, factors such as declining prices of lithium-ion batteries and government initiatives to promote energy storage deployment are likely to drive the India battery energy storage systems market in the forecast period.
- On the other hand, the uncertainty in the rules governing energy storage operations and ownership will likely hinder the growth of the India battery energy storage systems (BESS) market in the studied period.
- Nevertheless, technological advancements in new battery technologies to store energy and India's target to reach around 500 GW of renewable capacity by 2030 will likely create lucrative growth opportunities for the India BESS market during the forecast period.
India Battery Energy Storage Systems Industry Segmentation
Battery energy storage systems (BESS) are rechargeable batteries that can store and discharge energy from various sources when needed. BESS consists of one or more batteries and can be utilized to balance the electric grid, deliver backup power and improve grid stability.
India's battery energy storage systems market is segmented by battery and connection types. The market is segmented by battery type into lithium-ion, lead-acid, flow, and other battery types. By connection type, the market is segmented into on-grid and off-grid. The market sizing and forecasts have been done for each segment on the revenue (USD).
| Battery Type | |
| Lithium-ion | |
| Lead-acid | |
| Flow | |
| Other Battery Types |
| Connection Type | |
| On-grid | |
| Off-grid |
India Battery Energy Storage Systems Market Size Summary
The battery energy storage system market in India is poised for significant growth, driven by declining lithium-ion battery prices and supportive government initiatives aimed at promoting energy storage deployment. Despite challenges such as regulatory uncertainties surrounding energy storage operations and ownership, technological advancements in battery technologies and India's ambitious renewable energy targets are expected to create substantial opportunities for market expansion. The integration of lithium-ion batteries in renewable power projects is seen as crucial for the growth of renewables in India, with solar plus energy storage projects being developed to address the intermittency of solar power supply.
Government policies and initiatives are anticipated to be key drivers of the battery energy storage market in India, as the country seeks to boost its renewable energy capacity. The establishment of the Energy Storage Task Force by the United States Department of Energy and India's Ministry of Power highlights the international collaboration aimed at accelerating the deployment of energy storage technologies. The market is moderately fragmented, with major players including Toshiba Corporation, AES Corporation, Exide Industries Ltd, Delta Electronics Inc., and Amara Raja Group. Recent government incentives and projects, such as the gigafactory for lithium-ion batteries and solar plus storage projects, underscore the commitment to achieving India's renewable energy goals by 2030.
India Battery Energy Storage Systems Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecasts in USD, till 2028
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.1.1 Declining Cost of Energy Storage Technologies
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1.5.1.2 Government Initiatives to Promote Energy Storage Deployment
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1.5.2 Restraints
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1.5.2.1 Uncertainty in the Rules Governing Energy Storage Operations and Ownership
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION
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2.1 Battery Type
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2.1.1 Lithium-ion
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2.1.2 Lead-acid
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2.1.3 Flow
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2.1.4 Other Battery Types
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2.2 Connection Type
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2.2.1 On-grid
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2.2.2 Off-grid
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India Battery Energy Storage Systems Market Size FAQs
What is the current India Battery Energy Storage Systems Market size?
The India Battery Energy Storage Systems Market is projected to register a CAGR of 11.20% during the forecast period (2024-2029)
Who are the key players in India Battery Energy Storage Systems Market?
Exide Industries Ltd, Delta Electronics, Inc, Amara Raja Group, AES Corporation and Toshiba Corporation are the major companies operating in the India Battery Energy Storage Systems Market.
