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 |
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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.
