India Battery Energy Storage Systems Market Size (2024 - 2029)

The market size of India's battery energy storage system is expected to grow significantly in the coming years. This projected expansion is attributed to factors such as declining prices of lithium-ion batteries, government initiatives promoting energy storage deployment, and technological advancements in new battery technologies. However, this growth may be hindered by uncertainties in the rules governing energy storage operations and ownership. Despite these challenges, the market is likely to witness potential growth opportunities due to India's ambitious renewable capacity target.

Market Size of India Battery Energy Storage Systems Industry

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India Battery Energy Storage Systems Market Summary
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

India Battery Energy Storage Systems Market 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.

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 on a growth trajectory, with projections indicating a significant increase over the next five years. This growth is spurred by factors such as declining lithium-ion battery prices and government initiatives promoting energy storage deployment. However, uncertainty in energy storage operations and ownership rules may pose a challenge to this growth. Despite this, technological advancements in new battery technologies and India's ambitious renewable capacity targets present considerable growth opportunities for the battery energy storage systems market. Trends in the market indicate a dominance of the lithium-ion battery segment, driven by their high demand in renewable power projects. Lithium solar batteries, in particular, offer a cost-effective integration for energy storage systems in the renewable sector. Government initiatives are also playing a crucial role in driving the market, with policies and initiatives aimed at easing technological implementation. The government's efforts to boost the sector, including various thermal and renewable projects, are expected to be significant market drivers. The industry is moderately fragmented, with major players including Toshiba Corporation, AES Corporation, Exide Industries Ltd, Delta Electronics Inc., and Amara Raja Group.

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India Battery Energy Storage Systems Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecasts in USD, till 2028

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 Declining Cost of Energy Storage Technologies

        2. 1.5.1.2 Government Initiatives to Promote Energy Storage Deployment

      2. 1.5.2 Restraints

        1. 1.5.2.1 Uncertainty in the Rules Governing Energy Storage Operations and Ownership

    6. 1.6 Supply Chain Analysis

    7. 1.7 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Battery Type

      1. 2.1.1 Lithium-ion

      2. 2.1.2 Lead-acid

      3. 2.1.3 Flow

      4. 2.1.4 Other Battery Types

    2. 2.2 Connection Type

      1. 2.2.1 On-grid

      2. 2.2.2 Off-grid

India Battery Energy Storage Systems Market Size FAQs

The India Battery Energy Storage Systems Market is projected to register a CAGR of 11.20% during the forecast period (2024-2029)

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.

Battery Energy Storage System in India Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)