India Lithium-ion Energy Storage Solution Market is expected to grow at a robust CAGR
India Lithium-ion Energy
Storage Solution Market is expected to grow owing to reducing energy costs,
ensuring uninterrupted power supply and improving energy efficiency throughout
the forecast period.
According to TechSci
Research report, “India Lithium-ion
Energy Storage Solution Market –
By Region, Competition, Forecast and Opportunities, 2019-2029”, the India
Lithium-ion Energy Storage Solution Market is expected to register robust
growth during the forecast period. India has been making significant
investments in renewable energy sources, including solar and wind power.
Lithium-ion energy storage solutions play a vital role in storing surplus
energy produced during peak hours and supplying it during periods of low energy
generation. India has set ambitious
targets for renewable energy, with a goal of achieving 175 GW of renewable
energy capacity by 2022 and 450 GW by 2030. The rapid expansion of renewable
energy sources, such as solar and wind, presents a significant opportunity for
energy storage solutions. Lithium-ion batteries play a crucial role in storing
excess energy generated during periods of high renewable energy production and
releasing it when needed, ensuring a stable and reliable power supply. The
integration of energy storage is vital to meeting renewable energy goals and
reducing dependence on fossil fuels.
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data Figures spread through XX Pages and an in-depth TOC on the "India Lithium-ion Energy Storage Solution Market."
Based on type, the On-Grid segment is expected to
dominate the market during the forecast period. The On-Grid segment is
currently witnessing the emergence of Energy Storage as a Service (ESaaS)
models, wherein third-party providers offer energy storage solutions to grid
operators and utilities. ESaaS arrangements enable utilities to access the
benefits of energy storage without substantial upfront investments. This
approach is gaining traction as a cost-effective method to deploy energy
storage assets on the grid. The growth of the On-Grid segment relies heavily on
government initiatives and policies at both the central and state levels. The
National Energy Storage Mission and state-level policies and incentives aim to
promote the adoption of energy storage solutions, fostering a conducive
environment for market development. Incentives, subsidies, and favorable
regulations can significantly influence the growth of this segment. Grid
modernization projects, aimed at upgrading aging grid infrastructure and
incorporating advanced technologies, present opportunities for On-Grid energy
storage solutions. As utilities invest in smart grid technologies, the demand
for energy storage to support these modernization efforts increases. In
summary, the On-Grid segment of the India Lithium-ion Energy Storage Solution
Market is driven by various factors, including the need for grid stability,
integration of renewable energy, frequency regulation, demand response,
government initiatives, and grid modernization projects. As India continues its
transition towards a cleaner and more reliable energy future, the On-Grid
segment is expected to play a vital role in supporting these efforts and
ensuring a sustainable and resilient power grid.
Based on end user, the Power
Plants segment is projected to dominate the market throughout the forecast
period. Power plants can derive significant benefits from incorporating
lithium-ion energy storage systems, ensuring reliable backup power during grid
outages or equipment failures. These systems offer rapid response times, which
are crucial for maintaining uninterrupted power supply to critical facilities
and mitigating costly downtime. Grid resilience is of particular importance in
regions where power interruptions are frequent. Hybrid power plants, which
integrate conventional fossil fuel-based generation with renewable energy
sources and energy storage, are gaining traction in India. These hybrid systems
offer improved efficiency, reduced greenhouse gas emissions, and enhanced grid
stability. Lithium-ion batteries serve as a pivotal component in these hybrid power
plants, facilitating seamless integration of diverse energy sources. Government
policies and incentives play a significant role in promoting the adoption of
lithium-ion energy storage solutions in the power plants sector. Initiatives
such as the Green Energy Corridor program and the National Energy Storage
Mission provide financial incentives and regulatory support for power plant
developers seeking to incorporate energy storage into their operations. The
declining cost of lithium-ion batteries and ongoing technological advancements
in energy storage systems make them increasingly economically viable for power
plants. As battery prices continue to decrease and energy density improves, the
return on investment (ROI) for power plants incorporating energy storage
becomes even more appealing.
Key market players in the
India Lithium-ion Energy Storage Solution Market are:-
- Tata Power Solar Systems Ltd
- Exide Industries Ltd.
- Luminous Power Technologies
Pvt. Ltd.
- Sterling and Wilson
- Waaree Energies Ltd.
- Delta Electronics India
- SUN Mobility
- Coslight India Telecom Pvt.
Ltd.
- Panasonic India Pvt. Ltd.
- Wärtsilä India Pvt. Ltd.
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“The India Lithium-ion Energy
Storage Solution Market in South India is poised to be the dominant force in
the industry. South India is actively engaging in the nationwide drive for
electrification, particularly in the transportation sector. Numerous cities in
the region are embracing electric buses and encouraging the use of electric
two-wheelers. The growth of the electric vehicle (EV) charging infrastructure,
which heavily relies on fast-charging lithium-ion batteries, presents a
substantial opportunity within the energy storage market.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“India Lithium-ion Energy
Storage Solution Market Segmented By Type (On-Grid and Off-Grid), By End User
(Solar, Power Plants, Stationary, Wind, Industrial and Others), By Region, and
By Competition, 2019-2029F,” has
evaluated the future growth potential of India Lithium-ion Energy Storage
Solution Market and provides statistics & information on market
size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in India Lithium-ion
Energy Storage Solution Market.
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