India Battery Energy Storage Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

India Battery Energy Storage Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The India battery energy storage systems market is expected to rise at a CAGR of approximately 10% during the forecast period of 2020-2025. Factors such as fulfilling electricity requirement in the country during the peak hours of the day where battery energy storage systems serve as a backup is likely going to drive the India battery energy storage systems market. However, the high cost of investments in large scale projects is expected to restrain the market during the forecast period.

Key Highlights

• The lithium-ion segment, due to its high energy density, stores a large amount of energy per unit area in the batteries and is likely to grow at the fastest rate in India battery energy storage systems market over the forecast period.
• India's target to install 450 gigawatts (GW) renewable energy by 2030 is expected to create several opportunities for India's battery energy storage systems market in the future.
• Increasing energy demand in the country is expected to drive the India battery energy storage systems market during the forecast period.

Key Market TrendsLithium-ion Segment Expected to Grow at the Fastest Rate

• Lithium-ion batteries are a rechargeable type of battery that is commonly used in electronic devices and energy vehicles. These batteries are also being used for the storage of energy from renewable energy sources such as solar and wind.
• The energy densities of these batteries are quite high and have a round trip efficiency of 85% to 95%, which means the ratio of energy output/released to energy input/stored. The lithium-ion battery is a low maintenance battery, and the cells of the battery cause little harm to the environment when disposed of. The government institutes in India are also planning to replace lead-acid batteries with lithium-ion batteries as they are less expensive and are lightweight than the former.
• Majority of the lithium-ion batteries in India are imported from China, Japan, and South Korea. The government’s ‘Make in India’ scheme is trying to attract domestic investment in battery energy storage systems sector.
• In 2018, Exide Industries Ltd signed a joint venture (JV) with Leclanché SA, one of the world's leading energy storage solution companies, headquartered in Switzerland. This joint venture was done to build lithium-ion batteries and provide energy storage systems for India's electric vehicle market and grid-based applications.
• In 2018, the Indian Space Research Organization (ISRO) signed a technology transfer agreement (TTA) with Bharat Heavy Electricals Limited (BHEL).The TTA was signed for the manufacture of space-grade Li-Ion cells. ISRO has successfully developed the technology to produce space grade Li-ion cells, which are being used for various satellite and launch vehicle applications.
• Hence, owing to the above points, the lithium-ion segment is likely to grow at the fastest rate India battery energy storage systems market during the forecast period.

Increasing Energy Demand Expected to Drive the Market

• Increasing electricity demand, due to the increase in population, industrialization, and urbanization in the country, is likely to drive the India battery energy storage systems market. Several industries and plants are using these batteries as a backup source for the time of energy shortage.
• Many areas in the country face several power cuts during the day, which creates hindrance in the workflow. For such purposes, the battery energy storage systems (BESS) are of much value as they can provide energy when there is a shortage of it, thus making the workflow smooth.
• An increase in electricity generation from renewable energies such as solar and wind also opens a new door for the BESS. These batteries can also hold extra power that the solar and wind energies produced for its later use, thus maximizing the use of energy generated.
• In 2019, the total electricity generated in India was 1561.1 terawatt-hours (TWh), which was higher than what is produced in 2017, 1470.3 terawatt-hours (TWh).
• In 2019, Tata Power, AES Corporation, and Mitsubishi Corporation inaugurated India's first grid-scale battery-based energy storage system in Rohini, Delhi. The 10 megawatts (MW) grid-connected system, owned by AES and Mitsubishi Corporation. Battery-based energy storage enables electricity to be stored and then delivered within milliseconds, reducing the instability of the electric grid and enabling more energy to be captured and delivered on-demand.
• Hence, owing to the above points, increasing energy demand is expected to drive the India battery energy storage systems market during the forecast period.

Competitive Landscape

The India battery energy storage systems market is consolidated. Some of the key players in this market include Toshiba Corp, AES Corp, Exide Industries Ltd, Delta Electronics, Inc, and Amara Raja Group.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
AES Corp
Exide Industries Ltd
Delta Electronics, Inc.
Toshiba Corp
Amara Raja Group
Panasonic Corporation

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