DUBLIN, Nov. 28, 2019 /PRNewswire/ -- The "Battery Market in India 2019" report has been added to ResearchAndMarkets.com's offering.
With growing solar PV installations and further gaining up in renewable power capacity additions clubbed with enticing business for electric vehicles in India, the rationale behind the battery energy storage systems (BESS) is certain to embellish and gather momentum in the country. The storage market is already making sustained gains and is expected to flourish with near term market size of close USD 160 Billion and grow further to USD300 Billion by 2030.
Interestingly this entire energy storage market shall see BESS being the largest contributor in terms of share of above 50% globally. This shall be no different in India either and shall not be a surprise that it might stand scaled up to 70-75% in the country. Having said that with India being still in the nascent phase for the BESS there are certain push elements desired for the market gain momentum and unwind its entire market potential in the country for there are terrific benefits for its application. Because of the positives of BESS, recently Tata Power commissioned 10 MW grid-scale energy storage system which is the largest BESS project in South Asia, signifying the growing market potential of energy storage in India.
With electric vehicles market bursting up the scene coupled with increasing solar PV installations in the country business case for BESS does call for a deep dive to project opportunities for different value chain players likely to be engaged within the segment. America's energy firm AES Corp. expects USD 50 Billion opportunities in Indian energy storage market which shows companies are conducting studies for assessing opportunity scale which is a promising sign for Indian battery market.
Business Case for Battery Market in India
- The government of India plans to add 100 GW of solar capacity in the country by 2022 needs storage for making large scale solar power installations completely grid interactive.
- 40 GW of roof-top installations to be achieved until 2022 demands for small-scale solar PV installations be utilized round the clock.
- High adaptability of electric vehicles projected in India and changing dynamics of the transportation sector in the country with government planning to provide rebates of up to INR 2.5 Lakh, bringing EV under the umbrella of priority sector lending and lowering interest rates on loans will help push battery market in India.
- Rising electricity demand in India with installed capacity likely to cross 600 GW by 2030 calls for better demand response which BESS can assure.
- Falling trajectory of battery prices globally and further fall expected in near term helping cost economics of adaptation of BESS in India.
- AES America's energy firm, sees USD 50 billion opportunities in Indian energy storage market.
Key Highlights
- Solar PV Pairing Opportunity for both off-grid and utility scale with battery energy storage systems in India & outlook till 2024
- Best suited location identification for integration of BESS in small-scale off-grid installations in India - Best fit regional analysis D2I Model feed
- Opportunity Sizing for BESS in solar roof-top projects in India with outlook till 2024
- Financial Attractiveness Index for both small & large scale grid integration of BESS in India - Regional Track from D2I Model
- Opportunity track for Industrial peak shaving & outlook till 2024 for large consumers
- Opportunity for power distribution utilities in deferring the network embellishments through adapting to BESS with outlook till 2024 - Map for region-based utilities through D2I Model feed
- Opportunity for power transmission utilities in deferring the network embellishments through adapting to BESS with outlook till 2024 - Map for region-based utilities through D2I Model feed
- Battery Market Product Outlook in India as per Lithium-Ion, Flow Battery & VRBs etc till 2024
- Application-based opportunity track for BESS market in India till 2024 with specific sub-segment opportunity bundling for telecom industry and electric vehicles market in India
- Company Benchmarks for products, services, margins, financial performance for top BESS providers in India
Report Insights
- Identification of right market strategy among capacity market & storage market in India.
- Battery Energy Storage Opportunity Matrix for Small Scale Adaptability in India - Regional Estimates.
- Battery Energy Storage Opportunity Matrix for Off-Grid Installations in the country factoring solar roof-top business case for domestic consumers.
- Financial Attractive Indexation for both Small & Large Scale BESS adaptability in India.
- Region wise BESS opportunity for large scale grid integration via comprehensive D2I track.
- Complete BESS Market outlook in India till 2024 with competition landscape, value chain opportunities and regulatory variance.
- BESS Market Product Outlook till 2024 in terms of Li-Ion Battery, Flow Battery VRBs etc.
- Complete market sizing and opportunity outlook till 2024 for different applications in India like Electric Vehicles Adaptability, renewable energy integration, uninterrupted power supply to industrial power consumers and diesel generator replacement opportunity for the telecom industry in India.
- Company Profiles of all leading players in India & their business plan, battery product benchmarking, financial performance & product portfolio track with strategic initiative feed.
- BESS Market Orientation in India with Outlook till 2024 for Utility application (conventional power generation, grid operation and services), Direct Consumer application (UPS for Large Industrial Consumers), Renewable Energy Integration, etc.
- Management & Control for BESS in India with Barrier & Growth Drivers in the country till 2024.
Companies Mentioned
- General Electric
- Exide Technologies
- Amaraja Group
- Hitachi Limited
- Samsung SDI
- AES Storage Systems
- Luminous Power Technology Systems
- HBL Power Systems
- Su-Kam Power Systems
- Base Corporation
- Okaya Power Limited
- True Power International Limited
- Southern Batteries Limited
- Green Vision Tech Private Limited
- Evolute Solution Limited
For more information about this report visit https://www.researchandmarkets.com/r/8gbmvw
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
View original content:http://www.prnewswire.com/news-releases/the-battery-market-in-india-2019-2030---government-of-india-plans-to-add-100gw-of-solar-capacity-in-the-country-by-2022-300966596.html
SOURCE Research and Markets