India Lithium-ion Energy Storage Solution Market is set to grow due to lower energy costs, reliable power supply, and enhanced energy efficiency during the forecast period.

According to the TechSci Research report, titled “India Lithium-ion Energy Storage Solution Market – By Region, Competition, Forecast and Opportunities, 2020-2030,” the India Lithium-ion Energy Storage Solution Market has valued at USD 2.15 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 12.79% through. India is making substantial investments in renewable energy sources, particularly solar and wind power. Lithium-ion energy storage solutions are essential in storing excess energy produced during peak hours and supplying it during periods of low energy generation. These solutions are crucial for ensuring a stable and reliable power supply.

India has set ambitious renewable energy targets, aiming to achieve 175 GW of renewable energy capacity by 2022 and 450 GW by 2030. The growth of renewable energy sources presents a significant opportunity for energy storage solutions. Lithium-ion batteries help store excess energy during periods of high renewable energy production and release it when needed. This integration of energy storage is essential for meeting renewable energy goals and reducing reliance on fossil fuels, making it a key component of India's energy transition.

The On-Grid segment of the market is expected to dominate during the forecast period. This segment is witnessing the emergence of Energy Storage as a Service (ESaaS) models, where third-party providers offer storage solutions to grid operators and utilities. ESaaS allows utilities to benefit from energy storage without substantial upfront investments, making it an attractive and cost-effective approach. The growth of this segment is supported by government initiatives and policies at both the central and state levels. Programs such as the National Energy Storage Mission and state-level incentives help promote energy storage adoption, fostering a favorable environment for market growth.

Grid modernization efforts also present opportunities for On-Grid energy storage solutions. As utilities invest in smart grid technologies, the demand for energy storage to support these efforts increases. The On-Grid segment benefits from factors like the need for grid stability, renewable energy integration, frequency regulation, and demand response. With the continued push towards a cleaner energy future, the On-Grid segment will play a crucial role in supporting India's power grid's sustainability and resilience.

Based on the end-user segment, the Power Plants sector is projected to dominate the market. Power plants stand to benefit greatly from incorporating lithium-ion energy storage systems, ensuring reliable backup power during grid outages or equipment failures. These systems provide rapid response times, which are essential for maintaining uninterrupted power supply to critical facilities. This is particularly important in regions where power interruptions are frequent.

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Hybrid power plants, which combine conventional fossil fuel generation with renewable energy and storage, are gaining popularity in India. These systems offer improved efficiency, reduced greenhouse gas emissions, and enhanced grid stability. Lithium-ion batteries play a key role in these hybrid plants, helping to integrate different energy sources seamlessly. Government policies, such as the Green Energy Corridor program and National Energy Storage Mission, provide financial incentives and regulatory support, encouraging the adoption of energy storage solutions in power plants.

The declining cost of lithium-ion batteries and advancements in energy storage technology make these systems more economically viable for power plants. As battery prices continue to drop and energy density improves, the return on investment for power plants integrating energy storage becomes increasingly attractive. This trend further supports the growth of the lithium-ion energy storage market in India’s power plant sector.

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, 2020-2030F,” 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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