+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)

India Residential Energy Storage Market, By Region, Competition, Forecast and Opportunities, 2020-2030F

  • PDF Icon

    Report

  • 85 Pages
  • August 2024
  • Region: India
  • TechSci Research
  • ID: 5994363
Free Webex Call
10% Free customization
Free Webex Call

Speak directly to the analyst to clarify any post sales queries you may have.

10% Free customization

This report comes with 10% free customization, enabling you to add data that meets your specific business needs.

India Residential Energy Storage Market was valued at USD 144.78 million in 2024 and is expected to reach USD 623.74 million by 2030 with a CAGR of 27.37% during the forecast period. The India Residential Energy Storage market refers to the sector focused on technologies and systems designed to store energy in residential settings, enabling homeowners to manage and utilize energy more effectively. This market encompasses a variety of energy storage solutions, including batteries, that capture excess energy generated from renewable sources such as solar panels or wind turbines, and store it for later use. The growth of the India Residential Energy Storage market is driven by several key factors. Firstly, the increasing adoption of renewable energy sources, particularly solar power, has led to a greater need for efficient energy storage systems that can store surplus energy generated during peak production periods for use during low production times or power outages. Additionally, rising electricity prices and frequent power shortages in India are compelling homeowners to seek reliable and cost-effective energy storage solutions to ensure uninterrupted power supply and reduce dependence on the grid. Government incentives and subsidies for residential solar and energy storage installations further support market growth by making these technologies more affordable and accessible. Moreover, advancements in energy storage technologies, such as improvements in battery efficiency and reductions in costs, are making residential energy storage systems more appealing to consumers. The market is also benefiting from increased awareness about energy management and sustainability, leading homeowners to invest in solutions that not only offer energy independence but also contribute to environmental conservation. As India continues to invest in renewable energy infrastructure and seeks to address energy reliability issues, the residential energy storage market is expected to expand significantly, driven by technological advancements, supportive policies, and growing consumer demand for energy efficiency and reliability.

Key Market Drivers

Increasing Adoption of Renewable Energy Sources

The surge in renewable energy adoption is a major driver of the India Residential Energy Storage market. As India aims to expand its renewable energy capacity, particularly solar power, the need for efficient energy storage systems has become increasingly critical. Residential solar installations are growing, driven by government incentives and declining costs of solar panels. However, solar energy production is intermittent, with peaks during sunny periods and lows during overcast or night-time conditions. To effectively harness and utilize the energy generated, homeowners require energy storage solutions that can store excess power produced during peak sunlight hours and release it when the sun is not shining. Energy storage systems, such as batteries, address this issue by allowing homeowners to store surplus energy for later use, enhancing the reliability and efficiency of their solar power systems. The growing installation of rooftop solar panels in residential areas, supported by various state and federal schemes, underscores the need for complementary energy storage solutions to ensure continuous and reliable power supply. As the adoption of renewable energy sources continues to rise, the demand for residential energy storage systems is expected to grow correspondingly, driving market expansion.

Rising Electricity Prices and Power Outages

Rising electricity prices and frequent power outages are significant factors driving the India Residential Energy Storage market. The cost of electricity in India has been on the rise due to various factors, including fuel price volatility and the financial health of power distribution companies. Homeowners are increasingly seeking ways to mitigate the impact of higher electricity costs by investing in energy storage solutions. Residential energy storage systems enable homeowners to store electricity at lower rates and use it during peak pricing periods, thereby reducing their overall electricity expenses. Furthermore, India experiences frequent power outages and load shedding, particularly in rural and semi-urban areas. These disruptions can affect daily life and business operations, making reliable energy storage solutions crucial for maintaining uninterrupted power supply. Energy storage systems provide a buffer against such power outages by storing energy during periods of grid stability and supplying it during disruptions. This capability not only enhances energy security but also reduces the dependency on unreliable grid infrastructure. As electricity prices continue to rise and power outages persist, the demand for residential energy storage solutions that offer cost savings and reliability is expected to increase, driving market growth.

Government Incentives and Subsidies

Government incentives and subsidies play a pivotal role in driving the growth of the India Residential Energy Storage market. The Indian government has implemented various policies and schemes to promote the adoption of renewable energy and energy storage solutions. These initiatives include financial incentives, tax rebates, and subsidies for residential solar and energy storage installations. For instance, the Ministry of New and Renewable Energy (MNRE) provides subsidies for solar power systems, which often include provisions for energy storage. By reducing the upfront cost of installing energy storage systems, these incentives make them more accessible and attractive to homeowners. Additionally, state-level policies and local government initiatives further support the adoption of residential energy storage by offering additional incentives and facilitating the installation process. The introduction of net metering policies also encourages residential solar and energy storage adoption by allowing homeowners to receive compensation for excess energy fed back into the grid. These supportive policies and financial incentives lower the barriers to entry for residential energy storage systems, driving market adoption and growth. As the government continues to prioritize renewable energy and energy efficiency, the availability of incentives and subsidies will remain a key driver for the India Residential Energy Storage market.

Key Market Challenges

High Initial Costs and Return on Investment

One of the significant challenges facing the India Residential Energy Storage market is the high initial cost of energy storage systems and the associated return on investment. Despite the decreasing costs of energy storage technologies, the upfront investment required for purchasing and installing residential energy storage systems remains substantial. This includes costs for the battery units, installation, and integration with existing energy systems. For many homeowners, especially in lower-income brackets, these initial costs can be prohibitive, limiting the widespread adoption of energy storage solutions. The return on investment for residential energy storage systems can be influenced by various factors, such as electricity tariffs, energy consumption patterns, and the availability of government incentives. While energy storage systems can offer long-term savings by reducing electricity bills and providing backup power during outages, the financial benefits may not be immediately apparent, leading to slower adoption rates. Additionally, the payback period for residential energy storage systems can vary depending on energy prices and the efficiency of the installed system. This financial uncertainty can deter potential buyers and slow down market growth. Addressing this challenge requires a combination of continued technological advancements to reduce costs, increased availability of financing options, and effective communication of the long-term benefits and potential savings associated with energy storage systems.

Limited Awareness and Adoption

Limited awareness and understanding of residential energy storage systems represent a significant challenge in the Indian market. Despite the growing interest in renewable energy and energy efficiency, many homeowners remain unfamiliar with the benefits and functionalities of energy storage solutions. This lack of awareness can result in lower adoption rates and slower market growth. Residential energy storage systems are often perceived as complex or unnecessary by those who do not fully understand their advantages, such as energy independence, cost savings, and reliability during power outages. Additionally, there may be misconceptions about the technology's performance, longevity, and maintenance requirements. To overcome this challenge, it is essential to implement comprehensive educational campaigns and outreach programs that provide clear and accurate information about the benefits of energy storage systems. Collaboration between industry stakeholders, government agencies, and educational institutions can help increase public awareness and understanding. Demonstrations, case studies, and pilot projects showcasing the successful implementation of energy storage systems in residential settings can also help build confidence and interest among potential customers. By addressing the knowledge gap and highlighting the value of energy storage solutions, the industry can drive higher adoption rates and accelerate market growth.

Key Market Trends

Growing Integration of Smart Technology

A prominent trend in the India Residential Energy Storage market is the increasing integration of smart technology. Modern residential energy storage systems are increasingly incorporating advanced features such as real-time monitoring, automated control, and integration with home automation systems. Smart energy storage solutions allow homeowners to optimize energy usage by providing insights into energy consumption patterns, enabling better management of stored energy, and enhancing the overall efficiency of energy systems. For instance, intelligent algorithms can predict energy needs based on historical data and weather conditions, automatically adjusting energy storage and usage to maximize efficiency and cost savings. Additionally, remote monitoring capabilities enable users to track the performance of their energy storage systems and make adjustments as needed, even from a distance. The integration of smart technology not only improves the functionality and convenience of energy storage systems but also enhances their appeal to tech-savvy consumers who are looking for sophisticated and efficient energy management solutions. As technology continues to advance, the adoption of smart features in residential energy storage systems is expected to grow, driving innovation and expanding the market.

Increasing Focus on Sustainability and Energy Independence

Another significant trend in the India Residential Energy Storage market is the growing focus on sustainability and energy independence. With rising awareness of environmental issues and the need to reduce carbon footprints, homeowners are increasingly seeking energy storage solutions that support sustainable living practices. Residential energy storage systems enable individuals to store and utilize energy generated from renewable sources such as solar panels, reducing their reliance on conventional fossil fuels and lowering greenhouse gas emissions. This shift towards sustainability is driven by both environmental concerns and government initiatives aimed at promoting green energy solutions. Additionally, the desire for energy independence is motivating homeowners to invest in energy storage systems that provide a reliable backup power source during grid outages and reduce dependency on the national grid. As sustainability becomes a more prominent priority and energy independence gains importance, the demand for residential energy storage systems that align with these values is expected to rise, shaping the future of the market.

Expansion of Government Incentives and Subsidies

The expansion of government incentives and subsidies is a notable trend in the India Residential Energy Storage market. Recognizing the benefits of energy storage systems in promoting renewable energy adoption and improving energy efficiency, the Indian government has been actively developing and expanding policies that provide financial support for residential energy storage installations. These incentives may include direct subsidies, tax rebates, and low-interest financing options designed to reduce the upfront costs of energy storage systems and make them more accessible to homeowners. The introduction of such financial incentives is aimed at accelerating the adoption of energy storage technologies, supporting the transition to cleaner energy sources, and enhancing overall energy security. Additionally, state and local governments are also implementing their own programs to further support the growth of the residential energy storage market. As these incentives and subsidies continue to evolve and expand, they are expected to drive increased investment in energy storage systems, stimulate market growth, and make sustainable energy solutions more affordable for residential consumers.

Segmental Insights

Technology Insights

In 2024, Lithium-Ion Batteries emerged as the dominant segment in the India Residential Energy Storage market and are expected to retain their leading position throughout the forecast period. The widespread adoption of lithium-ion batteries in residential energy storage systems is driven by their superior performance characteristics compared to other technologies. Lithium-ion batteries offer high energy density, allowing for more energy storage in a compact and lightweight form factor, which is particularly advantageous for residential applications where space may be limited. Additionally, these batteries provide longer life cycles and better efficiency, translating to lower long-term costs for homeowners. Their ability to charge and discharge rapidly makes them well-suited for managing the intermittent nature of renewable energy sources, such as solar power, by storing excess energy during peak production times and releasing it when needed. The advancements in lithium-ion battery technology have also led to significant reductions in costs, making them more affordable and accessible to residential consumers. While other technologies such as lead-acid, flow, and sodium-based batteries have their own benefits, lithium-ion batteries' overall performance, efficiency, and cost-effectiveness position them as the preferred choice in the market. As the demand for residential energy storage continues to grow, driven by the increasing adoption of renewable energy sources and the need for reliable backup power, lithium-ion batteries are expected to maintain their dominance in the India Residential Energy Storage market.

Regional Insights

In 2024, the South India region dominated the India Residential Energy Storage market and is anticipated to maintain its leading position throughout the forecast period. This dominance is primarily due to South India's favorable climatic conditions, which contribute to a higher intensity of solar radiation throughout the year, making it an ideal region for residential solar energy systems. The increased adoption of solar power in South India necessitates the use of energy storage solutions to optimize energy consumption, manage intermittency, and enhance the overall efficiency of solar installations. Additionally, South India benefits from supportive state policies and incentives that encourage the adoption of renewable energy technologies and energy storage solutions. The region’s robust infrastructure for energy distribution and a growing awareness among consumers about the advantages of energy storage further contribute to its market leadership. As the demand for residential energy storage solutions continues to rise due to the increasing deployment of solar power systems and the need for reliable backup energy, South India is expected to maintain its dominance. The combination of abundant solar resources, favorable policies, and heightened consumer interest positions South India as the key driver of growth in the residential energy storage market in India.

Key Market Players

  • Tesla, Inc
  • LG Energy Solution Ltd
  • Schneider Electric SE
  • Enphase Energy, Inc
  • SunPower Corporation
  • Sonnen, Inc
  • Panasonic Holdings Corporation
  • Vivint, Inc
  • Bloom Energy Corporation
  • Generac Power Systems, Inc

Report Scope:

In this report, the India Residential Energy Storage Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

India Residential Energy Storage Market, By Technology:

  • Lithium-Ion Batteries
  • Lead-Acid Batteries
  • Flow Batteries
  • Sodium-Based Batteries

India Residential Energy Storage Market, By Installation Type:

  • Wall-Mounted
  • Floor-Mounted
  • Modular

India Residential Energy Storage Market, By End-user:

  • Single-Family Homes
  • Multi-Family Homes

India Residential Energy Storage Market, By Region:

  • South India
  • East India
  • North India
  • West India

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the India Residential Energy Storage Market.

Available Customizations:

India Residential Energy Storage Market report with the given market data, the publisher offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).


This product will be delivered within 1-3 business days.

Table of Contents

1. Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1. Markets Covered
1.2.2. Years Considered for Study
1.2.3. Key Market Segmentations
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Formulation of the Scope
2.4. Assumptions and Limitations
2.5. Sources of Research
2.5.1. Secondary Research
2.5.2. Primary Research
2.6. Approach for the Market Study
2.6.1. The Bottom-Up Approach
2.6.2. The Top-Down Approach
2.7. Methodology Followed for Calculation of Market Size & Market Shares
2.8. Forecasting Methodology
2.8.1. Data Triangulation & Validation
3. Executive Summary4. Impact of COVID-19 on India Residential Energy Storage Market5. Voice of Customer6. India Residential Energy Storage Market Overview
7. India Residential Energy Storage Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Technology (Lithium-Ion Batteries, Lead-Acid Batteries, Flow Batteries, Sodium-Based Batteries)
7.2.2. By Installation Type (Wall-Mounted, Floor-Mounted, Modular)
7.2.3. By End-User (Single-Family Homes, Multi-Family Homes)
7.2.4. By Region
7.3. By Company (2024)
7.4. Market Map
8. South India Residential Energy Storage Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Technology
8.2.2. By Installation Type
8.2.3. By End-User
9. East India Residential Energy Storage Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By Technology
9.2.2. By Installation Type
9.2.3. By End-User
10. North India Residential Energy Storage Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value
10.2. Market Share & Forecast
10.2.1. By Technology
10.2.2. By Installation Type
10.2.3. By End-User
11. West India Residential Energy Storage Market Outlook
11.1. Market Size & Forecast
11.1.1. By Value
11.2. Market Share & Forecast
11.2.1. By Technology
11.2.2. By Installation Type
11.2.3. By End-User
12. Market Dynamics
12.1. Drivers
12.2. Challenges
13. Market Trends and Developments
14. Company Profiles
14.1. Tesla, Inc
14.1.1. Business Overview
14.1.2. Key Revenue and Financials
14.1.3. Recent Developments
14.1.4. Key Personnel/Key Contact Person
14.1.5. Key Product/Online Training Offered
14.2. LG Energy Solution Ltd
14.2.1. Business Overview
14.2.2. Key Revenue and Financials
14.2.3. Recent Developments
14.2.4. Key Personnel/Key Contact Person
14.2.5. Key Product/Online Training Offered
14.3. Schneider Electric SE
14.3.1. Business Overview
14.3.2. Key Revenue and Financials
14.3.3. Recent Developments
14.3.4. Key Personnel/Key Contact Person
14.3.5. Key Product/Online Training Offered
14.4. Enphase Energy, Inc
14.4.1. Business Overview
14.4.2. Key Revenue and Financials
14.4.3. Recent Developments
14.4.4. Key Personnel/Key Contact Person
14.4.5. Key Product/Online Training Offered
14.5. SunPower Corporation
14.5.1. Business Overview
14.5.2. Key Revenue and Financials
14.5.3. Recent Developments
14.5.4. Key Personnel/Key Contact Person
14.5.5. Key Product/Online Training Offered
14.6. Sonnen, Inc
14.6.1. Business Overview
14.6.2. Key Revenue and Financials
14.6.3. Recent Developments
14.6.4. Key Personnel/Key Contact Person
14.6.5. Key Product/Online Training Offered
14.7. Panasonic Holdings Corporation
14.7.1. Business Overview
14.7.2. Key Revenue and Financials
14.7.3. Recent Developments
14.7.4. Key Personnel/Key Contact Person
14.7.5. Key Product/Online Training Offered
14.8. Vivint, Inc
14.8.1. Business Overview
14.8.2. Key Revenue and Financials
14.8.3. Recent Developments
14.8.4. Key Personnel/Key Contact Person
14.8.5. Key Product/Online Training Offered
14.9. Bloom Energy Corporation
14.9.1. Business Overview
14.9.2. Key Revenue and Financials
14.9.3. Recent Developments
14.9.4. Key Personnel/Key Contact Person
14.9.5. Key Product/Online Training Offered
14.10. Generac Power Systems, Inc
14.10.1. Business Overview
14.10.2. Key Revenue and Financials
14.10.3. Recent Developments
14.10.4. Key Personnel/Key Contact Person
14.10.5. Key Product/Online Training Offered
15. Strategic Recommendations16. About the Publisher & Disclaimer

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Tesla, Inc
  • LG Energy Solution Ltd
  • Schneider Electric SE
  • Enphase Energy, Inc
  • SunPower Corporation
  • Sonnen, Inc
  • Panasonic Holdings Corporation
  • Vivint, Inc
  • Bloom Energy Corporation
  • Generac Power Systems, Inc

Table Information