India’s burgeoning economy and increasing purchasing power have strengthened its position in South East Asia. The industrial restructuring and legislative Reforms commenced in the start of 2000s allowed India to develop into a trillion dollar economy. Following the growth success, India has emerged as the fastest growing major economy in the world as per the Central Statistics Organization (CSO) and International Monetary Fund (IMF). According to the Economic Survey 2015-16, the Indian economy will continue to grow more than 7 per cent in upcoming years. With this, Indian electricity requirement is also likely to grow with the similar pace.
India is committed to ensure its energy security vis-a-vis to reduce greenhouse gas emissions. As a result, India has set an ambitious renewable energy target of 175 GW. But with such rapid capacity addition, problem is arising with too much solar and wind power in some parts of the country. Solar and wind power are not as easy to control as traditional fossil fuel plants, so power grids need to become flexible enough to handle last-minute changes in power generation. In such scenario, energy storage can also play an important role in reducing curtailment .
Besides that, In India, due to the frequent power outages, traditionally there has been a huge market for electrical energy storage mainly in the commercial and residential segments. Electrical storage’s end use was as power back-up till now, but the market for electrical storage is undergoing a massive transformation.
Energy Storage is one of the key technologies which have shown unique capabilities in coping with some critical characteristics of electricity, for example hourly variations in demand and price. In the near future, energy storage will become indispensable in emerging IEC-relevant markets in the use of more renewable energy to achieve CO2 reduction and for smart grids.
There is increased interest in deploying electric vehicles, and the government’s National Electric Mobility Mission (NEMM) targets 6-7 million electric vehicles by 2022. Apart from global companies like Tesla, Indian firms are also showing enormous promise and have also been able to get the interest of big investors.
That is why many people see affordable storage as solution to India's future energy problems as storage can become the missing link between intermittent renewable power, such as solar and wind, and 24/7 reliability. Utilities are intrigued by the potential for storage to meet other needs such as relieving congestion and smoothing out the variations in power that occur independent of renewable-energy generation. Major industrial companies consider storage a technology that could transform cars, turbines, and consumer electronics.
India’s energy storage market was estimated at approximately 4.4GW in 2015, with the backup inverter market comprising over 60% of this, according to previous reports. As per 2013 estimates, market potential of energy storage (for all types of energy storage technologies including thermal storage) in India was at over 15 GW by 2020. The estimate was done prior to the increase in renewable Energy capacity addition targets by the Indian government, and with this the market potential for energy storage has gone up significantly to over 70 GW by 2022.
In its attempt to capture all the opportunities associated which emanates from the tune of expected investments in energy storage segment, this latest business series report presents an exhaustive coverage of the energy storage market in India. The report encompasses exhaustively the set of associated opportunities coming up in the segment in coming years as well as it extensively covers the risks and challenges present in India.
This research attempts to unleash the tune of opportunities and associated challenges with the energy storage market in India. This report along gives an added advantage over others, in gaining better understanding and analysis of the storage sector in India.
The report covers in depth:
- Overview of Energy Storage Market in India
- Market Size Assessment
- Insights into growth drivers, key issues and challenges
- Players Profiling
- Opportunity Trekking
- Future Outlook 2020
A Must Buy For:
- Power Developers
- Electrical and Storage Equipment Manufacturers
- Transmission and Distribution Companies
- Investment Bankers
- Policy Makers
- Research Companies
- Technology Providers
- Government Agencies
- Regulatory Institutions
- Industrial , Commercial Consumers of Energy
- RE Development Agencies
- Financial Institutions etc.
1. Executive Summary
2. Introduction to Energy Storage
2.2 Need of Energy Storage
2.3 Global Energy Storage Market : An Overview
3. Indian Energy Storage Market
3.1 Indian Energy Storage Market: An Overview
3.2 Value Chain Analysis
3.3 Market Size: Trend Analysis
3.4 Market Segmentation
3.5 Market Potential Assessment
4. Technology Segmentation
4.1 Market Analysis : Mechanical Energy Storage System
4.1.1. Pumped Hydro Storage
4.1.2 Compressed Air Energy Storage (CAES)
4.2 Market Analysis: Electrochemical Energy Storage System
4.2.1 Solid State Batteries
4.2.2 Flow Batteries
5. Evolving Policy and Regulatory Scenario
5.1 Policies Governing Energy Storage Sector
5.2 Regulations Governing Energy Storage Sector
5.3 Recent Policy Initiatives
5.4 Recent Regulatory Developments
5.5 Key Institutions
6. Growth Drivers
6.1 Growing Impetus on Renewable Energy
6.2 Smart Grid infrastructure Development
6.3 Off Grid Requirements
6.4 Technology Innovation
6.5 Future Demand of Hybrid Equipment and Vehicles
7. Risk Analysis
7.1 Credit Risk
7.2 Policy Risk
7.3 Technical Risk
8 . Competitive landscape
8.2 SWOT Analysis
8.3 PESTLE Analysis
8.4 Profiling of Key Players
8.5 Recent Development
9. Future Outlook 2020
9.1 Demand Forecast
9.2 Market Size Forecast
9.3 Technology Wise Forecast
9.4 Industry wise Forecast
9.5 Investment Forecast
11. Way Forward