Battery Storage Market and Potential in India

India’s push for a low-carbon economy through the adoption of clean energy presents a profitable set of opportunities for energy storage in the country. Battery storage has become a reality in India due to the energy sector’s growing technology landscape and efficient cost-cutting tactics across the supply chain. The introduction of advanced cells, particularly lithium-ion batteries (LIBs), has made it possible to develop application-specific tailored storage solutions, which were once difficult and time-consuming. A future disruptive battery manufacturing ecosystem may be created through coordinated governmental and private sector activity.

However, India’s heavy reliance on imports for LIBs may result in a trade imbalance, currency devaluation, and employment losses unless domestic cell production facilities are created. The current deployment of LIBs in India is dominated by consumer electronics, particularly smartphones, and laptops. The market for consumer electronics energy storage was the largest in 2021, with a cumulative market of 11.3 GWh. The deployment of BTM (behind-the-meter) applications, such as inverter and UPS backup, telecoms, and diesel gensets, is also significant, with around 2.6 GWh of LIBs deployed in the telecom sector till 2021.

India’s UPS and inverter backup market has grown significantly, with a total cumulative installation of around 1.7 GWh of lithium-ion-based battery backup in 2021. The IT sector, especially data centers, remains the biggest consumer of UPS. The deployment of the Internet of Things (IOT) in production is also contributing to the increase in the use of UPS. India’s goal of achieving 175 GW of renewable energy by 2022 presents significant opportunities for battery storage, and the country has set a target of installing 40 GW of grid-connected battery storage by 2025. The potential for battery storage in India is enormous, and with the right policy support, it can become a global leader in the field.

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