India's renewable energy storage systems (RESS) market is in its nascent stage, where it is mainly driven by government initiatives and industrial applications. In the coming years, the market is expected to register substantial growth; however, high implementation cost is still hindering the market to reach its upmost potential.
According to 6Wresearch, India's RESS market is forecast to reach $3.32 billion by 2022. The Indian government has revised its renewable energy installed capacity target to 175 GW by 2022, which is expected to fuel the market for the renewable energy storage systems. In the forecast period, solar based energy storage systems are projected to hold dominant share of the market.
Electrochemical storage technology, primarily driven by secondary batteries (lead-acid and lithium-ion) captured major share of the market followed by mechanical (excluding PHS) and thermal. Further, electrochemical technology is anticipated to continue its market dominance during the forecast period.
"Utility application segment, accounted for the majority of the market share followed by Residential and Non-Residential," Anuj Mehrotra, research associate at 6Wresearch, said. "Decreasing renewable energy storage cost, development of smart cities and parks, and expansion of renewable energy based mini-grids would be the key drivers for this market, he added."
Media Source: I Connect 007