Over the years, the demand for energy has registered an exponential growth rate. To bridge the energy demand-supply gap, energy storage systems are getting deployed in all major countries across the globe. Traditionally, fossil fuels were used to meet this requirement, however, the market is now evolving towards renewable energy storage systems where electrochemical storage systems are primarily used. As India's quest for green energy is growing due to government initiatives and rising awareness, the market for renewable energy storage systems would record significant growth in the coming years. With current government plans and pipeline projects, the capacities of wind and solar would surpass hydroelectric capacity. In India, the renewable energy storage systems market is a very niche stage. The market is expected to witness robust growth in the coming years due to declining storage costs and rising government initiatives to deploy renewable energy storage systems by offering various incentives and monetary subsidies.According to 6Wresearch, India Renewable Energy Storage Systems (RESS) market revenue is projected to touch $3.32 billion by 2022. Solar-based energy storage is anticipated to capture a major revenue share of the market. Electrochemical storage is currently driven by secondary (Lead-acid and Lithium-ion) batteries, which would maintain its market leadership during the forecast period. Amongst all applications, the utility segment would hold a key share in the overall India Renewable Energy Storage Systems Market. The report thoroughly covers the India Renewable Energy Storage Systems Market by technology, application, and regions. The report provides an unbiased and detailed analysis of the ongoing trends, opportunities / high growth areas, market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.
India's renewable energy storage system market is projected to gain momentum throughout the forecast period underpinned by the rising production of renewable energy with the growing concern toward environmental degradation. Also, the growing energy consumption in the country especially in the transportation and real estate sector and with the increasing population base has led to boost the power consumption therefore the rise in the need to maintain a renewable energy storage system to bridge the gap between the demand and supply and is estimated to upsurge the growth of the India renewable energy storage system market in the years ahead.
Key Highlights of the Report:
• Market Size & Forecast of India Renewable Energy Storage Systems Market Revenues until 2022
• Market Size & Forecast of India Renewable Energy Storage Systems Market Capacity by Technology until 2022
• Market Size & Forecast of India Renewable Energy Storage Systems Market Capacity by Application until 2022
• Market Size of Global Renewable Energy Capacity (2006-2015)
• Market Size of Grid Connected Wind and Solar Power (2014-2015)
• Market Size of India Renewable (Wind & Solar) Energy Installed Capacity Addition Target, By Region (2022)
• India Statewise Estimated Reserves (Coal, Lignite, Crude Oil and Natural Gas)
• Price Trend Analysis
• Market Drivers and Restraints
• Industry Regulations.
• Players Market Share.
• Company Profiles.
• Key Strategic Pointers
Key Markets Covered:
The report provides a detailed analysis of the following market segments:
• Technologies:
o Mechanical
o Electrochemical
o Thermal
• Applications:
o Utility
o Residential
o Non-residential
• Regions:
o North India
o South India
o East India
o West India
