India's Renewable Energy Storage Systems (RESS) market is in its nascent stage, where market 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 Renewable Energy Storage Systems Market is forecast to reach $3.32 billion by 2022. 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.
According to Anuj Mehrotra, Research Associate, Research and Consulting, 6Wresearch, "Utility application segment, accounted for the majority of the market share followed by Residential and Non-Residential. "
"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."
Biswajit Guria, Branch Manager-Kolkata, Amararaja: "India's Renewable Energy Storage Systems market is still niche. The market is expected to experience a considerable growth due to the declining storage cost and rising government initiatives. In 2015, around 5% renewable energy is implemented in energy storage which is projected to reach in a range of 15-20% by FY 2022."
Mandhir Bhandari, Business Development Manager, ABB India: "India market is very challenging. Despite favourable conditions of renewable energy integration, especially Solar Energy, India renewable energy storage market is very minimal. With recent government bids invitation for renewable energy storage deployment, the market would register significant growth over the next six years."
Assistant Manager (Production), Exide Industries: "India RESS market is primarily driven by electrochemical storage technology. Further, in the forecast period, thermal and mechanical (excluding PHS) would have some impact in the market. Although, electrochemical would still maintain its market leadership."
The key players in India's renewable energy storage systems market are namely- Panasonic, Exide Industries, ABB, Amara Raja and AES Corporation.
"India Renewable Energy Storage Systems Market (2016-2022)" provides in-depth analysis with 26 figures and 11 tables covered in 85+ pages. The report estimates and forecast overall India Renewable Energy Storage Systems market by revenue, by storage technology such as electrochemical, mechanical (excluding PHS) and thermal. The report also gives insights on price trends, market trends, competitive landscape, company profiles, market drivers and restraints.
Media Source: Open PR