India Battery Energy Storage Systems (BESS) Market
India Battery Energy Storage Systems (BESS) Market Size Set to Expand at Significant CAGR of 11% During 2023–2029
Published | 25 May 2023
India battery energy storage systems (BESS) market is rapidly growing due to the increasing popularity and demand for energy from renewable sources, such as solar and wind power, and the need to store and utilize renewable energy efficiently from these sources.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects the India battery energy storage systems (BESS) market size to grow at a CAGR of 11.05% during the forecast period between 2023 and 2029. India battery energy storage systems (BESS) market is expanding significantly and showing changing trends. The implementation of BESS in India is being driven by the rise in demand for renewable energy integration, grid stability, and power quality enhancement. The focus on renewable energy by the government, along with favorable regulations and incentives, is promoting the market expansion. To improve the use of renewable energy and address intermittent concerns, battery storage is increasingly being integrated with solar and wind systems. The proliferation of electric vehicles (EVs) is also opening up the potential for BESS implementation in applications including vehicle-to-grid communication and charging infrastructure. Overall, during the forecast period, the India battery energy storage systems (BESS) market is expected to grow significantly. However, high upfront costs associated with installing and maintaining the storage infrastructure may limit the growth of the India battery energy storage systems (BESS) market during the period in analysis.
India Battery Energy Storage Systems (BESS) Market – Overview
Modern electrical systems called Battery Energy Storage Systems (BESS) store electrical energy in rechargeable batteries for future use. In controlling the varying supply and demand of electricity in power grids, these systems are essential. When demand is low or renewable energy production is high, BESS can store extra electricity and release it when supply is insufficient to meet demand or when renewable energy production is low. They can quickly adapt to changes in the grid and offer services for frequency regulation and grid stability. The integration of renewable energy sources can be optimized with the help of scalable, environmentally friendly battery energy storage systems, which can improve grid dependability and resilience.
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Impact of COVID-19 on India Battery Energy Storage Systems (BESS) Market
The COVID-19 pandemic significantly impacted the India battery energy storage systems (BESS) market. On the one hand, the lockdown measures and disruptions in supply chains caused delays in project execution and installations, leading to a temporary slowdown in the market. On the other hand, the pandemic highlighted the importance of resilient and reliable energy infrastructure, increasing the focus on energy storage solutions. As the country aims to strengthen its renewable energy sector and improve grid stability, BESS has emerged as a key enabler. The market witnessed a gradual recovery as restrictions eased, with renewed interest from both government and private entities in deploying battery storage systems for energy management and grid integration.
India Battery Energy Storage Systems (BESS) Market – By Connection Type
On the basis of connection type, India battery energy storage systems (BESS) market is divided into On Grid and Off Grid segments. The on-grid segment dominates the battery energy storage system market. As surplus energy is sent to the grid and can be used later on a metered basis, on-grid connections have lower upfront costs than off-grid systems. The reduction in energy bills for clients who rely on the utility grid for electricity is predicted to drive the segment's growth. Demand for grid modernization from renewable energy sources, as well as new energy regulatory rules, are driving the expansion of the on-grid battery energy storage system market for utilities.
India battery energy storage systems (BESS) market is fiercely competitive. Major companies in the market include Samsung SDI, BYD Company Limited, Contemporary Amperex Technology Co. Limited, Exide Technologies, General Electric, Enersys, Nissan, AES Energy Storage, Hoppecke Batteries Inc., and Tesla. Companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in India battery energy storage systems (BESS) market.
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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India Battery Energy Storage Systems (BESS) Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Battery Energy Storage Systems (BESS) Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- India Battery Energy Storage Systems (BESS) Market - By Battery Type (Lithium Ion, Lead Acid, Flow Batteries); By Connection Type (On Grid, Off Grid); By Application (Front of the Meter, Behind the Meter); By End User (Commercial, Industrial, Residential); By Region (North India, South India, East India, West India), Trend Analysis, Competitive Landscape & Forecast, 2019–2029
Publish Date: May 2023
Increasing integration of renewable energy, government initiatives promoting the deployment of energy storage systems, a spurring demand for reliable power supply in remote areas, growth in the adoption of EVs, and the need for grid stability and peak demand management are propelling the growth of India Battery Energy Storage Systems (BEES) Market during the forecast period between 2023 and 2029.
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