Growing government focus towards installation of efficient energy storage solutions coupled with growing energy demand to fuel lithium-ion energy storage solutions market in India
123According to recently published TechSci Research report “India Lithium-ion Energy Storage Solution Market By Type, By End User, Competition Forecast & Opportunities, 2016 – 2024’’, India Lithium-ion energy storage solution market is projected to grow at CAGR of over 40% on account of growing wind and solar energy based power projects in the country, and government’s plan to launch National Energy Storage Mission in the Financial Year 2018-19. This phased manufacturing programme will be valid till 2024 to setup large-scale battery and cell manufacturing facilities in India. Moreover, increasing demand for energy storage solutions from renewable energy, retail, BFSI and other sectors is likely to steer growth in India Lithium-ion energy storage solution market over the course of next five years. Panasonic India Pvt. Ltd. accounted for the largest share in India Lithium-ion energy storage solution market in 2018. Sterling and Wilson Pvt. Ltd., Exicom Power Solutions, AES India Pvt Ltd., ACME Cleantech Solutions Private Limited, Delta Electronics India Pvt. Ltd., Amplus Solar, LG Chem, NEC Technologies India Private Limited and Coslight India Telecom Pvt. Limited are the other major players operating in India Lithium-ion energy storage solution market.
Among the two Lithium-ion ESS types i.e. On-grid and Off-grid, the latter category dominated the market in 2018. Moreover, Stationary Lithium-ion energy storage solution accounted for the largest end user share in 2018. In 2018, North region accounted for the largest share in the country’s Lithium-ion energy storage market, followed by South, West and East. However, over the next five years, South region is forecast to witness fastest growth in adoption of Lithium-ion energy storage solutions and emerge as the largest regional market by 2024.
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“Organizations such as Central Electro Chemical Research Institute (CECRI) and Indian Space Research Organization (ISRO) are working on indigenous technology to produce lithium-ion cells at lower cost in India. In 2018, ISRO developed lithium-ion cells (capacity ranges from 1.5Ah to 100 Ah) for satellites and vehicles. These developments are likely to have positive impact on the domestic manufacturing of Lithium-ion batteries in India, further resulting in cost reduction and provision of better supply chain of Lithium-ion batteries across the country. Owing to these factors, India Lithium-ion energy storage solution market is likely to witness a robust growth during the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Lithium-ion Energy Storage Solution Market By Type, By End User, Competition Forecast & Opportunities, 2016 – 2024” has evaluated the future growth potential of India Lithium-ion energy storage solution market and provides statistics and information on market size, structure and market trends. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also has strategic analysis including SWOT, PESTLE and Porter’s Five Forces in India Lithium-ion energy storage solution market.