IESA estimates the market opportunity to be 50- 70 GW by 2022.
New Delhi: Large-scale adoption of energy storage is expected to attract investment over $3 billion in the next three years, industry body India Energy Storage Alliance (IESA) said in a statement on Wednesday.
“These opportunities are expected to attract investment in 2-4 giga factories for advanced li-ion batteries in India, attracting over $3 billion investments in next 3 years. Already, over 1 GWh of annual assembling capacity is being set up for converting imported li-ion cells into battery modules by various Indian companies,” IESA said.
In a bid to promote energy storage, IESA is partnering with the Indian Electrical and Electronics Manufacturers’ Association (IEEMA) to conduct a two-day master class on energy storage technology, applications and manufacturing process in Mumbai on 17 and 18 November 2017.
“The Indian energy storage market is gearing up for large scale adoption. India is one of the largest markets for lead acid batteries with annual sales of $6 billion. India is now poised to adopt advanced energy storage technologies that can act as enablers for 21st century electric grid and transitioning to eMobility,” IESA said.
IESA estimates the market opportunity to be 50- 70 GW by 2022. “Opportunities for energy storage in India cover full range of applications covering grid scale energy storage for optimizing Transmission and Distribution (T&D) investments and enabling renewable energy integration, to providing energy access through microgrids to over 20 crore people, to providing batteries for the ambitious electric mobility program where India is targeting to move to all EVs by 2030, “ IESA said.
The statement also said India may have missed the manufacturing opportunity while adopting technology transitions such as cellular telephones and solar energy but there is still time to build a world class manufacturing infrastructure for advanced energy storage. “We aim to make India a global hub for manufacturing of advanced energy storage systems by 2022,” Rahul Walawalkar, Executive Director, Indian Energy Storage Alliance said.
The participants at the IESA-IEEMA event will get to know about complete range of energy storage technologies including advanced lead acid, li-ion batteries, flow batteries, flywheels, ultra-capacitors and other emerging technologies, IESA said. Industry experts are expected to provide insights in key applications that will drive the adoption of energy storage in next 3-5 years including solar, micro- grids, diesel usage optimisation and electric vehicles.