The energy storage market in India is expected to grow to an aggregate capacity of between 15 to 20 GW by 2020, said India Energy Storage Alliance (IESA).
The rapid expansion of renewable energy installations over the next five years in India will drive the need for energy storage to manage variations in renewable energy and maintain grid stability, IESA officials said.
The power sector in India will witness a dramatic transformation towards decentralized energy solutions in the next five years, said Rahul Walawalkar, executive director, IESA.
Addressing the audience at the 2nd annual Energy Storage India (ESI) Conference and Expo hosted by IESA , Walawalkar also said several policy makers have committed to develop policy framework and R&D groups have discussed the potential for cutting-edge research.
Several companies have announced plans to set up everything from incubation centers to full-scale manufacturing plants for advanced storage, he added.
Also, initiatives like 100 Smart Cities will give boost to energy storage market. Actions being taken by the Modi government should provide stimulus for the growth of the country’s energy storage industry, the industry body said.
The event focused on opportunities for advanced storage solutions in India including renewable integration, rural electrification, micro-grids, smart cities, utility and industrial applications, and transportation.
IESA conference concluded that ongoing innovations in energy storage technologies will lead to cost reductions over the next 5-10 years.
The event also discussed financing models, project development, incentives and subsidies, and manufacturing options, with special panels on “Make in India” and “International Perspectives on Energy Storage” that generated significant interest among delegates.