As per MRFR analysis, the India Advanced Energy Storage Systems Market Size was estimated at 7.92 (USD Billion) in 2023. The India Advanced Energy Storage Systems Market Industry is expected to grow from 8.64(USD Billion) in 2024 to 22.49 (USD Billion) by 2035. The India Advanced Energy Storage Systems Market CAGR (growth rate) is expected to be around 9.082% during the forecast period (2025 - 2035).
Key India Advanced Energy Storage Systems Market Trends Highlighted
The India Advanced Energy Storage Systems Market is experiencing substantial growth as a result of a greater emphasis on energy efficiency and the integration of renewable energy. Key market drivers include the government's initiative to establish a sustainable energy framework and the growing demand for a dependable energy supply, particularly in urban areas that are experiencing power shortages. Investments in the energy storage sector are stimulated by initiatives such as the National Energy Storage Mission, which are designed to improve energy storage capabilities.
Additionally, advancements in energy management systems and battery technologies that provide enhanced performance and cost-effectiveness are opportunities that should be investigated. The demand for effective storage solutions is increasing as a result of the proliferation of electric vehicles and distributed generation, which has prompted manufacturers and technology providers to innovate. The government's emphasis on policies like the Production-Linked Incentive Scheme further stimulates market growth by encouraging the domestic production of energy storage systems.
Recently, there has been a significant increase in the number of partnerships and collaborations among a variety of stakeholders, such as private corporations and research institutions, in order to create state-of-the-art technology that is specifically designed for the Indian market.
Additionally, there is an increasing emphasis on the use of batteries in second-life applications, particularly in hybrid systems that utilize renewable energy.India is emerging as a center for advanced energy storage technologies as a result of the convergence of these factors, which is in alignment with the economic and environmental objectives of government policies that are designed to establish a more resilient energy infrastructure.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
India Advanced Energy Storage Systems Market Drivers
Government Initiatives and Policies
The Government of India has been actively encouraging the adoption of advanced energy storage systems through various initiatives and policies. The National Energy Storage Mission aims to promote research and innovation in energy storage technologies, with a focus on reducing the cost and increasing efficiency of storage solutions. In the 2021-2022 budget, the government allocated significant funding to renewable energy projects, which include energy storage solutions that could enhance grid reliability and energy security.
According to a report from the Ministry of New and Renewable Energy, India aims to install 450 gigawatts of renewable energy capacity by 2030, which will require scalable and efficient energy storage systems. This commitment suggests a strong market growth potential for the India Advanced Energy Storage Systems Market Industry as it aligns with national energy targets and climate goals.
Increasing Demand for Renewable Energy
India's accelerating shift towards renewable energy sources such as solar and wind has created a considerable demand for advanced energy storage systems. With a growing installed capacity of renewable energy, India reached approximately 150 gigawatts of renewable energy capacity by 2022, according to official government data. The intermittency associated with these energy sources necessitates robust storage solutions to ensure consistent power supply.
Organizations like the Solar Energy Corporation of India are focusing on integrating storage systems to optimize energy distribution and manage peak loads effectively. As the share of renewables continues to grow, the India Advanced Energy Storage Systems Market Industry is poised for substantial expansion, driven by the need to balance energy supply and demand.
Technological Innovations
Technological advancements in battery storage, such as lithium-ion technology and flow batteries, have significantly enhanced the performance and cost-effectiveness of energy storage systems. In recent years, Indian startups and research institutions have made notable strides in battery technology, dramatically improving energy density and lifespan.
For instance, organizations like ISRO (Indian Space Research Organisation) are contributing to the advancement of energy storage technologies, which is essential for the growing demand for electric vehicles and renewable energy integration.The push for Research and Development (R&D) in advanced energy storage will likely stimulate growth in the India Advanced Energy Storage Systems Market Industry, with innovations that can lower operational costs and increase market adoption.
Rising Energy Consumption
India's energy consumption has been on a steep rise, fueled by economic growth and surging urbanization. As of 2021, the country was one of the fastest-growing major economies, with a projected increase in energy demand of 4-5 percent annually according to the Ministry of Power. This growth in energy consumption necessitates the development of effective storage solutions to enhance grid stability and avoid potential energy shortages.
Furthermore, as the residential and industrial sectors continue to expand, the demand for reliable and efficient energy storage systems will increase, generating significant opportunities for the India Advanced Energy Storage Systems Market Industry.The need to manage peak loads effectively enhances the attractiveness of investing in advanced energy storage technologies, driving further market growth.
India Advanced Energy Storage Systems Market Segment Insights
Advanced Energy Storage Systems Market Application Insights
The India Advanced Energy Storage Systems Market is witnessing significant advancements in its Application segment, which is essential for optimizing energy usage across various sectors. This segment is primarily divided into Grid Storage, Transportation, and Others, each playing a crucial role in bolstering the market's potential. Grid Storage solutions are vital for balancing supply and demand in the electricity network, facilitating renewable energy integration, and enhancing grid reliability. With increasing investments in smart grid technology and the growing emphasis on renewable sources, Grid Storage applications are positioned to become a cornerstone for India's energy transition.
On the other hand, the Transportation segment is pivotal as it addresses the rising need for electric vehicles (EVs), which have been supported by government initiatives aimed at reducing carbon emissions and promoting clean energy usage. The shift towards an electric mobility ecosystem, triggered by policies and technological innovations, suggests that Transportation applications will play a significant role in decreasing dependence on fossil fuels within the country.
This segment's growth is further propelled by the increasing availability of charging infrastructures and shifts in consumer preferences towards eco-friendly modes of transport. Lastly, the Others category encompasses various diverse applications, including industrial use and portable energy solutions, reflecting the versatile nature of Advanced Energy Storage Systems. These applications are becoming increasingly relevant as sectors like manufacturing and telecommunications seek effective energy management solutions.
As the demand for efficient energy storage technologies continues to grow, the India Advanced Energy Storage Systems Market is poised for robust expansion, driven by these three crucial application areas, each contributing uniquely to India's energy landscape while also aligning with sustainability goals. The market's segmentation indicates a directional shift towards a more resilient and efficient energy framework in India, accommodating the diverse needs of its industrial and urban population.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Advanced Energy Storage Systems Market Technology Insights
The Technology segment of the India Advanced Energy Storage Systems Market showcases various innovative approaches for energy storage solutions, which are crucial for enhancing renewable energy utilization and grid reliability. Among these, Mechanical energy storage systems, such as pumped hydro and flywheels, play a significant role in large-scale applications due to their durability and efficiency, addressing both short-term and long-term storage needs.
Similarly, Thermal energy storage technology is gaining traction in India, aiding in the management of energy consumption during peak hours and integrating thermal systems with solar energy, which is abundant in the region.Electro Chemical storage systems, primarily driven by advancements in battery technology, are essential for electric mobility and are favored for their versatility and declining costs, ultimately promoting energy independence and sustainability.
Other technologies encompass a range of innovative solutions aimed at enhancing storage capabilities, further diversifying the market opportunities. Rising demand for renewable energy sources in India acts as a key driver for these technologies, offsetting challenges such as high initial costs and the need for enhanced grid infrastructure, thus contributing to the overall market growth and sustainability initiatives in the country.
Advanced Energy Storage Systems Market Storage Type Insights
The India Advanced Energy Storage Systems Market is characterized by a diverse range of Storage Types, each playing a crucial role in the overall landscape. Batteries remain a primary storage solution, propelled by the rising demand for electric vehicles and the shift toward renewable energy integration. Flywheels, though less common, offer high efficiency and rapid response for grid stabilization.
Compressed Air Storage is significant due to its potential for large-scale energy storage, aligning with India's goals for energy security and flexibility in the power sector.Pumped Hydro-Power stands out as a mature technology, leveraging India's topography to provide substantial energy storage and balancing capabilities.
Other emerging technologies are also gaining traction, contributing to market growth as innovative solutions are developed. Collectively, these Storage Types enhance the reliability of energy systems in India and aid in addressing challenges such as energy intermittency and peak demand management. The evolution and enhancement of these segments are vital to achieving the country's ambitious renewable energy targets and ensuring a sustainable power future.
Advanced Energy Storage Systems Market End User Insights
The India Advanced Energy Storage Systems Market is steadily evolving with significant contributions from various End User categories, specifically Residential and Non-Residential sectors. The Residential segment has increasingly become pivotal as homeowners seek reliable energy solutions to combat frequent power outages and the rising cost of electricity. Technological advancements in battery storage systems are making these accessible, which in turn promotes energy security and sustainability among residential users. Meanwhile, the Non-Residential segment, encompassing commercial and industrial applications, is witnessing heightened interest as businesses integrate energy storage systems to enhance operational efficiency and reduce energy costs.
The push for renewable energy sources further drives the demand in this segment, as companies aim to optimize their energy consumption and meet governmental sustainability goals. Both segments reflect an increasing trend towards renewable energy adoption, bolstered by supportive government policies and a growing awareness of environmental impacts. The dynamic nature of these sectors presents numerous opportunities for growth in the India Advanced Energy Storage Systems Market, highlighting their essential roles in achieving broader energy objectives in the country.
India Advanced Energy Storage Systems Market Key Players and Competitive Insights
The Indian Advanced Energy Storage Systems Market is characterized by a dynamic landscape that encompasses several players vying for market share amid growing demand for efficient energy solutions. This sector has gained prominence as a part of the larger renewable energy matrix, which is driving innovations and competition. Companies within this market are focused on improving energy storage technologies, including battery systems, to meet the increasing need for sustainable energy solutions.
Amidst an evolving regulatory framework and rising investments in renewable energy projects, various stakeholders are aligning their strategies to capitalize on emerging opportunities, creating a robust competitive environment that is set to evolve continually.Amp Energy India has established a significant presence in the Indian Advanced Energy Storage Systems Market through a commitment to sustainable energy solutions and innovative technology.
The company has leveraged its expertise in renewable energy generation to enhance its offerings in energy storage, providing comprehensive solutions that cater to diverse energy needs. With a strategic focus on integrating energy storage solutions with solar and wind projects, Amp Energy India is positioned to deliver enhanced efficiency and reliability in energy supply.
The company’s strengths lie in its strong partnerships, technological expertise, and understanding of local market dynamics, allowing it to navigate the complexities of the energy landscape effectively and contribute meaningfully to India’s energy transition goals.Wipro, a well-known player in the Indian Advanced Energy Storage Systems Market, has made a strong impact with its cutting-edge technology solutions and services. The company's portfolio in this sector includes advanced energy management systems and innovative battery technologies aimed at improving energy efficiency.
Wipro's market presence is bolstered by its deep-rooted expertise in software and digital services, which facilitates improved operational efficiencies for energy storage systems. The company's strengths are underscored by its commitment to sustainability, strategic collaborations, and skilled workforce. In recent years, Wipro has pursued several mergers and acquisitions, targeting companies that enhance its capabilities in energy storage and management solutions, thereby reinforcing its position as a frontrunner in the Indian energy market and contributing to the larger goal of sustainable energy development in the region.
Key Companies in the India Advanced Energy Storage Systems Market Include
India Advanced Energy Storage Systems Market Industry Developments
In recent months, the India Advanced Energy Storage Systems Market has seen significant developments, driven by a push for sustainable energy solutions. In October 2023, Tata Power announced plans to invest in advanced battery technology, aiming to advance their leadership in the renewable energy space. Meanwhile, Reliance Industries continues to expand its footprint in the energy storage sector through strategic technology partnerships.
Merger activity has been notable, with Mahindra and Mahindra acquiring a minor stake in Hero Future Energies in August 2023, strengthening their presence in the renewable sector. Additionally, in September 2023, Exide Industries launched a new range of lithium-ion battery systems catering to industrial applications, responding to the growing demand for energy storage.
As of 2022, the Indian government facilitated a boost in energy storage investments by implementing incentives under the Production-Linked Incentive (PLI) scheme, specifically designed to enhance domestic manufacturing capabilities. This has effectively attracted investments from companies like Adani Green Energy and Amp Energy India, further solidifying India's position as a key player in the global energy storage landscape. With these advancements, India's energy storage market continues to evolve and adapt to the increasing energy demands and sustainability goals.
India Advanced Energy Storage Systems Market Segmentation Insights
Advanced Energy Storage Systems Market Application Outlook
Advanced Energy Storage Systems Market Technology Outlook
Advanced Energy Storage Systems Market Storage Type Outlook
Advanced Energy Storage Systems Market End User Outlook
| Report Attribute/Metric Source: | Details |
| MARKET SIZE 2023 | 7.92(USD Billion) |
| MARKET SIZE 2024 | 8.64(USD Billion) |
| MARKET SIZE 2035 | 22.49(USD Billion) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) | 9.082% (2025 - 2035) |
| REPORT COVERAGE | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| BASE YEAR | 2024 |
| MARKET FORECAST PERIOD | 2025 - 2035 |
| HISTORICAL DATA | 2019 - 2024 |
| MARKET FORECAST UNITS | USD Billion |
| KEY COMPANIES PROFILED | Amp Energy India, Wipro, Hindustan Aeronautics Limited, Luminous Power Technologies, Reliance Industries, Sungrow Power Supply Co, Mahindra & Mahindra, Hero Future Energies, SimpliPhi Power, Biovoltaics, Exide Industries, Tata Power, Adani Green Energy, O2 Power, Greenko Group |
| SEGMENTS COVERED | Application, Technology, Storage Type, End User |
| KEY MARKET OPPORTUNITIES | Renewable energy integration, Grid stability enhancement, Electric vehicle charging support, Government incentives for storage, Sector coupling advancements |
| KEY MARKET DYNAMICS | rising renewable energy adoption, government policy support, decreasing battery costs, increasing demand for grid stability, growing electric vehicle market |
| COUNTRIES COVERED | India |
Frequently Asked Questions (FAQ) :
The India Advanced Energy Storage Systems Market is projected to be valued at 8.64 billion USD in 2024.
By 2035, the India Advanced Energy Storage Systems Market is expected to reach a valuation of 22.49 billion USD.
The market is expected to grow at a CAGR of 9.082 percent from 2025 to 2035.
The Grid Storage application segment holds the largest value, projected at 3.68 billion USD in 2024.
The Grid Storage segment is expected to be valued at 9.24 billion USD by 2035.
The Transportation application segment is valued at 2.4 billion USD in 2024.
By 2035, the Transportation segment is expected to reach a value of 6.17 billion USD.
Key players include companies like Amp Energy India, Reliance Industries, and Tata Power among others.
The Others application segment is valued at 2.56 billion USD in 2024.
The Others segment is anticipated to reach a market size of 7.08 billion USD by 2035.
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Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
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