Page 33 - Edelweiss India Conference 2022 FLIPBOOK

New Energy Digital Manufacturing Capital Markets Human Capital

Battery storage: Vital for India’s power

With increasing penetration of renewable energy, India is set to emerge as

role in India’s power system. Demand for advanced batteries in India is

Energy storage in India’s power system: Huge potential

India Energy Storage Alliance (IESA) states that the energy storage market in India is
estimated at ~USD2.1bn in 2019, and forecasts a CAGR of 8% by 2027. India has already
installed >25MWh of large-scale storage for grid and renewable integration through pilot

projects are on the verge of tender allocation or at construction stage.

use cases. This would be ample to support economies of scale and the target of 50GWh
capacity of advanced battery storage manufacturing in India, through commissioning of Installation would
4–5 Giga-scale factories by 2025 (Source: NITI Aayog). reach 635GW by 2050,

constituting ~23% of
US National Renewable Energy Laboratory (NREL) states energy storage would play a
India’s total installed
power capacity of
capacity in the range of 50–120GW (160–800GWh) by 2030. Installation is further likely to
increase to 180–800GW (750–4,800GWh) by 2050, representing between 10–25% of total 2,700GW by 2050
installed power capacity by 2050 (Source: PV magazine).

The NREL further states that energy storage development in India would increase at a CAGR
of 42% between 2020 and 2030 under its base-case assumption. Installation would reach
635GW by 2050, constituting ~23% of India’s total installed power capacity of 2,700GW by
2050. The total energy capacity of energy storage would be 3,220GWh by 2050, with an
average storage duration of 5 hours across devices.

Aiming to meet demand through “Make in India” initiative

In March 2019, the union cabinet chaired by Prime Minister Narendra Modi approved
setting up of a National Mission on Transformative Mobility and Battery Storage to drive
clean, shared, sustainable and holistic mobility initiatives.

It also approved the Phased Manufacturing Programme (PMP), which would be valid for

batteries and cell-manufacturing Giga plants in India.

Edelweiss Securities Limited 31