New Delhi: Stationary storage within Battery Energy Storage Systems (BESS) would witness significant growth over the next 10 years and Lithium-ion technology will lead this growth, according to a report.
This is because of the expected decline in battery prices at six per cent CAGR between 2018-2030 ushering India towards a net-zero trajectory, the report by Praxis Global Alliance, a management consulting and advisory firm, said.
India will lead the battery storage market and contribute 35 per cent of the total global battery deployment for energy storage by 2040 as per International Energy Agency. Indian stationary energy storage requirement is expected to grow nine times at a CAGR of 22 per cent during the forecast period of FY22-32.
The key factors driving this growth are robust solar energy generation targets and the end-user demand towards green energy transition would propel the Indian stationary storage market over the next 10 years.
The Lithium-ion technology is projected to lead the Indian battery energy storage systems market by 2030 due to a decline in battery prices for both lithium iron phosphate battery (LFP) and lithium, nickel, cobalt, and manganese (NCM) batteries, the two most common lithium-ion battery technologies used and in turn provide better cost economics.
The report also looks at the electricity storage technologies used globally and the application of BESS and suggesting that both utility-scale and end-consumer models exist globally for battery storage which can be replicated in India as battery prices decline.
Source: energy.economictimes.indiatimes.com
