Off-grid renewable energy storage market to be worth Rs16,500 crore by 2022: report
New Delhi: The energy storage market for off-grid renewable energy in India will be worth Rs16,500 crore by 2022, Delhi-based Council on Energy, Environment and Water (CEEW) said.
In an analysis released on Friday, the climate think-tank said rooftop solar alone will make up 80% of this, touching Rs13,000 crore. It stated that the battery market in India for renewable applications has been growing steadily with increasing renewable penetration across different segments.
“The Ministry of New and Renewable Energy’s target to install 10,000 micro-grid/500 MW of micro and mini-grids will offer an additional opportunity to the tune of Rs3,300 crore for battery manufacturers. Batteries are a critical component of micro/mini-grid systems, since 100% backup is often required to supply electricity to rural households during evening hours,” said the analysis.
The analysis also highlighted key challenges for battery manufacturers like high-technology costs and uncertainty around performance in Indian climatic conditions.