Report predicts battery storage key for India’s path to net-zero trajectory

India is poised to move towards a net-zero trajectory riding on the expected decline in battery prices at a CAGR of six percent between 2018-2030.

According to a report, stationary storage within Battery Energy Storage Systems (BESS) will witness significant growth over the next 10 years, with lithium-ion technology leading the way.

According to Praxis Global Alliance’s report, India will eventually reach a net-zero trajectory due to the expected decline in battery prices at 6% CAGR between 2018-2030.

The International Energy Agency projects that India will lead the global battery storage market by 2040 and that it will contribute 35 percent of the global deployment. Also during the forecast period of FY22-32, India’s stationary energy storage requirement is projected to grow nine-fold at a CAGR of 22 percent.

This growth would be fueled by robust solar energy production targets and end-user demand for green energy transitions over the next decade.

By 2030, Lithium-ion batteries are projected to lead the Indian battery energy storage market. As prices of both lithium iron phosphate (LFP) batteries and lithium, nickel, cobalt, and manganese (NCM) batteries are expected to decline.

Additionally, the report outlines global electric storage technologies and BESS applications. It states that with a continuous decline expected at battery prices, India is capable of replicating the existing global battery storage models for both utility-scale and end-user.

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