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India's leading Energy Storage Alliance of India (IESA) has released the fifth edition of the India Solid State Energy Storage Market Report
.
The report estimates that India's energy storage market reached $2.
8 billion in 2018 and is expected to grow
at a CAGR of 6.
1% through 2026.
The report revealed that in 2018, the domestic energy storage installed capacity was about 24.
4 GWh, which is expected to grow to 64.
5 GWh
by 2026.
Renewable energy integration, transmission and distribution (T&D) renovation and expansion, and growing demand for railways, microgrids, telecommunications, solar roofs, etc.
, the market will maintain steady growth
through 2026.
From the perspective of application fields, the storage application of instruments is the largest energy storage application market
.
Storage applications in instrumentation will account for 68-77% of the market size during the forecast period, with inverters and telecom accounting for the major market share
.
On the other hand, from the grid-scale solid-state energy storage market, utility-scale solar, wind energy, and rapid response ancillary services, the demand for improved transmission delay will promote the growth
of grid-scale energy storage demand.
In particular, in India, the railway field will also become an important application field of solid-state energy storage, especially in terminal applications
such as rolling stock, signaling, and backup.
India's leading Energy Storage Alliance of India (IESA) has released the fifth edition of the India Solid State Energy Storage Market Report
.
The report estimates that India's energy storage market reached $2.
8 billion in 2018 and is expected to grow
at a CAGR of 6.
1% through 2026.
The report revealed that in 2018, the domestic energy storage installed capacity was about 24.
4 GWh, which is expected to grow to 64.
5 GWh
by 2026.
Renewable energy integration, transmission and distribution (T&D) renovation and expansion, and growing demand for railways, microgrids, telecommunications, solar roofs, etc.
, the market will maintain steady growth
through 2026.
From the perspective of application fields, the storage application of instruments is the largest energy storage application market
.
Storage applications in instrumentation will account for 68-77% of the market size during the forecast period, with inverters and telecom accounting for the major market share
.
On the other hand, from the grid-scale solid-state energy storage market, utility-scale solar, wind energy, and rapid response ancillary services, the demand for improved transmission delay will promote the growth
of grid-scale energy storage demand.
In particular, in India, the railway field will also become an important application field of solid-state energy storage, especially in terminal applications
such as rolling stock, signaling, and backup.
