India’s energy storage sector is on the cusp of an extraordinary transformation, with the country poised to attract a staggering Rs 4.79 lakh crore (approximately $64 billion USD) in investments by 2032, according to the India Energy Storage Alliance (IESA).
The Indian government’s National Electricity Plan (NEP) projects that India will need an energy storage capacity of 16.13 GW by 2026-27, which will expand to 73.93 GW by 2031-32, with a storage capacity of 82.37 GWh by 2026-27 and 411.4 GWh by 2031-32.
The sector’s growth is expected to be driven by the increasing adoption of renewable energy sources, with India aiming to reach 100 GW of renewable energy capacity by 2030. This, in turn, will drive significant expansion in the energy storage market, as the country seeks to manage the variable output of renewable energy sources.
According to Vinayak Walimbe, Managing Director of IESA’s parent body Customised Energy Solutions (CES), the sector’s growth is driven by the need for a robust energy storage ecosystem in India, which will require significant investment in technological innovations and infrastructure.
- Energy storage capacity is expected to increase five-fold between 2026 and 2032, with storage capacity demand projected to increase to 73.93 GW by 2031-32.
- India’s energy storage sector is expected to attract Rs 4.79 lakh crore (approximately $64 billion USD) in investments by 2032.
- The sector’s growth will be driven by the increasing adoption of renewable energy sources, with India aiming to reach 100 GW of renewable energy capacity by 2030.
Industry leaders and government officials participating in the conference highlighted the potential for innovation and investment in the sector, with several countries participating in the event.
“We aim for approximately 500 gigawatt-hours by 2030 and around 5,000 gigawatt-hours by 2047,” said RP Gupta, Chairman and Managing Director of Solar Energy Corporation of India (SECI).
“The cost of energy storage systems has already seen a notable reduction, from Rs 10 lakhs per megawatt per month to approximately Rs 2.5 lakh per megawatt over the past 2 to 2.5 years,” added Ghanshyam Prasad, Chairperson of the Central Electricity Authority of India (CEA).
The conference also saw participation from several key industry players, including the Government of Gujarat, MNRE, CEA, SECI, NTPC, GEAPP, GPCL, GERMI, Adani New Industries, JSW Energy, GUVNL, World Economic Forum, World Bank, Envision Energy, and others.
IESA is a leading industry alliance focused on the development of advanced energy storage, e-mobility, green hydrogen, and emerging technologies in India.
| Country | Participation |
|---|---|
| Government of Gujarat | Presented their valuable perspectives on energy storage-related government policies. |
| MNRE | Presented their valuable perspectives on energy storage-related government policies. |
| CEA | Presented their valuable perspectives on energy storage-related government policies. |
| SECI | Presented their valuable perspectives on energy storage-related government policies. |
| NTPC | Presented their valuable perspectives on energy storage-related government policies. |
| GEAPP | Presented their valuable perspectives on energy storage-related government policies. |
| GPCL | Presented their valuable perspectives on energy storage-related government policies. |
| GERMI | Presented their valuable perspectives on energy storage-related government policies. |
| Adani New Industries | Presented their valuable perspectives on energy storage-related government policies. |
| JSW Energy | Presented their valuable perspectives on energy storage-related government policies. |
| GUVNL | Presented their valuable perspectives on energy storage-related government policies. |
| World Economic Forum | Presented their valuable perspectives on energy storage-related government policies. |
| World Bank | Presented their valuable perspectives on energy storage-related government policies. |
| Envision Energy | Presented their valuable perspectives on energy storage-related government policies. |
“We are already seeing good participation in 2-hour and 4-hour tenders, and 8-hour tenders are expected soon. Gujarat currently contributes over 30 GW of renewable energy and has set an ambitious target of reaching 100 GW by 2030. This substantial growth in renewable energy capacity will, in turn, drive significant expansion in the energy storage market,” said Arun Mahesh Babu, Managing Director of Gujarat Power Corporation.
“The cost of energy storage systems has already seen a notable reduction, from Rs 10 lakhs per megawatt per month to approximately Rs 2.5 lakh per megawatt over the past 2 to 2.5 years. We will soon release new Battery energy storage standards so that both storage suppliers and users of these storage will have better clarity,” said Ghanshyam Prasad, Chairperson of the Central Electricity Authority of India (CEA).
The sector’s growth is expected to be driven by the increasing adoption of renewable energy sources, with India aiming to reach 100 GW of renewable energy capacity by 2030. This will drive significant expansion in the energy storage market, as the country seeks to manage the variable output of renewable energy sources.
According to RP Gupta, Chairman and Managing Director of Solar Energy Corporation of India (SECI), the sector’s growth will be driven by the increasing adoption of renewable energy sources, with India aiming to reach 500 gigawatt-hours by 2030 and around 5,000 gigawatt-hours by 2047.
Industry leaders and government officials participating in the conference highlighted the potential for innovation and investment in the sector, with several countries participating in the event.
IESA is a leading industry alliance focused on the development of advanced energy storage, e-mobility, green hydrogen, and emerging technologies in India.
Key Highlights
- India’s energy storage sector is expected to attract Rs 4.79 lakh crore (approximately $64 billion USD) in investments by 2032.
- The sector’s growth is expected to be driven by the increasing adoption of renewable energy sources, with India aiming to reach 100 GW of renewable energy capacity by 2030.
- Energy storage capacity is expected to increase five-fold between 2026 and 2032.
IESA is a leading industry alliance focused on the development of advanced energy storage, e-mobility, green hydrogen, and emerging technologies in India.
