Mumbai India 2025 Energy Storage Inventory

Will India achieve a 365 GW PV generation capacity by 2023?

According to the National Energy Plan (NEP) 2023, India aims to achieve a PV installed capacity of 186 GW by 2026-2027 and to reach 365 GW by 2032. Such a vast PV generation capacity will require corresponding energy storage systems to maintain grid stability, making storage technology a crucial element in the current energy transition.

What is India's energy storage demand?

According to the NEP 2023, India's storage demand is projected to reach a total capacity of 73.93 GW and an energy storage capacity of 411.4 GWh by 2031 and 2032, with 175.18 GWh from pumped storage hydropower (PSH) and 236.22 GWh from mainstream electrochemical energy storage, ensuring a stable supply of renewable energy.

Which energy storage technology is included in India's national electricity plan?

Electrochemical energy storage technology, represented by Li-ion battery, is included in India’s National Electricity Plan for 2022-2032. By the fiscal year of 2031-2032, electrochemical storage will surpass PSH, making it the dominant energy storage technology.

Will India's energy demand rise further in 2024 & 2025?

Utility-scale ground-mounted projects have been driven India's installations, and market demand will likely rise further in 2024 and 2025 under government-led tenders. Meanwhile, India’s energy storage demand is also picking up.

Why is local manufacturing important for India's energy supply chain?

The two-pronged strategy boosts local manufacturing and safeguards the localization of the PV and energy storage supply chain. The rise of local manufacturing aligns with India’s target of energy self-sufficiency and enhances the resilience of the industrial supply chain.

How will India's domestic demand be met in 2024 & 2025?

Since the government reinstated the ALMM mandate in April, India's domestic demand has been primarily met by importing cells and assembling into modules. Utility-scale ground-mounted projects have been driven India's installations, and market demand will likely rise further in 2024 and 2025 under government-led tenders.