India’s energy storage market to grow at CAGR of 6.1% by 2026


India Energy Storage Alliance (IESA) has published the 5th edition of India Stationary Energy Storage market report. The report estimates the market for energy storage in India to be US $2.8 billion in 2018 and forecasts it to grow at a CAGR of 6.1% by 2026.

The total annual MWh addition in 2018 hit 24.4 GWh and is expected to grow to 64.5 GWh by 2026.

The report dwells in-depth into the various applications of advance storage technologies such as in Renewable Energy integration, Transmission & Distribution (T&D) deferral, ancillary services, railways, microgrids, telecom, and behind the meter applications such as inverters, UPS, solar rooftop and so on.

The base year of the study is 2018, the forecast period is 2019-2026.

The market segments include grid-scale storage applications in solar integration, wind integration, T&D deferral, ancillary services; Behind the meter (BTM) storage applications such as telecom, rural electrification, solar rooftops, diesel replacements, inverter back-up, UPS back-up, thermal energy storage and railways: rolling stock, signaling and control room back-up.

Demand for energy storage in BTM applications will account for 68-77% of the cumulative market during 2018-2026. Inverters and telecom takes the major share of the BTM market.