India Energy Storage Systems Market Size & Outlook
India energy storage systems market, 2018-2030 (US$M)
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India energy storage systems market highlights
- The India energy storage systems market generated a revenue of USD 8,659.7 million in 2022 and is expected to reach USD 21,284.9 million by 2030.
- The India market is expected to grow at a CAGR of 11.9% from 2023 to 2030.
- In terms of segment, pumped hydro was the largest revenue generating technology in 2022.
- Advanced is the most lucrative technology segment registering the fastest growth during the forecast period.
Energy storage systems market data book summary
| Market revenue in 2022 | USD 8,659.7 million |
| Market revenue in 2030 | USD 21,284.9 million |
| Growth rate | 11.9% (CAGR from 2022 to 2030) |
| Largest segment | Pumped hydro |
| Fastest growing segment | Advanced |
| Historical data | 2018 - 2021 |
| Base year | 2022 |
| Forecast period | 2023 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Pumped Hydro, Advanced |
| Key market players worldwide | Altair Engineering Inc Class A, Ecolab Inc, Electrovaya Inc, GE Aerospace, Longfor Group Holdings Ltd, LG Chem, Safety Insurance Group Inc, Showa Paxxs Corp, Furukawa Battery Co Ltd, Fluence Energy Inc, Samsung SDI Co Ltd GDR - 144A |
Other key industry trends
- In terms of revenue, India accounted for 3.9% of the global energy storage systems market in 2022.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China energy storage systems market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 21,284.9 million by 2030.
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Energy Storage Systems Market Scope
Energy Storage Systems Market Companies
| Name | Profile | # Employees | HQ | Website |
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India energy storage systems market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to energy storage systems market will help companies and investors design strategic landscapes.
Pumped hydro was the largest segment with a revenue share of 99.93% in 2022. Horizon Databook has segmented the India energy storage systems market based on pumped hydro, advanced covering the revenue growth of each sub-segment from 2018 to 2030.
Factors such as fulfilling electricity requirements in the country during peak hours of the day, wherein batteries that are used as energy storage systems serve as a backup, are likely to drive the market in India. The government support to set up grid storage batteries in India is expected to fuel the market growth.
In July 2021, the Union Power and New Renewable Energy department floated tenders for setting up around 4,000 MWh of the grid-scale battery storage system at the Regional Load Dispatch Centers (RLDCs) to help the national grid management functions.
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Horizon Databook provides a detailed overview of country-level data and insights on the India energy storage systems market , including forecasts for subscribers. This country databook contains high-level insights into India energy storage systems market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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India energy storage systems market size, by technology, 2018-2030 (US$M)
India Energy Storage Systems Market Outlook Share, 2022 & 2030 (US$M)
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