Growing government focus
towards installation of efficient energy storage solutions coupled with growing
energy demand to fuel lithium-ion energy storage solutions market in India
123According to recently published TechSci
Research report “India
Lithium-ion Energy Storage Solution Market By Type, By End User,
Competition Forecast & Opportunities, 2016 - 2024’’, India Lithium-ion energy storage solution market is
projected to grow at CAGR of over 40% on account of growing wind and solar energy based power projects
in the country, and
government’s plan to launch National Energy Storage Mission in the
Financial Year 2018-19. This phased manufacturing programme will be valid till
2024 to setup large-scale battery and cell manufacturing facilities in India. Moreover, increasing demand for energy storage solutions from
renewable energy, retail, BFSI and
other sectors is likely to steer growth in India Lithium-ion energy storage solution market over the course
of next five years. Panasonic
India Pvt. Ltd. accounted for
the largest share in India Lithium-ion energy storage solution market in 2018. Sterling
and Wilson Pvt. Ltd., Exicom Power Solutions, AES India Pvt Ltd., ACME
Cleantech Solutions Private Limited, Delta Electronics India Pvt. Ltd., Amplus
Solar, LG Chem, NEC Technologies India Private Limited and Coslight India
Telecom Pvt. Limited are the other major players operating in India Lithium-ion
energy storage solution market.
Browse 24 market data Figures and 14 Tables spread
through 119 Pages and an in-depth TOC
on "India
Lithium-ion Energy Storage Solution Market"
Among the two Lithium-ion ESS
types i.e. On-grid and Off-grid, the latter category dominated the market in 2018.
Moreover, Stationary Lithium-ion energy storage solution accounted for the
largest end user share in 2018. In 2018, North region accounted for the largest
share in the country’s Lithium-ion energy storage market, followed by South,
West and East. However, over the next five years, South region is forecast to
witness fastest growth in adoption of Lithium-ion energy storage solutions and
emerge as the largest regional market by 2024.
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“Organizations such as Central
Electro Chemical Research Institute (CECRI) and Indian Space Research
Organization (ISRO) are working on indigenous technology to produce lithium-ion
cells at lower cost in India. In 2018, ISRO developed lithium-ion cells
(capacity ranges from 1.5Ah to 100 Ah) for satellites and vehicles. These developments
are likely to have positive impact on the domestic manufacturing of Lithium-ion
batteries in India, further resulting in cost reduction and provision of better
supply chain of Lithium-ion batteries across the country. Owing to these factors, India
Lithium-ion energy storage solution market is likely to witness a robust growth
during the forecast period.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“India
Lithium-ion Energy Storage Solution Market By Type, By End User, Competition
Forecast & Opportunities, 2016 - 2024” has evaluated the future growth potential
of India Lithium-ion energy storage solution market and provides statistics and
information on market size, structure and market trends. The report intends to
provide cutting-edge market intelligence and help decision makers take sound
investment decision. Besides, the report also has strategic analysis including
SWOT, PESTLE and Porter’s Five Forces in India Lithium-ion energy storage solution
market.
About TechSci Research
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reports. Serving 700 global clients with more than 600 premium market research
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