Energy Oil and Gas and Utilities
Battery storage to lead India’s effort towards net-zero trajectory: Report
05 Aug 2021
Stationary storage within Battery Energy Storage Systems (BESS) would witness significant growth over the next 10 years and Lithium-ion technology will lead this growth, according to a report.
This is because of the expected decline in battery prices at six per cent CAGR between 2018-2030 ushering India towards a net-zero trajectory, the report by Praxis Global Alliance, a management consulting and advisory firm, said.
India will lead the battery storage market and contribute 35 per cent of the total global battery deployment for energy storage by 2040 as per International Energy Agency. Indian stationary energy storage requirement is expected to grow nine times at a CAGR of 22 per cent during the forecast period of FY22-32.