India Solar Battery Market Size Set Expands at Significant CAGR of 15.22% During 2024–2030 to Reach USD 529.33 Million by 2030

Published | 13 February 2024

India Solar Battery market is flourishing due to government initiatives, increased demand for renewable energy storage solutions, industrial growth, cost-effective energy solutions, and technological advancements.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India Solar Battery Market size at USD 186.27 Million in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the India Solar Battery Market size to expand at a CAGR of 15.22% reaching a value of USD 529.33 Million by 2030. The growth drivers for the India solar battery market include government initiatives, increased demand for renewable energy storage solutions, industrial growth, cost-effective energy solutions, and technological advancements in the solar battery. According to the Central Electricity Authority (CEA), by 2029-30, renewable energy generation will increase from 18% to 44%, while thermal energy generation will decrease from 78% to 52%. The CEA also expects India's power demand to increase to 817 GW by 2030.

Opportunity: Advancements in Battery Technology

Advancements in battery technology create considerable potential opportunities in the Indian solar battery market. Technological breakthroughs in new battery technologies such as lithium-ion, lead acid, and others are propelling the solar battery industry in India. These developments are expected to double wind and solar capacity within the next two decades, creating several opportunities for industry players. The Indian government's goal of achieving approximately 500 GW of renewable power by 2030 boosts the potential for the solar battery sector. Indian entrepreneurs are laying the groundwork for new battery technologies. They are developing batteries with prolonged lifecycles of 15-20 years, providing an ideal alternative for stationary energy storage. The utilization of Lithium Titanate Oxide (LTO) cell chemistry is one example of a battery architecture that can last 20 years without requiring replacement during the life of a solar or wind project. Similarly, Lithium Iron Phosphate (LFP) chemistries, when paired with effective temperature control to avoid degradation, show promise for producing long-lasting batteries with excellent performance. As a result, developments in battery technology provide a favorable scenario for the expansion of the solar battery market in India, aided by rising renewable energy use and supporting government policies.

Impact of Geopolitical Tensions on the India Solar Battery Market

The discovery of lithium reserves in Reasi, India, has raised geopolitical concerns due to its strategic location, potentially affecting the India Solar Battery Market. Geopolitical conflicts, particularly in places rich in vital resources such as lithium, can have a multidimensional impact on the solar battery business. While indigenous lithium supply could assist India mitigate geopolitical risks associated with global tensions, the precise location of lithium reserves may provide issues that must be carefully managed. Geopolitical conflicts can have an impact on the broader energy landscape, including the solar industry's growth and investment climate. The India Solar Battery Market may encounter uncertainty in the availability and cost of essential components, reducing its competitiveness.

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India Solar Battery Market

Segmental Information

India Solar Battery Market - By Application

Based on application, the India solar battery market is segmented into residential, commercial, and industrial. The industrial segment is dominating the India solar battery market due to its higher energy demand, supportive government policies, and the need for large-scale energy storage solutions in the industrial sector. As the industrial sector deploys large-scale solar installations, which require robust energy storage solutions, according to IBEF, the Indian government's commitment to achieving net-zero emissions by 2070 and expanding its renewable energy target to 500 GW by 2030 at the COP26 summit has offered significant support to the industry and fueled unparalleled growth, thereby driving the demand for solar batteries in industrial sector.

India Solar Battery Market - By Region

Based on region, the India solar battery market is segmented into North India, South India, East India, and West India. The North India region is expected to be the fastest-growing segment in the market. North India is experiencing a robust economic growth trajectory, contributing significantly to the demand for energy solutions. The region's awareness and commitment to sustainable energy solutions have led to a surge in the demand for solar batteries, aligning with the global trend towards cleaner energy sources.

Competitive Landscape

The India Solar Battery Market is fragmented, with numerous players serving the market. The key players dominating the India Solar Battery Market Usha Shriram Enterprises Pvt. Ltd , Luminous India, Exide Industries Limited, Su-kam, Okaya Power Pvt. Ltd, Eastman Auto & Power Ltd, MICROTEK, HBL Power Systems Limited, Servotech Power Systems, Amara Raja Energy & Mobility Limited., V-GUARD INDUSTRIES LTD., LOOM SOLAR PVT. LTD. and other prominent players. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.

Don’t miss the business opportunity in the India Solar Battery Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The report's in-depth analysis provides information about growth potential, upcoming trends, and the India Solar Battery Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Solar Battery Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.

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