India Solar Battery Market, By Type (Lead-acid Battery, Lithium-ion Battery, Flow Battery, Sodium-ion Battery, Others), By Application (Residential, Commercial, Industrial), By Region (North India, South India, East India, West India), Trend Analysis, Competitive Landscape & Forecast, 2019–2030
- Published Date: February 2024
- Report ID: BWC24119
- Available Format: PDF
- Page: 235
Report Overview
Government initiatives, private sector investments, rising demand for renewable energy sources, and continuous advancements in solar battery technology, coupled with decreasing costs, are expected to drive the growth of the India Solar Battery market during the forecast period between 2024 and 2030.
India Solar Battery Market – Industry Trends & Forecast Report, 2030
The India Solar Battery Market size was estimated at USD 186.27 Million in 2023. During the forecast period between 2024 and 2030, the India Solar Battery Market size is projected to grow at a CAGR of 15.22% reaching a value of USD 529.33 Million by 2030. The India Solar Battery market is experiencing substantial growth, propelled by factors such as government initiatives, private sector investments, and rising demand for renewable energy sources. According to IBEF, the country aims to have 450 gigawatts (GW) of installed renewable energy capacity by 2030, with solar accounting for around 280 GW (more than 60%). According to the International Energy Agency (IEA), India's installed renewable energy capacity will reach 174 GW by 2023, accounting for around 37% of the country's overall energy supply and according to the report, India has exceeded its aim of installing 175 GW of renewable energy capacity by 2022 and is anticipated to have 280 GW by 2025. Furthermore, continuous advancements in solar battery technology, coupled with decreasing costs, make solar energy storage more economically viable, driving increased adoption across various market segments.
Solar Battery – Overview
A solar battery is a type of battery designed to store electrical energy generated by solar panels. It plays a crucial role in solar power systems, allowing the storage of surplus energy produced during periods of sunlight for later use. These batteries are an integral part of off-grid solar installations, providing a reliable power source when sunlight is unavailable. The key function of a solar battery is to store and discharge electricity, serving as an energy reservoir for residential, commercial, or industrial applications. By storing excess energy during sunny conditions, solar batteries enable users to power their homes or facilities during periods of low or no solar generation, such as at night or during cloudy weather.
India Solar Battery Market
Growth Drivers
Supportive Government Policies and Initiatives
The solar battery market in India is being driven primarily by supporting government policies and initiatives. The Indian government has shown a strong commitment to renewable energy sources, resulting in the implementation of many incentives and subsidies for the purchase of solar and lithium-ion batteries. These programmes have encouraged the use of renewable energy sources and aided in the increased production and usage of lithium-ion batteries, which are becoming increasingly popular due to their better energy density and longer life. Furthermore, the government has provided different incentives to lithium-ion battery makers, such as tax breaks and subsidies, thereby encouraging the sector's expansion. Furthermore, the government has actively promoted research and development in the field of lithium-ion technology, which has aided the expansion of the Indian solar battery market. Furthermore, the Indian government has developed a Production Linked Incentive (PLI) Scheme to encourage the development of a locally based value chain for the battery industry. Significant financial resources have been made available under the National Programme on Advanced Chemistry Cell (ACC) Battery Storage to help the battery industry flourish. The strategy is intended to be technology-agnostic, letting companies to select appropriate advanced technologies for establishing cell manufacturing facilities. These government initiatives have played a critical role in propelling the solar battery industry in India.
Challenges
High Initial Costs
The solar battery market in India faces a significant challenge due to high initial costs associated with implementing energy storage systems. The cost of solar batteries varies with the kind and size of the installation. Lead-acid batteries, the most popular type used in solar battery systems, are far less expensive and have a long lifespan, but they do require maintenance. On the other side, lithium-ion batteries, which do not require maintenance, have a longer lifespan but are prohibitively expensive. Additional costs associated with setting up a solar battery system include the cost of the inverter, which converts the DC energy from the solar panels into AC energy that can be used by appliances, and the cost of installation. These prices are in addition to the cost of the battery itself. Despite their initial expenditures, solar batteries can save a significant amount of money over time. Homeowners and businesses can lessen their reliance on the grid and cut their electricity bills by storing excess energy during the day and using it at night. While the initial price of solar battery systems may be significant, the potential savings and benefits make them a viable long-term investment.
Impact of Escalating Geopolitical Tensions on the India Solar Battery Market
The rising geopolitical tensions between India and China have had a substantial influence on the India solar battery market. The rising economic antagonism between the two countries has resulted in threats to withdraw from each other's markets. This tendency is reflected by the Indian government's 2022 Budget, which aims to gradually reduce solar sector dependence on China. The Indian government has also promoted the notion of "self-reliance" (Aatma Nirbhar Bharat), with the goal of increasing participation in geo-economic structures and achieving national independence in critical industries such as solar. This move has shown India's reliance on China, not only for solar panels but also for the import of cells and chips. As a result, important Indian industrial entities are striving to manufacture all required components in India, reducing reliance on China and breaking its solar supply chain dominance. According to Chinese export numbers compiled by energy think group Ember, India's solar module imports from China fell over 80% in the first half of 2023, totaling $2 billion. In summary, the escalating geopolitical tensions between India and China have led to a reevaluation of India's dependence on China in the solar sector, with a focus on reducing this dependence and promoting domestic manufacturing. This has significant implications for the India solar battery market and the broader renewable energy sector.
India Solar Battery Market
Segmental Coverage
India Solar Battery Market – By Type
Based on type, the India solar battery market is segmented into lead-acid battery, lithium-ion battery, flow battery, sodium-ion battery, and others. The lithium-ion battery is expected to hold a significant share of the India Solar Battery market during the forecast period is driven by government initiatives, private sector investments, incentives, and the superior characteristics of lithium-ion batteries, such as higher energy density and longer service life. The Indian government has been investing heavily in the development of solar parks and battery storage solutions, particularly lithium-ion batteries, to meet its ambitious plans to increase renewable energy capacity. According to IBEF, 59 solar parks with an aggregate capacity 40 GW have been approved in India, and the world’s largest renewable energy park of 30 GW capacity solar-wind hybrid project is under installation in Gujarat. This has led to an increased demand for lithium-ion batteries, thus driving the growth of the market in India.
India Solar Battery Market – By Region
The in-depth research report on the India Solar Battery market covers regions of North India, South India, East India, and West India. The North India is expected to dominate the India Solar Battery market due to government initiatives, industrial growth, and the North India has been placing a strong emphasis on renewable energy, with a growing number of solar power projects and installations. This has further boosted the demand for solar batteries in the region, leading to its dominance in the market. According to IBEF, with a potential capacity of 363 GW and policies focusing on the renewable energy sector, Northern India is poised to become India's renewable energy hub.
Competitive Landscape
Major players operating in the India Solar Battery Market include 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. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new Type launches.
Recent Developments
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In July 2023 - Chargeup has opened the first solarized battery switching station in Jaipur. The station, located at Beniwal Kanta, Chungi Circle, Ramgarh Mod, Jaipur, is owned and operated by Chargeup and has a capacity of 140 kWh, which meets 20% of the city's energy needs.
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In December 2023 - India joined the Battery Energy Storage Systems (BESS) Consortium, an initiative spearheaded by the Global Leadership Council (GLC) of the Global Energy Alliance for People and Planet (GEAPP). As part of this collaborative endeavour, India is one of the leading nations committed to acquiring 5 Gw of BESS commitments by the end of 2024.
Scope of the Report
|
Attributes |
Details |
|
Years Considered |
Historical Data – 2019–2030 |
|
Base Year – 2023 |
|
|
Estimated Year – 2024 |
|
|
Forecast Period – 2024–2030 |
|
|
Facts Covered |
Revenue in USD Million |
|
Market Coverage |
North India, South India, East India, West India |
|
Type / Type Segmentation |
Type, Application, and Region |
|
Key Players |
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. |
By Type
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Lead-acid Battery
-
Lithium-ion Battery
-
Flow Battery
-
Sodium-ion Battery
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Others
By Application
-
Residential
-
Commercial
-
Industrial
By Region
-
North India
-
South India
-
East India
-
West India
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- India Solar Battery Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Supportive government policies and initiatives
- Renewable energy integration
- Rising energy demand
- Cost reduction and technology advancements
- Restraints
- Limited awareness
- Intermittent power generation
- Opportunities
- Advancements in battery technology
- Integration with Smart Grids
- Challenges
- High initial costs
- Lack of standardization
- Growth Drivers
- Technology Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- India Solar Battery Market: Marketing Strategies
- India Solar Battery Market Overview
- Market Size & Forecast, 2019-2030
- By Value (USD Million)
- By Volume (Thousand Units)
- Market Share & Forecast
- By Type
- Lead-acid Battery
- Lithium-ion Battery
- Flow Battery
- Sodium-ion Battery
- Others
- By Application
- Residential
- Commercial
- Industrial
- By Region
- North India
- South India
- East India
- West India
- By Type
- Market Size & Forecast, 2019-2030
- North India Solar Battery Market
- Market Size & Forecast, 2019-2030
- By Value (USD Million)
- By Volume (Thousand Units)
- Market Share & Forecast
- By Type
- By Application
- Market Size & Forecast, 2019-2030
- South India Solar Battery Market
- Market Size & Forecast, 2019-2030
- By Value (USD Million)
- By Volume (Thousand Units)
- Market Share & Forecast
- By Type
- By Application
- Market Size & Forecast, 2019-2030
- East India Solar Battery Market
- Market Size & Forecast, 2019-2030
- By Value (USD Million)
- By Volume (Thousand Units)
- Market Share & Forecast
- By Type
- By Application
- Market Size & Forecast, 2019-2030
- West India Solar Battery Market
- Market Size & Forecast, 2019-2030
- By Value (USD Million)
- By Volume (Thousand Units)
- Market Share & Forecast
- By Type
- By Application
- Market Size & Forecast, 2019-2030
- Competitive Landscape
- List of Key Players and Their Offerings
- India Solar Battery Company Market Share Analysis, 2023
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- India Solar Battery Market: Import & Export
- Impact of Geopolitical Tension in India Solar Battery Market
- Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- 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.
- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Region
- Assumptions & Limitations
- Qualitative Research
*Financial information of case of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable
List of Figures
Figure 1 India Solar Battery Segmentation
Figure 2 India Solar Battery Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2023
Figure 4 India Solar Battery Market Size, By Value (USD Million), 2019-2030
Figure 5 India Solar Battery Market Size, By Volume (Thousand Units), 2019-2030
Figure 6 India Solar Battery Market Share, By Type, By Value (USD Million), 2019-2030
Figure 7 India Solar Battery Market Share, By Type, By Volume (Thousand Units), 2019-2030
Figure 8 India Solar Battery Market Share, By Application, By Value (USD Million), 2019-2030
Figure 9 India Solar Battery Market Share, By Application, By Volume (Thousand Units), 2019-2030
Figure 10 India Solar Battery Market Share, By Region, By Value (USD Million), 2019-2030
Figure 11 India Solar Battery Market Share, By Region, By Volume (Thousand Units), 2019-2030
Figure 12 North India Solar Battery Market Size, By Value (USD Million), 2019-2030
Figure 13 North India Solar Battery Market Size, By Volume (Thousand Units), 2019-2030
Figure 14 North India Solar Battery Market Share, By Type, By Value (USD Million), 2019-2030
Figure 15 North India Solar Battery Market Share, By Type, By Volume (Thousand Units), 2019-2030
Figure 16 North India Solar Battery Market Share, By Application, By Value (USD Million), 2019-2030
Figure 17 North India Solar Battery Market Share, By Application, By Volume (Thousand Units), 2019-2030
Figure 18 South India Solar Battery Market Size, By Value (USD Million), 2019-2030
Figure 19 South India Solar Battery Market Size, By Volume (Thousand Units), 2019-2030
Figure 20 South India Solar Battery Market Share, By Type, By Value (USD Million), 2019-2030
Figure 21 South India Solar Battery Market Share, By Type, By Volume (Thousand Units), 2019-2030
Figure 22 South India Solar Battery Market Share, By Application, By Value (USD Million), 2019-2030
Figure 23 South India Solar Battery Market Share, By Application, By Volume (Thousand Units), 2019-2030
Figure 24 East India Solar Battery Market Size, By Value (USD Million), 2019-2030
Figure 25 East India Solar Battery Market Size, By Volume (Thousand Units), 2019-2030
Figure 26 East India Solar Battery Market Share, By Type, By Value (USD Million), 2019-2030
Figure 27 East India Solar Battery Market Share, By Type, By Volume (Thousand Units), 2019-2030
Figure 28 East India Solar Battery Market Share, By Application, By Value (USD Million), 2019-2030
Figure 29 East India Solar Battery Market Share, By Application, By Volume (Thousand Units), 2019-2030
Figure 30 West India Solar Battery Market Size, By Value (USD Million), 2019-2030
Figure 31 West India Solar Battery Market Size, By Volume (Thousand Units), 2019-2030
Figure 32 West India Solar Battery Market Share, By Type, By Value (USD Million), 2019-2030
Figure 33 West India Solar Battery Market Share, By Type, By Volume (Thousand Units), 2019-2030
Figure 34 West India Solar Battery Market Share, By Application, By Value (USD Million), 2019-2030
Figure 35 West India Solar Battery Market Share, By Application, By Volume (Thousand Units), 2019-2030
List of Tables
Table 1 India Solar Battery Segmentation
Table 2 India Solar Battery Market Value Chain Analysis
Table 3 Company Market Size Analysis, 2023
Table 4 India Solar Battery Market Size, By Value (USD Million), 2019-2030
Table 5 India Solar Battery Market Size, By Volume (Thousand Units), 2019-2030
Table 6 India Solar Battery Market Share, By Type, By Value (USD Million), 2019-2030
Table 7 India Solar Battery Market Share, By Type, By Volume (Thousand Units), 2019-2030
Table 8 India Solar Battery Market Share, By Application, By Value (USD Million), 2019-2030
Table 9 India Solar Battery Market Share, By Application, By Volume (Thousand Units), 2019-2030
Table 10 India Solar Battery Market Share, By Region, By Value (USD Million), 2019-2030
Table 11 India Solar Battery Market Share, By Region, By Volume (Thousand Units), 2019-2030
Table 12 North India Solar Battery Market Size, By Value (USD Million), 2019-2030
Table 13 North India Solar Battery Market Size, By Volume (Thousand Units), 2019-2030
Table 14 North India Solar Battery Market Share, By Type, By Value (USD Million), 2019-2030
Table 15 North India Solar Battery Market Share, By Type, By Volume (Thousand Units), 2019-2030
Table 16 North India Solar Battery Market Share, By Application, By Value (USD Million), 2019-2030
Table 17 North India Solar Battery Market Share, By Application, By Volume (Thousand Units), 2019-2030
Table 18 South India Solar Battery Market Size, By Value (USD Million), 2019-2030
Table 19 South India Solar Battery Market Size, By Volume (Thousand Units), 2019-2030
Table 20 South India Solar Battery Market Share, By Type, By Value (USD Million), 2019-2030
Table 21 South India Solar Battery Market Share, By Type, By Volume (Thousand Units), 2019-2030
Table 22 South India Solar Battery Market Share, By Application, By Value (USD Million), 2019-2030
Table 23 South India Solar Battery Market Share, By Application, By Volume (Thousand Units), 2019-2030
Table 24 East India Solar Battery Market Size, By Value (USD Million), 2019-2030
Table 25 East India Solar Battery Market Size, By Volume (Thousand Units), 2019-2030
Table 26 East India Solar Battery Market Share, By Type, By Value (USD Million), 2019-2030
Table 27 East India Solar Battery Market Share, By Type, By Volume (Thousand Units), 2019-2030
Table 28 East India Solar Battery Market Share, By Application, By Value (USD Million), 2019-2030
Table 29 East India Solar Battery Market Share, By Application, By Volume (Thousand Units), 2019-2030
Table 30 West India Solar Battery Market Size, By Value (USD Million), 2019-2030
Table 31 West India Solar Battery Market Size, By Volume (Thousand Units), 2019-2030
Table 32 West India Solar Battery Market Share, By Type, By Value (USD Million), 2019-2030
Table 33 West India Solar Battery Market Share, By Type, By Volume (Thousand Units), 2019-2030
Table 34 West India Solar Battery Market Share, By Application, By Value (USD Million), 2019-2030
Table 35 West India Solar Battery Market Share, By Application, By Volume (Thousand Units), 2019-2030
Table 36 Usha Shriram Enterprises Pvt. Ltd Company Overview
Table 37 Usha Shriram Enterprises Pvt. Ltd Financial Overview
Table 38 Luminous India Company Overview
Table 39 Luminous India Financial Overview
Table 40 Exide Industries Limited Company Overview
Table 41 Exide Industries Limited Financial Overview
Table 42 Su-kam Company Overview
Table 43 Su-kam Financial Overview
Table 44 Okaya Power Pvt. Ltd Company Overview
Table 45 Okaya Power Pvt. Ltd Financial Overview
Table 46 Eastman Auto & Power Ltd Company Overview
Table 47 Eastman Auto & Power Ltd Financial Overview
Table 48 MICROTEK Company Overview
Table 49 MICROTEK Financial Overview
Table 50 HBL Power Systems Limited Company Overview
Table 51 HBL Power Systems Limited Financial Overview
Table 52 Servotech Power Systems Company Overview
Table 53 Servotech Power Systems Financial Overview
Table 54 Amara Raja Energy & Mobility Limited. Company Overview
Table 55 Amara Raja Energy & Mobility Limited. Financial Overview
Table 56 V-GUARD INDUSTRIES LTD. Company Overview
Table 57 V-GUARD INDUSTRIES LTD. Financial Overview
Table 58 LOOM SOLAR PVT. LTD. Company Overview
Table 59 LOOM SOLAR PVT. LTD. Financial Overview
Market Segmentation
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