Indian Economy News

India's battery storage potential to be 600 GWh by 2030: Niti Report

  • IBEF
  • July 25, 2022

According to a Niti Aayog estimate, India's battery storage capacity would reach 600 gigawatt hours (GWh) by 2030. The need for electric cars, stationary storage, and consumer electronics will be the key factors driving the adoption of battery storage.

The research also stated that the establishment of a battery recycling ecosystem in the nation would be aided by a cogent legislative framework that provides incentives for all stakeholders to engage in the recycling process. According to the study, the cumulative potential for battery storage in India would reach 600 GWh by 2030, taking the best-case scenario into account. Segments including electric vehicles and consumer electronics are expected to be important demand drivers for the adoption of battery storage in India.

The bulk of lithium-ion batteries (LIBs) are being used in India for consumer devices like smartphones, computers, tablets, and notebooks. This market is also anticipated to expand as a result of the digitalization of platforms and the integration of technology into daily life. According to the analysis, the yearly demand for batteries increased to around 730 GWh between 2010 and 2020, growing at a compound annual growth rate (CAGR) of 25%.

According to the report, the demand for batteries is predicted to increase fourfold by 2030 to reach 3,100 GWh annually, representing a rise of 16% CAGR from 2020 to 2030.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.