Analysts predict that the demand for batteries is poised to experience a compound annual growth rate (CAGR) of 25% by 2027.
05 Oct 2023 | 4211 Views | By Amit Vijay M
Renewables will play a big role in augmenting India’s net zero emission goals, given its lofty targets of adding 50 GWh of renewable capacity by 2030. Amidst this backdrop, green hydrogen and energy storage were some of the main topics of discussion at the Battery Show India and 16th Renewable ...
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Renewables will play a big role in augmenting India’s net zero emission goals, given its lofty targets of adding 50 GWh of renewable capacity by 2030. Amidst this backdrop, green hydrogen and energy storage were some of the main topics of discussion at the Battery Show India and 16th Renewable Energy India (REI) Expo.
According to Vineet Bhatia, Executive Director, Energy and Renewables, Grant Thorton, with yearly predictions of 260GW, the Indian battery business is poised for enormous growth and presents a US $ 15 billion market opportunity. Analysts predict that the demand for batteries is poised to experience a compound annual growth rate (CAGR) of 25% by 2027.
The recent introduction of the energy storage framework and other government initiatives such as the Auto PLI and ACC PLI for batteries and cells in India highlights an investment potential of US $42 to US $ 150 billion, Bhatia added.
Further elaborating on the importance of batteries, Pankaj Sharma, Co-founder, LOG9 Materials said that his company has dispatched over 5000 advanced batteries, including the 50-mile cell, which will come with safety and thermal enhancements.
Ketan Chitnis, Business Head, Advanced Cell, L&T Energy also stated that the company's transition from solar EPC to lithium-ion cell production via L&T Green demonstrates the company's commitment to India's sustainable energy future.
"The complexities of lithium-ion battery manufacturing, such as electrochemistry and data analytics, make it as difficult as building a spacecraft. Despite these lofty goals, the industry is on track to achieve 250 GWH by 2030," said Chitnis.
He also talked about the difficulties in obtaining critical minerals, like nickel, cobalt, and lithium.
"Targets haven't been reached despite ongoing efforts to implement recycling and enhanced producer responsibility requirements with the need for the industry to focus on innovation and create strong regulations that will support India's energy transformation and fully use the country's expanding battery market," he stated.
Experts at the event are of the opinion that renewables will need investment to the tune of over US $ 3 trillion in the next decade.
N Janaiah, Vice Chairman and Managing Director of Telangana State Renewable Energy Development Corporation Ltd. (TSREDCO) stated that green hydrogen, energy storage, e-mobility, and solar power will become the foundations of a sustainable future.
“As a global community, we must unite to make renewable energy a reality," he added.