Summary:

By 2032, India’s energy storage market is expected to be worth Rs. 4,79,000 crore (US$56.07 billion), with growth projected to be fivefold. According to the National Electricity Plan, India will require 16.13 GW of energy storage by FY27, increasing to 73.93 GW by FY32, including 26.69 GW from Pumped Storage Projects (PSP) and 47.24 GW from Battery Energy Storage Systems (BESS). Mr. Vinayak Walimbe, Managing Director of IESA’s parent company, Customised Energy Solutions (CES), stated that strategic investments are crucial for advancing energy storage technologies. Gujarat, with over 30 GW of renewable energy capacity, is expected to play a key role in this growth, reaching 100 GW by 2030. Energy storage systems have become significantly more affordable, and the CEA will soon announce updated BESS standards.

Source: IBEF

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