Green and sustainable economy is the need of the hour and India has shown great resolve towards achieving the same. From announcing a target of 450 GW renewable energy target by 2030 to targeting 30% EV sales by 2030, India has been proactively working towards creating a green and sustainable economy. Battery storage forms a critical component of the same and is presently one of the missing links between India’s green economy ambitions and their achievement.
Battery storage is not something novel and India already has a mature market for lead-acid batteries. It is the advanced chemistry cells (ACCs), which are expected to outdo the performance of the conventional batteries in the future. Application of ACCs in EVs is expected to improve air quality and reduce emissions because of their high-performance parameters and efficiency. Electric Vehicles (EVs) are expected to be the primary driver of ACC battery storage production with ~80% of ACCs demand in India expected to emanate from EVs alone. With increasing adoption of electric vehicles and renewable energy, demand for battery storage is expected to grow exponentially in the next 15-20 years.
Currently, India is largely import dependent for battery cells, with annual import value exceeding USD 1 Billion. This poses significant risk and makes India susceptible to geo-political and supply chain risks. This calls for a robust domestic battery storage infrastructure with focus on domestic manufacturing, eco-system...
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