Given the intermittent nature of wind and solar power, there is a growing demand for energy storage systems to provide 24/7 power.
India currently has a cumulative installed energy storage capacity of 27.2GWh of energy storage systems, 7.7GWh of energy storage projects under bidding, and 1GWh of pumped storage hydropower projects under development.
In 2021, India's energy storage tenders will grow by 41% year-on-year.
Bids from Solar Energy Corporation of India (SECI) and National Thermal Power Corporation of India (NTPC) totalled 7.6GWh, indicating strong growth in energy storage projects.
India's energy storage sector is expected to see greater growth by 2030 as battery manufacturing capacity increases, reducing overall production costs.
As global demand grows, battery energy storage companies have seen huge inflows. According to the Mercom Capital Group’s Q1 and Q2 2022 Energy Storage, Grid and Efficiency Financing and M&A Report, in Q1 2022, financing for global battery storage developers increased by 64% to 57% $15.8 billion was raised in one deal, while $9.6 billion was raised in 43 deals in the first quarter of 2021.
