India Renewable Energy Storage Market Report Introduction

According to IMARC Group’s report titled "India Renewable Energy Storage Market Size, Share, Trends and Forecast by Type, End User, and Region, 2026-2034" the report offers a comprehensive analysis of the industry, including market share, growth, trends, and regional insights.

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India Renewable Energy Storage Market Overview

The India renewable energy storage market size was valued at USD 3.06 Billion in 2025 and is projected to reach USD 7.84 Billion by 2034, growing at a compound annual growth rate of 11.04% from 2026-2034. This growth is driven by investments in cutting-edge storage technologies, supportive government policies, and the integration of smart grids enhancing renewable energy sources.

India Renewable Energy Storage Market Key Takeaways

• Current Market Size: USD 3.06 Billion (2025)
• CAGR: 11.04%
• Forecast Period: 2026-2034
• By Source, solar dominates with a 35% share in 2025, due to India's solar irradiance and government initiatives.
• By Technology, battery energy storage leads with 41% market share, supported by declining lithium-ion costs and grid services.
• By Application, the industrial segment holds the largest share at 39% due to manufacturing power needs.
• By Region, North India dominates with a 30% share supported by major renewable projects.

India Renewable Energy Storage Market Growth Factors

• Rising energy consumption across residential, commercial, and industrial sectors is increasing demand for energy storage.
• Solar and wind energy have variable output; storage reduces intermittency and improves dispatchability.
• Government incentives and clean energy policies are accelerating energy storage adoption.
• Growing EV sales are leading to the expansion of charging infrastructure and energy storage solutions.
• Investments in lithium-ion battery manufacturing and recycling are advancing technology and lowering costs.
• Viability gap funding (VGF) programs are supporting the growth of Battery Energy Storage Systems (BESS).
• Smart grid development is enhancing grid stability and enabling better renewable energy integration.
• Increasing public awareness of sustainability and long-term cost savings is driving market demand.
• Utility-scale energy storage projects are gaining traction to improve energy system reliability and capacity.

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India Renewable Energy Storage Market Trends

• Rising investment is accelerating the development of advanced energy storage technologies suited for long-duration applications.
• Growth in domestic manufacturing and battery recycling is reducing import dependence and improving sustainability.
• Standalone energy storage accounted for 6.1 GW (64%) of all utility-scale tenders awarded in Q1 2025.
• Government initiatives such as the National Mission on Electric Mobility and Atmanirbhar Bharat Abhiyan are supporting the electric vehicle ecosystem.
• Regulatory mandates requiring energy storage integration are driving faster deployment timelines.
• Investments exceeding INR 2,000 crore are underway in circular economy, energy storage, EVs, and green hydrogen.
• Advancements in battery technology continue to reduce costs, increase scalability, and expand use cases, including EVs.
• A dedicated INR 5,400 crore viability gap funding scheme has been introduced to support an additional 30 GWh of BESS capacity.
• Projects such as BSES Rajdhani have demonstrated commercial feasibility for grid-scale, rechargeable energy storage systems.

India Renewable Energy Storage Market Segmentation

Analysis by Type:

• Battery Energy Storage System (BESS): Largest segment holding 63.8% of the market in 2024; key for grid stability and renewable energy integration by balancing supply-demand and reducing fluctuations.
• Pumped-Storage Hydroelectricity (PSH)
• Others

Analysis by End User:

• Residential
• Commercial and Industrial
• Utility Scale: The largest end user segment with 54.3% market share in 2024; stabilizes grid by buffering and delivering power between peak and off-peak hours.

India Renewable Energy Storage Market Regional Insights

• North India
• South India
• East India
• West India

South India is the dominant region, holding the largest market share driven by rising energy demand, substantial renewable energy projects in solar and wind, and a strong push toward renewable integration. The region supports the overall India energy storage market CAGR of 41.70%.

India Renewable Energy Storage Market Recent Developments & News

• May 2025: NTPC Green Energy Ltd tendered a 250 MW/1,000 MWh battery energy storage system in Kerala, split into two 125 MW/500 MWh blocks, including design, supply, and 15-year O&M.
• May 2025: AmpereHour Energy and Indigrid’s Kirlokari BESS Pvt Ltd commissioned India's first regulator-approved urban battery energy storage system for BSES Rajdhani in Delhi, a 20 MW/40 MWh turnkey project.
• May 2025: Cygni Energy inaugurated a 4.8 GWh BESS assembly plant in Hyderabad with plans to expand to 10.8 GWh.
• March 2025: PUR Energy launched the PuREPower product line targeting applications from home to grid scale in Hyderabad.
• March 2025: Hindustan Power announced investment of INR 620 Crore in solar and battery projects in Assam to enhance renewable generation and grid stability.

India Renewable Energy Storage Market Key Highlights of the Report

• Comprehensive quantitative analysis of market segments including historical trends and forecasts.
• Detailed exploration of market drivers, challenges, and opportunities.
• Porter's Five Forces analysis for competitive landscape assessment.
• Inclusion of strategic insights on government policies and incentives impacting market growth.
• In-depth segmentation by type, end user, and region with future outlook.

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