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International Energy Agency
- 02 May 2024
In April 2024, International Energy Agency’s (IEA) report projected India's utility-scale battery market to reach nearly 9 GW by 2030, making it the world's third-largest market.
- Solar PV plus battery storage more cost-competitive than coal, driving demand.
- Government mandates incorporation of storage in wind and solar PV projects.
- Battery storage to become backbone of India's power grid by 2050.
- Global battery storage costs to drop 40% by 2030; India's growth key driver.
- Remarkable decline in average battery costs due to advancements in technology.
- China leads global battery storage market, followed by the US and EU.
- India's energy storage targets and financial support position it as a major market.
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