International Energy Agency

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.