India has set an aggressive target of 175 GW of renewable energy by 2022 and Integration of renewable energy. IESA has estimated over 70 GW and 200 GWh of Energy Storage opportunity in India by 2022, which is one of the highest in the world. Out of 70 GW, over 35 GW of demand is expected from newer applications like wind and solar integration, frequency regulation, peak management, T&D deferral, diesel usage optimization and electric vehicles. Hence there is a sizable opportunity for advanced storage technologies in the new applications itself apart from the opportunity for existing technologies to improve their performance for traditional applications.
Lack of reliable grid power, growth in sales of electric rickshaws (e-trikes), reduction in the use of diesel gensets and integration of solar PV with the grid at both ground level, roof-top level and at micro-grids likely to boost the sales of battery-based energy storage through-out the country. Some of these applications are growing at over 35% year on year.India's market for EV batteries could alone be worth $300 billion.
Semco is working to bring strong energy storage technology products to India and help the country's ambitious goals towards sustainability.