India Energy Storage Market Size, Trends and Report, 2033

Q: How big is the India energy storage market?

The India energy storage market size reached at 233.78 MWh in 2024.

Q: What is the future outlook of India energy storage market?

The India energy storage market is projected to exhibit a CAGR of 41.70% during 2025-2033, reaching a volume of 6,637.31 MWh by 2033.

India Energy Storage Market Size, Share, Trends and Forecast by Type, End User, and Region, 2025-2033

Report Format: PDF+Excel | Report ID: SR112025A29556

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India Energy Storage Market Overview:

The India energy storage market size reached 233.78 MWh in 2024. Looking forward, IMARC Group expects the market to reach 6,637.31 MWh by 2033, exhibiting a growth rate (CAGR) of 41.70% during 2025-2033. The rising renewable energy integration, increasing electricity demand, grid modernization initiatives, government incentives, declining battery costs, and the growing adoption of electric vehicles are the factors propelling the growth of the market. Additionally, industrial and commercial sectors seek reliable backup power, further fueling market growth.

Report Attribute	Key Statistics
Base Year	2024
Forecast Years	2025-2033
Historical Years	2019-2024
Market Size in 2024	233.78 MWh
Market Forecast in 2033	6,637.31 MWh
Market Growth Rate (2025-2033)	41.70%

India Energy Storage Market Trends:

Surge in Energy Storage Advancements

India is undergoing an enormous transition toward sustainable energy solutions, with significant investments accelerating the development of innovative storage technology. The goal is to improve long-term energy storage, develop lithium-ion battery production, and boost battery recycling infrastructure. These developments contribute to the increased acceptance of sustainable transportation and renewable energy integration. As the country pursues energy independence and decarbonization, increased funding commitments are establishing a strong ecosystem for storage solution innovation. The growing trend for localized manufacturing and recycling seeks to minimize reliance on imports while increasing efficiency and sustainability. With a robust regulatory framework and industry participation, India is positioning itself as an energy storage leader, ensuring the country's energy security and resilience. For instance, in July 2024, at the 10th India Energy Storage Week (IESW), commitments to invest over INR 2,000 crore were made in energy storage, electric cars, and green hydrogen industries. Notable projects included VFlowTech's long-term energy storage facility in Haryana, Nash Energy's lithium-ion battery plant in Karnataka, and BatX Energies' battery recycling facility. These achievements position India as a rapidly growing powerhouse for sophisticated energy solutions.

India Energy Storage Market Size

Advancing Battery Storage for Reliable Power

Energy storage is becoming an increasingly important component of contemporary power networks, allowing for increased stability, efficiency, and the integration of renewable sources. With a growing emphasis on sustainable solutions, advances in battery technology are generating cost savings and widening access to reliable power. Investments in large-scale storage technologies improve grid resilience, ensure continuous power supply, and contribute to energy transition goals. These advancements are especially useful in areas with high power demand, where storage technologies can balance supply swings while improving cost. As technology advances and financial support rises, energy storage will play an increasingly important role in constructing a more sustainable and self-sufficient energy future. The transition to new storage systems is a step forward in attaining long-term energy security and efficiency. For example, in May 2024, the Delhi Electricity Regulatory Commission authorized India's first commercial standalone Battery Energy Storage System (BESS) project, a 20 MW/40 MWh installation located at a high-demand substation. This initiative, which is funded by a concessional loan covering 70% of the project cost, seeks to improve power quality and supply 24-hour dependable electricity to over 12,000 low-income users. The project establishes a new affordability standard, with a levelized yearly tariff roughly 55% cheaper than prior prices.

India Energy Storage Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the region/country level for 2025-2033. Our report has categorized the market based on type and end user.

Type Insights:

Battery Energy Storage System (BESS)
Pumped-Storage Hydroelectricity (PSH)
Others

The report has provided a detailed breakup and analysis of the market based on the type. This includes battery energy storage system (BESS), pumped-storage hydroelectricity (PSH), and others.

End User Insights:

Residential
Commercial and Industrial
Utility Scale

A detailed breakup and analysis of the market based on the end user have also been provided in the report. This includes residential, commercial and industrial, and utility scale.

Regional Insights:

North India
South India
East India
West India

The report has also provided a comprehensive analysis of all the major regional markets, which include North India, South India, East India, and West India.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

India Energy Storage Market News:

In March 2025, Hindustan Power announced its plans to invest INR 620 Crore in solar and battery energy storage projects in Assam under a new agreement with the state government. This effort seeks to increase renewable energy generation and grid stability, therefore assisting India's transition to sustainable power solutions and assuring stable electricity supply in the region.
In September 2024, Reliance Power secured a 500 MW/1,000 MWh battery energy storage system (BESS) contract by the Solar Energy Corporation of India (SECI). This program, as part of SECI's broader 1,000 MW/2,000 MWh standalone BESS procurement, seeks to improve India's energy storage capacities. The project, located at the 400 kV Fatehgarh ATL Power Station in Rajasthan, is expected to be operational within 24 months of signing the Battery Energy Storage Purchase Agreement (BESPA).

India Energy Storage Market Report Coverage:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	MWh
Scope of the Report	Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment: Type End User Region
Types Covered	Battery Energy Storage System (BESS), Pumped-Storage Hydroelectricity (PSH), Others
End Users Covered	Residential, Commercial and Industrial, Utility Scale
Regions Covered	North India, South India, East India, West India
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Key Benefits for Stakeholders:

IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the India energy storage market from 2019-2033.
The research report provides the latest information on the market drivers, challenges, and opportunities in the India energy storage market.
Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the India energy storage industry and its attractiveness.
Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.

Key Questions Answered in This Report

The India energy storage market size reached at 233.78 MWh in 2024.

The India energy storage market is projected to exhibit a CAGR of 41.70% during 2025-2033, reaching a volume of 6,637.31 MWh by 2033.

Rising renewable energy adoption, government initiatives like storage mandates and subsidies, and growing grid infrastructure modernization are key drivers of the India energy storage market. Additionally, declining battery costs, demand for stable electricity in remote areas, and corporate sustainability goals are accelerating deployment of storage solutions across sectors.

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