India Residential Energy Storage Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024

Description

Market Overview

The Indian residential energy storage market is estimated to generate revenue of USD 28.3 million in 2024. This market is expected to witness a CAGR of 27.7% during 2024-2030, reaching USD 122.8 million by 2030. The Indian government is highly motivated to generate power through renewables, considering population growth and urbanization, to address environmental pollution and achieve energy sufficiency. This context highlights the increasing growth in the global residential energy storage system market.

To create a better future, the Indian government has implemented various schemes and regulations. For example, in January 2022, the Ministry of New and Renewable Energy (MNRE) initiated the grid-connected rooftop solar (RTS) programme. Under this programme, the ministry provides financial support covering up to 40% of the cost for systems up to 3 kW, and up to 20% for systems above 3 kW but less than 10 kW.

A primary trend observed in the residential power storage market is the use of solar rooftop systems. The integration of solar home systems (SHS) and energy storage systems can facilitate the formation of microgrids and small-scale power stations. This paper discusses several policy measures adopted by the Indian government to promote solar rooftop systems.

In January 2024, the Indian Prime Minister launched another scheme, PM Suryodaya Yojana, under which rooftop solar systems will be installed in 1 crore houses for lower and middle-income groups at one-tenth the current subsidized rates.

Key Insights

In 2024, the customer-owned category leads the industry with 40% revenue.

Indian families favor customer-owned power storage due to regular power cuts.

Advantages include independence from power cuts and significant cost savings on power bills.

The utility-owned category is projected to advance at the highest CAGR over the projection period.

Government initiatives for commercial-scale renewable power generation drive this development.

Increased demand for grid-scale electrical power storage technologies.

Government support for providers contributes to rapid development.

In 2024, the on-grid category holds the largest share and is projected to experience the highest CAGR of 27.9% over the projection period.

Advantages include lower power bills and the ability to sell excess power to the utility.

The off-grid system will also witness substantial development due to increased use of clean power sources for electricity production.

In 2024, the 7 to 10 kW category leads the industry with 45% revenue and is the fastest-growing.

Growth is driven by regular power cuts and blackouts, encouraging homeowners to upgrade to new technologies.

In 2024, the lithium-ion category holds the largest industry share of 65% and is also the fastest-growing.

Benefits include high power density, lightweight design, long lifespan, high-temperature tolerance, fast recharging, and low self-discharge.

The discovery of a 5.9-million-ton lithium resource in Jammu and Kashmir boosts this category.

In 2024, the standalone category will lead the industry.

Standalone systems store power from the grid during off-peak hours.

The solar and storage category is projected to advance at the highest CAGR over the projection period.

Growth is driven by increasing power costs and the need for solutions in rural or remote areas with limited or no grid access.

Renewable power offers effective storage solutions for use during power outages or lack of grid power.

Product Code: 13062

Chapter 1. Research Scope

1.1. Research Objectives
1.2. Market Definition
1.3. Analysis Period
1.4. Market Size Breakdown by Segments
- 1.4.1. Market size breakdown, by ownership type
- 1.4.2. Market size breakdown, by connectivity type
- 1.4.3. Market size breakdown, by utility
- 1.4.4. Market size breakdown, by technology
- 1.4.5. Market size breakdown, by Operation Type
1.5. Market Data Reporting Unit
- 1.5.1. Volume
- 1.5.2. Value
1.6. Key Stakeholders

Chapter 2. Research Methodology

2.1. Secondary Research
- 2.1.1. Paid
- 2.1.2. Unpaid
- 2.1.3. P&S Intelligence database
2.2. Primary Research
2.3. Market Size Estimation
2.4. Data Triangulation
2.5. Currency Conversion Rates
2.6. Assumptions for the Study
2.7. Notes and Caveats

Chapter 3. Executive Summary

Chapter 4. Market Indicators

Chapter 5. Industry Outlook

5.1. Market Dynamics
- 5.1.1. Trends
- 5.1.2. Drivers
- 5.1.3. Restraints/challenges
- 5.1.4. Impact analysis of drivers/restraints
5.2. Impact of COVID-19
5.3. Porter's Five Forces Analysis
- 5.3.1. Bargaining power of buyers
- 5.3.2. Bargaining power of suppliers
- 5.3.3. Threat of new entrants
- 5.3.4. Intensity of rivalry
- 5.3.5. Threat of substitutes

Chapter 6. India Market

6.1. Overview
6.2. Market Volume, by Ownership (2019-2030)
6.3. Market Revenue, by Ownership (2019-2030)
6.4. Market Volume, by Connectivity Type (2019-2030)
6.5. Market Revenue, by Connectivity Type (2019-2030)
6.6. Market Volume, by Utility (2019-2030)
6.7. Market Revenue, by Utility (2019-2030)
6.8. Market Volume, by Technology (2019-2030)
6.9. Market Revenue, by Technology (2019-2030)
6.10. Market Volume, by Operation Type (2019-2030)
6.11. Market Revenue, by Operation Type (2019-2030)

Chapter 7. Competitive Landscape

7.1. List of Market Players and their Offerings
7.2. Competitive Benchmarking of Key Players
7.3. Product Benchmarking of Key Players
7.4. Recent Strategic Developments

Chapter 8. Company Profiles

8.1. Luminous Power Technologies Pvt. Ltd.
- 8.1.1. Business overview
- 8.1.2. Product and service offerings
- 8.1.3. Key financial summary
8.2. Tata Power Company Limited
- 8.2.1. Business overview
- 8.2.2. Product and service offerings
- 8.2.3. Key financial summary
8.3. NEWEN Systems Pvt Ltd
- 8.3.1. Business overview
- 8.3.2. Product and service offerings
- 8.3.3. Key financial summary
8.4. V-GUARD Industries Ltd.
- 8.4.1. Business overview
- 8.4.2. Product and service offerings
- 8.4.3. Key financial summary
8.5. LG Energy Solution
- 8.5.1. Business overview
- 8.5.2. Product and service offerings
- 8.5.3. Key financial summary
8.6. EXIDE Industries Ltd.
- 8.6.1. Business overview
- 8.6.2. Product and service offerings
- 8.6.3. Key financial summary
8.7. OGO Energy India Private Limited
- 8.7.1. Business overview
- 8.7.2. Product and service offerings
- 8.7.3. Key financial summary
8.8. Samsung SDI Co. Ltd.
- 8.8.1. Business overview
- 8.8.2. Product and service offerings
- 8.8.3. Key financial summary
8.9. sonnenGroup
- 8.9.1. Business overview
- 8.9.2. Product and service offerings
- 8.9.3. Key financial summary
8.10. Saft India Private Limited
- 8.10.1. Business overview
- 8.10.2. Product and service offerings
- 8.10.3. Key financial summary
8.11. AutoGrid Systems Inc.
- 8.11.1. Business overview
- 8.11.2. Product and service offerings
- 8.11.3. Key financial summary
8.12. Amara Raja Energy and Mobility Ltd.
- 8.12.1. Business overview
- 8.12.2. Product and service offerings
- 8.12.3. Key financial summary

Chapter 9. Appendix

9.1. Abbreviations
9.2. Sources and References
9.3. Related Reports

India Residential Energy Storage Market Size & Share Analysis - Trends, Drivers, Competitive Landscape, and Forecasts (2024 - 2030)