India’s Energy Storage Sector Poised for Fivefold Growth by 2032

India’s energy storage sector is set to undergo a transformative expansion, with projections indicating a fivefold growth between 2026 and 2032. According to the India Energy Storage Alliance (IESA), the sector is expected to attract an investment of Rs 479 thousand crore by 2032, driven by the increasing demand for renewable energy integration and advanced storage solutions.  

 

The National Electricity Plan outlines a significant rise in energy storage capacity requirements, from 16.13 GW in 2026-27 to 73.93 GW by 2031-32. This includes contributions from pumped storage plants and battery energy storage systems, with a total storage capacity projected to reach 411.4 GWh by 2032.  

 

Government initiatives such as Viability Gap Funding for 13,200 MWh of battery energy storage systems by 2030-31 have played a pivotal role in fostering this growth. Public sector entities like SECI, NTPC, and SJVN, along with states like Gujarat, Uttar Pradesh, and Madhya Pradesh, have issued tenders for standalone storage systems and renewable energy dispatch solutions.  

 

The cost of energy storage systems has seen a significant reduction, making them more accessible and viable for large-scale deployment. Industry leaders emphasize the importance of strategic investments to advance technological innovations and infrastructure, ensuring a robust energy storage ecosystem in India.  

 

The 5th Edition of the Stationary Energy Storage India Conference, held in Gandhinagar, Gujarat, highlighted the sector’s potential and the need for collaborative efforts to achieve India’s net-zero transition goals. With ambitious targets and a focus on sustainability, India’s energy storage sector is poised to become a global leader in renewable energy integration.  

 

Source: Tribune India, Economic Times, Moneycontrol, Rediff News