India Renewable Energy Storage Systems Market to See Healthy Growth by 2022, Informs 6Wresearch in Its New Report Published at MarketPublishers.com22 Aug 2016 • by Natalie Aster
LONDON – By 2020, India plans to reach 175 gigawatt of renewable energy, thereby creating enormous growth opportunities for participants in the domestic renewable energy storage systems (RESS) market.
Today, the Indian market for RESS is at the infant state. However, it is anticipated to follow an upward trend, registering considerable growth at a healthy rate, from 2016 till 2020. Declining energy storage costs and favourable government initiatives are expected to perform as key drivers of the domestic RESS market growth.
By 2022, revenues of the Indian RESS market are likely to go beyond USD 3.3 billion. Electrochemical storage technology takes lead in the market, and this trend is predicted to continue through 2020.
On the basis of applications, the major market share belongs to the utility segment. It is followed by residential and non-residential segments. Residential segment is set to post the highest growth rate due to enhancing installation of solar rooftop systems in India.
New research report “India Renewable Energy Storage Systems Market (2016-2022)” prepared by 6Wresearch carefully analyses the Indian RESS market and also offers the market assessment on the basis of technology, application and region. The study highlights on-going and emerging development trends, points out lucrative opportunities and identifies potential growth areas. It investigates the market dynamics, reviews the market growth drivers, challenges and restraints, includes reliable data on the leading market players and also reviews the competitive scenario. A detailed future outlook through 2022 is available as well.
Market participants mentioned in the report include: ABB India Limited, Exide Industries Limited, AES Corporation, Imergy Power Systems Incorporation, Amara Raja Batteries Limited, LG Chem, Panasonic Corporation.
More new research studies by our market research partner are available at 6Wresearch page.