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There has been a movement toward renewable energy as the global attention on climate change has increased. India, too, is steadily moving away from fossil fuels and taking the path towards renewable energy sources. Renewal energy has a bright future in India. With strong government support and tariff competitiveness, renewable energy and its storage seem to have taken a long road in the country. With powerful backing and constant rise, it is safe to say that the renewable energy sector of India is stable. With an ambitious goal of achieving 40% renewable installed capacity by 2030, energy storage appears to be the key to unlocking renewable energy’s true potential and achieving this goal.
Present Status Of Energy Storage In India
The term “energy storage” usually refers to the process of storing previously produced electric energy for later use. Some of the examples of energy storage systems are batteries with a capacity range of 100200 MW, pumped storage hydropower with a capacity range of 250-1000 MW, flywheels and pressurized gas storage with different capacity ranges. Energy storage systems help reduce schedule variance by bridging the difference between demand and supply of electricity and thus increases reliability.
India’s next major challenge is to incorporate large-scale intermittent renewable energy into the electricity grid over the next decade, which can be met with battery storage, green hydrogen, and versatile coal-fired power generation. Battery storage can help the grid handle large quantities of intermittent wind and solar power, as well as provide dispatchable power during high demand times and other important grid services. In addition, battery cost deflation is now allowing India to pursue utility-scale battery storage projects.
Future In India
India has witnessed a spike in energy demand more than any country in all of our scenarios to 2040, thanks to its growing economy, population, urbanization, and industrialization. In its India Energy Outlook 2021, the International Energy Agency predicts that India will become a world leader in battery storage by 2040, adding 140-200 gigawatts (GW) of power, the most of any country and more than 100 times what is currently installed in the US. Load following, renewable energy grid integration, and renewable energy time shifting are some of the current applications for energy storage. Time of use energy costs for commercial and industrial segments, as well as traditional energy time shifting, will be part of management in the future.
According to a report by India Stationery Energy Storage, India’s energy storage market was worth $2.8 billion in 2018 and is expected to expand at a CAGR of 6.1% by 2026. In 2018, the gross annual MWh addition was 24.4 GWh, with the figure forecast to rise to 64.5 GWh by 2026. It delves into the various applications of advanced storage technologies, including renewable energy integration, transmission and distribution (T&D) deferral, ancillary facilities, railways, microgrids, telecom, and behind-the-meter applications like inverters, UPS, and solar rooftops, among others.
Energy storage is a critical tool for allowing successful renewable energy incorporation and unlocking the benefits of local generation while also ensuring a safe and reliable energy supply. The technology continues to demonstrate its worth to grid operators around the world who must handle solar and wind energy’s variable generation. A variety of energy storage technologies, both current and new ones, are expected to be available in adequate quantities worldwide in the years to come. These will meet the evolving needs of the electronic and automotive industries, as well as changing energy storage needs in supply grids over the short and long term. India’s potential for radical economic and industrial transformation in a crucial and fast-growing global market could be cemented if a conducive battery manufacturing ecosystem is quickly developed.
India is in a unique position to pioneer a new paradigm for low-carbon, inclusive development as the world looks for ways to speed up the pace of change in the energy sector. Many elements of such a paradigm can already be seen in India’s policy vision, and many more can be found in the Sustainable Development Scenario, which shows how India can achieve net-zero emissions. With advancements in renewable energy and energy storage both of which are becoming more affordable, the planet should be far less reliant on fossil fuels in the not-too-distant future.