Battery energy storage is highly attractive in the Indian market B attractive in the Indian due to the country's rapid renewable energy expansion and need for grid stability. It offers a solution to intermittent power supply by storing solar and wind energy, ensuring reliable electricity access, reducing dependence on fossil fuels, and supporting India's energy transition and sustainability goals.
Heavy import dependency for Battery Energy Storage Systems
In the 2023 financial year, India imported $3.59 billion worth of batteries and accumulators, with $2.6 billion coming from China and $300 million from Hong Kong. India is one of the world's biggest importers of lithium-ion batteries, and imports them from countries like China, Japan, and South Korea.
Lithium cell imports by India have surged in recent years, driven by demand in electronics, electric vehicles, and renewable energy storage. Recent trends indicate high demand due to ambitious renewable energy and EV targets. This dependence highlights the need for domestic manufacturing and raw material sourcing to achieve energy security and economic resilience India faces several challenges with lithium battery imports, impacting its energy and manufacturing sectors. First, dependency on imports increases costs, as India lacks sufficient lithium reserves and relies heavily on countries like China, which dominate the lithium-ion battery supply chain. This dependency exposes India to geopolitical risks and supply chain disruptions, affecting prices and availability. While the government has implemented policies to boost domestic battery production and research, India currently faces a significant supply-demand gap, hampering its renewable energy adoption and electric vehicle expansion goals.
Need for self-sufficiency
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