Source : PTI | There is significant growth opportunity in the Indian Battery Energy Storage System market largely driven by technological advancements in new battery technologies, experts believe. Moreover, adopting sustainable recycling methods is crucial because the market for recycled EV batteries in India is predicted to reach 128 GWh by 2030, said Yogesh Mudras, MD of Informa Markets in India, the firm that organised the Renewable Energy India Expo here.
Over 700 exhibitors, more than 900 brands have converged for the expo, which is expected to attract around 40,000 visitors over the next three days.“The upcoming period is expected to bring lucrative growth opportunities for the Indian BESS market (Battery Energy Storage System), driven by technological advancements in new battery technologies aimed at energy storage and India’s ambitious goal to achieve approximately 500 GW of renewable capacity by 2030,” Mudras said.
Moreover, adopting sustainable recycling methods is crucial because the market for recycled EV batteries in India is predicted to reach 128 GWh by 2030. “Up to 90 per cent of the carbon emissions related to EV battery production can be cut by recycling them,” Mudras said.
According to Alex Whitworth, Vice President & Head of Asia Pacific Power & Renewables Research, Wood Mackenzie, “Asia, led by China and India, now commands over 60 per cent of future global power demand, while India grapples with 75 per cent of fossil fuel-based power.”
Technological advancements are poised to quadruple wind and solar capacity in the coming two decades, Whitworth said, adding that the sector requires over USD 3 trillion of investment in the next decade, with wind and solar at the forefront, offering vast opportunities for industry stakeholders.
Ishvar Dholakiya, Managing Director, Goldi Solar said the expo will help generate business worth hundreds of crores and generate lakhs of direct and indirect employment opportunities in the country.
“The investments will aid the government’s vision of Make in India and Aatmanirbhar Bharat,” Dholakiya said.
German Ambassador to India and Bhutan Philipp Ackermann, Italy’s Ambassador Vincenzo De Luca, Telangana State Renewable Energy Development Corporation vice chairman N Janaiah, Informa Markets Asia vice president Christopher Eve and India Senior Group Director Rajneesh Khattar attended the inaugural event.
