The market potential for electrical energy storage in India is expected to be tremendous in the future. The global
electrical energy storage market is forecasted to double six times between 2016 and 2030. India together with USA and Japan is predicted to install 50% of energy storage systems by 2030 according to Bloomberg New Energy Finance. India‘s policy to have 100% EVs by 2030 alone can create a $300 billion market for EV batteries in India according to a study conducted by the Niti Aayog and Rocky Mountain Institute.

The India Energy Storage Alliance (IESA) has estimated over 70 GW and 200 GWh of energy storage opportunity
in India by 2022, which is one of the highest in the world. Out of 70 GW, over 35 GW of demand is expected from
newer applications like solar integration or electric vehicles, hence there is a sizable opportunity for advanced storage technologies in the new applications. Sales of battery-based energy storage receive a boost through-out the country through the lack of reliable grid power, growth in sales of electric rickshaws (e-trikes) and integration of solar PV.