PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1428526
PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1428526
India Solar Battery Market, By Type, By Application, By Region, Trend Analysis, Competitive Landscape & Forecast, 2019-2030
India Solar Battery Market Size Set Expands at Significant CAGR of 15.22% During 2024-2030 to Reach USD 529.33 Million by 2030
India Solar Battery market is flourishing due to government initiatives, increased demand for renewable energy storage solutions, industrial growth, cost-effective energy solutions, and technological advancements.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India Solar Battery Market size at USD 186.27 Million in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the India Solar Battery Market size to expand at a CAGR of 15.22% reaching a value of USD 529.33 Million by 2030. The growth drivers for the India solar battery market include government initiatives, increased demand for renewable energy storage solutions, industrial growth, cost-effective energy solutions, and technological advancements in the solar battery. According to the Central Electricity Authority (CEA), by 2029-30, renewable energy generation will increase from 18% to 44%, while thermal energy generation will decrease from 78% to 52%. The CEA also expects India's power demand to increase to 817 GW by 2030.
Opportunity: Advancements in Battery Technology
Advancements in battery technology create considerable potential opportunities in the Indian solar battery market. Technological breakthroughs in new battery technologies such as lithium-ion, lead acid, and others are propelling the solar battery industry in India. These developments are expected to double wind and solar capacity within the next two decades, creating several opportunities for industry players. The Indian government's goal of achieving approximately 500 GW of renewable power by 2030 boosts the potential for the solar battery sector. Indian entrepreneurs are laying the groundwork for new battery technologies. They are developing batteries with prolonged lifecycles of 15-20 years, providing an ideal alternative for stationary energy storage. The utilization of Lithium Titanate Oxide (LTO) cell chemistry is one example of a battery architecture that can last 20 years without requiring replacement during the life of a solar or wind project. Similarly, Lithium Iron Phosphate (LFP) chemistries, when paired with effective temperature control to avoid degradation, show promise for producing long-lasting batteries with excellent performance. As a result, developments in battery technology provide a favorable scenario for the expansion of the solar battery market in India, aided by rising renewable energy use and supporting government policies.
Impact of Geopolitical Tensions on the India Solar Battery Market
The discovery of lithium reserves in Reasi, India, has raised geopolitical concerns due to its strategic location, potentially affecting the India Solar Battery Market. Geopolitical conflicts, particularly in places rich in vital resources such as lithium, can have a multidimensional impact on the solar battery business. While indigenous lithium supply could assist India mitigate geopolitical risks associated with global tensions, the precise location of lithium reserves may provide issues that must be carefully managed. Geopolitical conflicts can have an impact on the broader energy landscape, including the solar industry's growth and investment climate. The India Solar Battery Market may encounter uncertainty in the availability and cost of essential components, reducing its competitiveness.
India Solar Battery Market
Segmental Information
India Solar Battery Market - By Application
Based on application, the India solar battery market is segmented into residential, commercial, and industrial. The industrial segment is dominating the India solar battery market due to its higher energy demand, supportive government policies, and the need for large-scale energy storage solutions in the industrial sector. As the industrial sector deploys large-scale solar installations, which require robust energy storage solutions, according to IBEF, the Indian government's commitment to achieving net-zero emissions by 2070 and expanding its renewable energy target to 500 GW by 2030 at the COP26 summit has offered significant support to the industry and fueled unparalleled growth, thereby driving the demand for solar batteries in industrial sector.
India Solar Battery Market - By Region
Based on region, the India solar battery market is segmented into North India, South India, East India, and West India. The North India region is expected to be the fastest-growing segment in the market. North India is experiencing a robust economic growth trajectory, contributing significantly to the demand for energy solutions. The region's awareness and commitment to sustainable energy solutions have led to a surge in the demand for solar batteries, aligning with the global trend towards cleaner energy sources.
Competitive Landscape
The India Solar Battery Market is fragmented, with numerous players serving the market. The key players dominating the India Solar Battery Market Usha Shriram Enterprises Pvt. Ltd , Luminous India, Exide Industries Limited, Su-kam, Okaya Power Pvt. Ltd, Eastman Auto & Power Ltd, MICROTEK, HBL Power Systems Limited, Servotech Power Systems, Amara Raja Energy & Mobility Limited., V-GUARD INDUSTRIES LTD., LOOM SOLAR PVT. LTD. and other prominent players. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the India Solar Battery Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Solar Battery Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
Table of Contents
1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
2. Executive Summary
3. India Solar Battery Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Supportive government policies and initiatives
- 3.2.1.2. Renewable energy integration
- 3.2.1.3. Rising energy demand
- 3.2.1.4. Cost reduction and technology advancements
- 3.2.2. Restraints
- 3.2.2.1. Limited awareness
- 3.2.2.2. Intermittent power generation
- 3.2.3. Opportunities
- 3.2.3.1. Advancements in battery technology
- 3.2.3.2. Integration with Smart Grids
- 3.2.4. Challenges
- 3.2.4.1. High initial costs
- 3.2.4.2. Lack of standardization
- 3.2.1. Growth Drivers
- 3.3. Technology Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter's Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
4. India Solar Battery Market: Marketing Strategies
5. India Solar Battery Market Overview
- 5.1. Market Size & Forecast, 2019-2030
- 5.1.1. By Value (USD Million)
- 5.1.2. By Volume (Thousand Units)
- 5.2. Market Share & Forecast
- 5.2.1. By Type
- 5.2.1.1. Lead-acid Battery
- 5.2.1.2. Lithium-ion Battery
- 5.2.1.3. Flow Battery
- 5.2.1.4. Sodium-ion Battery
- 5.2.1.5. Others
- 5.2.2. By Application
- 5.2.2.1. Residential
- 5.2.2.2. Commercial
- 5.2.2.3. Industrial
- 5.2.3. By Region
- 5.2.3.1. North India
- 5.2.3.2. South India
- 5.2.3.3. East India
- 5.2.3.4. West India
- 5.2.1. By Type
6. North India Solar Battery Market
- 6.1. Market Size & Forecast, 2019-2030
- 6.1.1. By Value (USD Million)
- 6.1.2. By Volume (Thousand Units)
- 6.2. Market Share & Forecast
- 6.2.1. By Type
- 6.2.2. By Application
7. South India Solar Battery Market
- 7.1. Market Size & Forecast, 2019-2030
- 7.1.1. By Value (USD Million)
- 7.1.2. By Volume (Thousand Units)
- 7.2. Market Share & Forecast
- 7.2.1. By Type
- 7.2.2. By Application
8. East India Solar Battery Market
- 8.1. Market Size & Forecast, 2019-2030
- 8.1.1. By Value (USD Million)
- 8.1.2. By Volume (Thousand Units)
- 8.2. Market Share & Forecast
- 8.2.1. By Type
- 8.2.2. By Application
9. West India Solar Battery Market
- 9.1. Market Size & Forecast, 2019-2030
- 9.1.1. By Value (USD Million)
- 9.1.2. By Volume (Thousand Units)
- 9.2. Market Share & Forecast
- 9.2.1. By Type
- 9.2.2. By Application
10. Competitive Landscape
- 10.1. List of Key Players and Their Offerings
- 10.2. India Solar Battery Company Market Share Analysis, 2023
- 10.3. Competitive Benchmarking, By Operating Parameters
- 10.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
11. India Solar Battery Market: Import & Export
12. Impact of Geopolitical Tension in India Solar Battery Market
13. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
- 13.1. Usha Shriram Enterprises Pvt. Ltd
- 13.2. Luminous India
- 13.3. Exide Industries Limited
- 13.4. Su-kam
- 13.5. Okaya Power Pvt. Ltd
- 13.6. Eastman Auto & Power Ltd
- 13.7. MICROTEK
- 13.8. HBL Power Systems Limited
- 13.9. Servotech Power Systems
- 13.10. Amara Raja Energy & Mobility Limited.
- 13.11. V-GUARD INDUSTRIES LTD.
- 13.12. LOOM SOLAR PVT. LTD.
- 13.13. Other Prominent Players
14. Key Strategic Recommendations
15. Research Methodology
- 15.1. Qualitative Research
- 15.1.1. Primary & Secondary Research
- 15.2. Quantitative Research
- 15.3. Market Breakdown & Data Triangulation
- 15.3.1. Secondary Research
- 15.3.2. Primary Research
- 15.4. Breakdown of Primary Research Respondents, By Region
- 15.5. Assumptions & Limitations
*Financial information of case of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable
List of Figures
- Figure 1 India Solar Battery Segmentation
- Figure 2 India Solar Battery Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2023
- Figure 4 India Solar Battery Market Size, By Value (USD Million), 2019-2030
- Figure 5 India Solar Battery Market Size, By Volume (Thousand Units), 2019-2030
- Figure 6 India Solar Battery Market Share, By Type, By Value (USD Million), 2019-2030
- Figure 7 India Solar Battery Market Share, By Type, By Volume (Thousand Units), 2019-2030
- Figure 8 India Solar Battery Market Share, By Application, By Value (USD Million), 2019-2030
- Figure 9 India Solar Battery Market Share, By Application, By Volume (Thousand Units), 2019-2030
- Figure 10 India Solar Battery Market Share, By Region, By Value (USD Million), 2019-2030
- Figure 11 India Solar Battery Market Share, By Region, By Volume (Thousand Units), 2019-2030
- Figure 12 North India Solar Battery Market Size, By Value (USD Million), 2019-2030
- Figure 13 North India Solar Battery Market Size, By Volume (Thousand Units), 2019-2030
- Figure 14 North India Solar Battery Market Share, By Type, By Value (USD Million), 2019-2030
- Figure 15 North India Solar Battery Market Share, By Type, By Volume (Thousand Units), 2019-2030
- Figure 16 North India Solar Battery Market Share, By Application, By Value (USD Million), 2019-2030
- Figure 17 North India Solar Battery Market Share, By Application, By Volume (Thousand Units), 2019-2030
- Figure 18 South India Solar Battery Market Size, By Value (USD Million), 2019-2030
- Figure 19 South India Solar Battery Market Size, By Volume (Thousand Units), 2019-2030
- Figure 20 South India Solar Battery Market Share, By Type, By Value (USD Million), 2019-2030
- Figure 21 South India Solar Battery Market Share, By Type, By Volume (Thousand Units), 2019-2030
- Figure 22 South India Solar Battery Market Share, By Application, By Value (USD Million), 2019-2030
- Figure 23 South India Solar Battery Market Share, By Application, By Volume (Thousand Units), 2019-2030
- Figure 24 East India Solar Battery Market Size, By Value (USD Million), 2019-2030
- Figure 25 East India Solar Battery Market Size, By Volume (Thousand Units), 2019-2030
- Figure 26 East India Solar Battery Market Share, By Type, By Value (USD Million), 2019-2030
- Figure 27 East India Solar Battery Market Share, By Type, By Volume (Thousand Units), 2019-2030
- Figure 28 East India Solar Battery Market Share, By Application, By Value (USD Million), 2019-2030
- Figure 29 East India Solar Battery Market Share, By Application, By Volume (Thousand Units), 2019-2030
- Figure 30 West India Solar Battery Market Size, By Value (USD Million), 2019-2030
- Figure 31 West India Solar Battery Market Size, By Volume (Thousand Units), 2019-2030
- Figure 32 West India Solar Battery Market Share, By Type, By Value (USD Million), 2019-2030
- Figure 33 West India Solar Battery Market Share, By Type, By Volume (Thousand Units), 2019-2030
- Figure 34 West India Solar Battery Market Share, By Application, By Value (USD Million), 2019-2030
- Figure 35 West India Solar Battery Market Share, By Application, By Volume (Thousand Units), 2019-2030
List of Tables
- Table 1 India Solar Battery Segmentation
- Table 2 India Solar Battery Market Value Chain Analysis
- Table 3 Company Market Size Analysis, 2023
- Table 4 India Solar Battery Market Size, By Value (USD Million), 2019-2030
- Table 5 India Solar Battery Market Size, By Volume (Thousand Units), 2019-2030
- Table 6 India Solar Battery Market Share, By Type, By Value (USD Million), 2019-2030
- Table 7 India Solar Battery Market Share, By Type, By Volume (Thousand Units), 2019-2030
- Table 8 India Solar Battery Market Share, By Application, By Value (USD Million), 2019-2030
- Table 9 India Solar Battery Market Share, By Application, By Volume (Thousand Units), 2019-2030
- Table 10 India Solar Battery Market Share, By Region, By Value (USD Million), 2019-2030
- Table 11 India Solar Battery Market Share, By Region, By Volume (Thousand Units), 2019-2030
- Table 12 North India Solar Battery Market Size, By Value (USD Million), 2019-2030
- Table 13 North India Solar Battery Market Size, By Volume (Thousand Units), 2019-2030
- Table 14 North India Solar Battery Market Share, By Type, By Value (USD Million), 2019-2030
- Table 15 North India Solar Battery Market Share, By Type, By Volume (Thousand Units), 2019-2030
- Table 16 North India Solar Battery Market Share, By Application, By Value (USD Million), 2019-2030
- Table 17 North India Solar Battery Market Share, By Application, By Volume (Thousand Units), 2019-2030
- Table 18 South India Solar Battery Market Size, By Value (USD Million), 2019-2030
- Table 19 South India Solar Battery Market Size, By Volume (Thousand Units), 2019-2030
- Table 20 South India Solar Battery Market Share, By Type, By Value (USD Million), 2019-2030
- Table 21 South India Solar Battery Market Share, By Type, By Volume (Thousand Units), 2019-2030
- Table 22 South India Solar Battery Market Share, By Application, By Value (USD Million), 2019-2030
- Table 23 South India Solar Battery Market Share, By Application, By Volume (Thousand Units), 2019-2030
- Table 24 East India Solar Battery Market Size, By Value (USD Million), 2019-2030
- Table 25 East India Solar Battery Market Size, By Volume (Thousand Units), 2019-2030
- Table 26 East India Solar Battery Market Share, By Type, By Value (USD Million), 2019-2030
- Table 27 East India Solar Battery Market Share, By Type, By Volume (Thousand Units), 2019-2030
- Table 28 East India Solar Battery Market Share, By Application, By Value (USD Million), 2019-2030
- Table 29 East India Solar Battery Market Share, By Application, By Volume (Thousand Units), 2019-2030
- Table 30 West India Solar Battery Market Size, By Value (USD Million), 2019-2030
- Table 31 West India Solar Battery Market Size, By Volume (Thousand Units), 2019-2030
- Table 32 West India Solar Battery Market Share, By Type, By Value (USD Million), 2019-2030
- Table 33 West India Solar Battery Market Share, By Type, By Volume (Thousand Units), 2019-2030
- Table 34 West India Solar Battery Market Share, By Application, By Value (USD Million), 2019-2030
- Table 35 West India Solar Battery Market Share, By Application, By Volume (Thousand Units), 2019-2030
- Table 36 Usha Shriram Enterprises Pvt. Ltd Company Overview
- Table 37 Usha Shriram Enterprises Pvt. Ltd Financial Overview
- Table 38 Luminous India Company Overview
- Table 39 Luminous India Financial Overview
- Table 40 Exide Industries Limited Company Overview
- Table 41 Exide Industries Limited Financial Overview
- Table 42 Su-kam Company Overview
- Table 43 Su-kam Financial Overview
- Table 44 Okaya Power Pvt. Ltd Company Overview
- Table 45 Okaya Power Pvt. Ltd Financial Overview
- Table 46 Eastman Auto & Power Ltd Company Overview
- Table 47 Eastman Auto & Power Ltd Financial Overview
- Table 48 MICROTEK Company Overview
- Table 49 MICROTEK Financial Overview
- Table 50 HBL Power Systems Limited Company Overview
- Table 51 HBL Power Systems Limited Financial Overview
- Table 52 Servotech Power Systems Company Overview
- Table 53 Servotech Power Systems Financial Overview
- Table 54 Amara Raja Energy & Mobility Limited. Company Overview
- Table 55 Amara Raja Energy & Mobility Limited. Financial Overview
- Table 56 V-GUARD INDUSTRIES LTD. Company Overview
- Table 57 V-GUARD INDUSTRIES LTD. Financial Overview
- Table 58 LOOM SOLAR PVT. LTD. Company Overview
- Table 59 LOOM SOLAR PVT. LTD. Financial Overview
