International Energy Agency

• 02 May 2024

In April 2024, International Energy Agency’s (IEA) report projected India's utility-scale battery market to reach nearly 9 GW by 2030, making it the world's third-largest market.

• Solar PV plus battery storage more cost-competitive than coal, driving demand.
• Government mandates incorporation of storage in wind and solar PV projects.
• Battery storage to become backbone of India's power grid by 2050.
• Global battery storage costs to drop 40% by 2030; India's growth key driver.
• Remarkable decline in average battery costs due to advancements in technology.
• China leads global battery storage market, followed by the US and EU.
• India's energy storage targets and financial support position it as a major market.