In an interaction with Industry Outlook, Atul Arya, Head of Energy System Division, Panasonic India, shares his views on the current evolution of energy storage, the challenges involved, and ways to address them. He also explains the role played by Panasonic India in this field.
The battery energy storage systems market in India is expected to grow at a CAGR of close to 10 percent till 2025. How do you see the current evolution of energy storage market in India? What are the major factors driving its growth?
CAGR might be more than 10 percent even beyond 2025. The market is at an inflection point that the industry has been forecasting. RTC, or Round-The-Clock power from renewable energy
projects is the tipping point, and we will see large projects in this sector. The commercial and industrial (C&I) market, on the other hand, will see new developments and business models being implemented following various trials. Higher fossil fuel prices are fostering the commercial case for DG reduction/removal via battery storage.
Further, activities in the electric mobility industry have intensified, with new product launches, FAME II as well as increasing governmental (Centre and State) subsidies to encourage category adoption.
How is Panasonic India positioned in this market?
We have been one of the early entrants in this market globally and India. We have made considerable investments in this sector and have established Panasonic as a significant player in the stationary storage space. We are robustly expanding the business, with further emphasis on electric mobility.