India Energy Storage Alliance expects 6.1% annual domestic market growth to 2026

LinkedIn
Twitter
Reddit
Facebook
Email
Image: Getty.
Prime Minister Narendra Modi taking an e-rickshaw ride a couple of years back. Image: Narendra Modi Official Flickr acct.

The India Energy Storage Alliance (IESA) has published its fifth edition of its India Stationary Energy Storage market report, which predicts that the market for energy storage in India will grow at a CAGR of 6.1% by 2026.

The report is split into four sections, looking at the total stationary energy storage market, the grid-scale stationary energy storage market, stationary storage in behind-the-meter (BTM) applications and railways. It uses 2018 as the base year, before forming predictions for 2019 through to 2026.

IESA reports that in 2018, the energy storage market in India was worth US$2.8 billion, and will continue to grow at pace in coming years.

Total annual MWh additions were 24.4GWh last year, and are expected to grow to 64.5GWh by 2026.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

These storage additions will be used in applications such as renewable energy integration, Transmission & Distribution deferral, ancillary services, railways, microgrids, telecom, and BTM application.

Of these, BTM is likely to account for the majority, with 68-77% of the cumulative market share during the period. Inverters and telecom make up the major part of this BTM market.

This year has seen a number of important steps in India’s energy storage market, in particular given disappointing tender cancellations in 2017-18. But in February, three huge renewables tenders were announced including one for 1.2GW of solar PV combined with 3,600MWh of energy storage.

In March, further government backed support was announced in the shape of India’s Union Cabinet chaired by prime minister Narendra Modi approving the ‘National Mission on Transformative Mobility and Battery Storage’. While in July, India’s full year budget was published, and included discussion of support for lithium battery and electric vehicle manufacturing.

3 November 2026
Málaga, Spain
Understanding technology and supplier selection for Europe’s utility-scale PV market in 2027. PV ModuleTech Europe 2026 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of PV module, inverter and battery supplier selection; product availability, technology offerings, supply chain traceability, quality assurance, factory auditing, system reliability, and supplier bankability.

Read Next

Premium
October 21, 2026
IndiGrid COO discusses India’s BESS growth, challenges, tariff pressures, safety standards and localisation as the market scales up.
October 21, 2026
India’s BESS pipeline exceeds 100GW, but financing, execution and tariff pressures threaten delivery of 411.4GWh of storage by FY2032.
October 21, 2026
Deye, EVE Energy and Ganfeng Lithium are among Chinese energy storage players to recently release Q3 2026 financial results, with all three reporting robust growth.
October 20, 2026
US utility Dominion Energy plans to build 3.5GW of battery energy storage systems (BESS) over the next 20 years according to its recently filed integrated resource plan (IRP).
October 20, 2026
Oyster Renewable COO talks about India’s BESS growth, domestic manufacturing ambitions, supply chain resilience and challenges.