ENA Sectors 2024-04-30 15:59:57 <p><span style="font-size:14px"><strong>New Delhi, Apr 30 (KNN)</strong> According to a report by the International Energy Agency (IEA), India is poised to become the world's third-largest market for utility-scale batteries by 2030, with capacity additions projected to skyrocket to nearly 9 GW over the next seven years.</span></p> <p><span style="font-size:14px">This remarkable growth is fuelled by cost reductions and the government's ambitious targets for renewable energy integration.</span></p> <p><span style="font-size:14px">The report highlights that the combination of solar photovoltaic (PV) and battery storage systems is already more cost-competitive than coal-fired power generation in India, a trend expected to continue.</span></p> <p><span style="font-size:14px">As the country's solar PV capacity surges, the need for short-term flexibility will increase, boosting the utility of energy storage solutions.</span></p> <p><span style="font-size:14px">The Indian government has also mandated that wind and solar PV projects incorporate at least 5 per cent of their installed capacity with storage capabilities.</span></p> <p><span style="font-size:14px">This policy initiative underscores the nation's commitment to accelerating the transition towards a more sustainable and resilient energy landscape.</span></p> <p><span style="font-size:14px">According to the IEA's projections, if India meets all its government-set targets on schedule, solar PV and battery storage will become the backbone of the country's power grid by 2050.</span></p> <p><span style="font-size:14px">This transformative shift envisions batteries charging during peak solar hours and discharging during evening peak demand periods, enabling a more efficient and reliable energy supply.</span></p> <p><span style="font-size:14px">Globally, the upfront costs of utility-scale battery storage with a four-hour duration are projected to plummet from a global average of USD 290/kWh in 2022 to USD 175/kWh in 2030, representing a substantial 40 per cent reduction.</span></p> <p><span style="font-size:14px">Advancements in battery chemistry and manufacturing have led to a remarkable decline in average battery costs, dropping from a staggering USD 1,400/kWh in 2010 to under USD 140/kWh in 2023, one of the fastest cost declines for any energy technology.</span></p> <p><span style="font-size:14px">This rapid cost reduction has been instrumental in accelerating the adoption of battery storage systems, paving the way for a more sustainable and resilient energy future.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 37607 https://knnindia.co.in/news/newsdetails/sectors/indias-energy-landscape-set-to-transform-with-solar-pv-battery-storage-iea 2024-04-30 15:59:57 knnindia.co.in