India’s Energy Storage Sector Likely To See Investments Worth Rs 4.79 Lakh Crore By 2032: IESA

The IESA noted that between 2026 and 2032, the sector is projected to grow five-fold, backed by policy momentum and private sector participation.

Gujarat, which currently contributes over 30 GW of renewable energy, has targeted 100 GW by 2030—a move that is expected to further accelerate demand for storage solutions.

Source : Freepik

India’s energy storage landscape is on the brink of a major transformation, with investments expected to reach Rs 4.79 lakh crore by 2032, according to the India Energy Storage Alliance (IESA). The forecast was shared during the 5th Edition of the International Conference on Stationary Energy Storage India (SESI) 2025, recently held in Gandhinagar, Gujarat.

The IESA noted that between 2026 and 2032, the sector is projected to grow five-fold, backed by policy momentum and private sector participation. The National Electricity Plan (NEP) anticipated a significant scale-up in storage requirements—from 16.13 GW (comprising 7.45 GW from pumped storage projects and 8.68 GW from battery energy storage systems) in 2026-27 to a much larger 73.93 GW by 2031-32. Correspondingly, the energy storage capacity is set to jump from 82.37 GWh to 411.4 GWh in the same period, reported PTI.

Policy Push and Market Momentum

Vinayak Walimbe, Managing Director of Customised Energy Solutions (CES), the parent organisation of IESA, emphasised the importance of timely investments to build a resilient energy storage ecosystem. “This strategic investment is the need of the hour to advance technological innovations and infrastructure required for a robust energy storage ecosystem in India,” he said.

The event saw participation from over 200 stakeholders, including policymakers, industry leaders, and representatives from more than 10 partner countries. Discussions covered a wide range of topics—ongoing and upcoming tenders, storage technology standards, and the role of energy storage in India’s renewable roadmap.

“We are already seeing good participation in 2-hour and 4-hour tenders, and 8-hour tenders are expected soon,” said Arun Mahesh Babu, Managing Director of Gujarat Power Corporation. Gujarat, which currently contributes over 30 GW of renewable energy, has targeted 100 GW by 2030—a move that is expected to further accelerate demand for storage solutions.

Future Targets And Technological Shifts

The government is also setting its sights on much larger storage targets for the coming decades. According to RP Gupta, Chairman and Managing Director of the Solar Energy Corporation of India (SECI), “We aim for approximately 500 gigawatt-hours by 2030 and around 5,000 gigawatt-hours by 2047. These are huge numbers. All these show that there is great potential for investment, for innovation.”

Falling costs have added further momentum to the sector. “The cost of energy storage systems has already seen a notable reduction, from Rs 10 lakhs per megawatt per month to approximately Rs 2.5 lakh per megawatt over the past 2 to 2.5 years,” noted Ghanshyam Prasad, Chairperson of the Central Electricity Authority (CEA). He also confirmed that new battery storage standards will soon be released to provide clarity for both providers and users.

The conference was supported by key public and private sector stakeholders, including the Government of Gujarat, MNRE, SECI, NTPC, World Bank, World Economic Forum, Adani New Industries, JSW Energy, and others. IESA, established in 2012 by CES, continues to focus on advancing energy storage, e-mobility, and green hydrogen technologies to position India as a global innovation hub in clean energy.