India is at the cusp of the electric vehicle (EV) revolution and the country now needs innovative ways to use renewable energy for battery storage, Union Road Transport and Highways Minister Nitin Gadkari said here on Wednesday.
The battery technology will be in high demand by 2030, bolstering the ‘Make in India’ initiative.
“In the next five years, it is expected that all vehicles will be electric. I encourage everyone involved in the electric vehicle business to work together for the betterment of the country by developing innovative solutions for a clean and green future,” Gadkari said during the ‘India Energy Storage Week 2022 event – organised by the India Energy Storage Alliance (IESA).
The minister said that the standardisation of batteries can accelerate EV adoption.
“We also need standardisation for battery energy storage systems. Automobiles will be a vital industry in the coming years, and battery technology will be in high demand,” he added.
With the growing renewable energy sector, demand for energy storage systems is expected to rise in the coming years.
The energy storage industry is predicted to develop at a compound annual growth rate (CAGR) of about 24 percent.
According to the IESA estimates, the Indian EV industry would expand at a CAGR of 36 percent till 2026. During this period, the EV battery market is expected to increase at a CAGR of 30 percent.
“Since the future of e-mobility and its impact on the environment is a global concern, there is a significant need for appropriate e-mobility norms and regulations to enhance the ecosystem and make it a viable option for people,” said Dr. Rahul Walawalkar, MD, Customised Energy Solutions (CES) and President, IESA India.
The IESA aims to make India a global hub for R&D, manufacturing, and adoption of advanced energy storage, e-mobility, and green hydrogen technologies.
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