ANNOUNCEMENTS
India is a developing country with a huge population still living in poverty. As India looks to cater to fulfilling the demands of its population, energy plays an important role in its economic development. Energy demand in India is growing rapidly and is expected to increase exponentially in the coming decades. India has set renewable energy targets with 2030 and 2070 being major milestones to ensure that its growing energy demand is met through clean energy. Renewable energy, however comes along with its problems like intermittency and instability. Energy storage is the missing piece to help India reach its renewable energy targets. As renewable energy becomes a significant part of the energy mix, energy storage has a vital role to play in grid integration. Various types of energy storage systems are being developed around the world, and a variety of storage technologies are being tested. This paper studies the role energy storage can play in helping India reach its renewable energy target by studying the energy storage market and the opportunities and challenges it poses in India. Energy storage is a huge opportunity for the Indian market and will drive the country towards its climate goals.
Keywords: renewable energy targets, energy storage, global energy supply chain.
