India's energy storage sector to attract Rs 4.79 lakh cr investment by 2032: IESA

New Delhi | India's energy storage sector is likely to attract Rs 4.79 lakh crore investment by 2032, industry body India Energy Storage Alliance (IESA) said on Sunday.

At the 5th Edition of International Conference on Stationary Energy Storage India (SESI) 2025 concluded last week at Gandhinagar, in Gujarat, industry body IESA projected that India's energy storage sector is poised to expand five-fold between 2026 and 2032, a statement said.

The National Electricity Plan (NEP), projected that India will need an energy storage capacity of 16.13 GW (7.45 GW PSP (pumped storage project) and 8.68 GW BESS (battery energy storage system) with a storage capacity of 82.37 GWh (47.6 GWh from PSP and 34.72 GWh from BESS) by 2026-27.

By the year 2031-32, the storage capacity demand is projected to increase to 73.93 GW (26.69 GW PSP and 47.24 GW BESS), with storage of 411.4 GWh (175.18 GWh from PSP and 236.22 GWh from BESS).

"India's energy storage sector is projected to expand five-fold between 2026 and 2032 attracting Rs 4.79 lakh crore investment by 2032. This strategic investment is the need of the hour to advance technological innovations and infrastructure required for a robust energy storage ecosystem in India," said Vinayak Walimbe, Managing Director of IESA’s parent body Customised Energy Solutions (CES) at the event.

Over 200 industry leaders, government officials, and 10+ partner countries participated to present their valuable perspectives on energy storage-related government policies, analyses of past and upcoming tenders, and the latest project developments bolstering the sector's growth.

"We are already seeing good participation in 2-hour and 4-hour tenders, and 8-hour tenders are expected soon. Gujarat currently contributes over 30 GW of renewable energy and has set an ambitious target of reaching 100 GW by 2030.

"This substantial growth in renewable energy capacity will, in turn, drive significant expansion in the energy storage market," Arun Mahesh Babu Managing Director, Gujarat Power Corporation said.

According to RP Gupta, Chairman and Managing Director, Solar Energy Corporation of India (SECI) said, “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."

"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. We will soon release new Battery energy storage standards so that both storage suppliers and users of these storage will have better clarity," said Ghanshyam Prasad, Chairperson, Central Electricity Authority of India (CEA).

Key participants for the conference include the Government of Gujarat, MNRE, CEA,  SECI, NTPC, GEAPP, GPCL, GERMI, Adani New Industries, JSW Energy, GUVNL, World Economic Forum, World Bank, Envision Energy, and others.

IESA is a leading industry alliance focused on the development of advanced energy storage, e-mobility, green hydrogen, and emerging technologies in India.

Founded in 2012, by Customized Energy Solutions (CES), IESA's vision is to make India a global hub for R&D, manufacturing, and adoption of advanced energy storage, e-mobility, and green hydrogen technologies.