According to a new report by UnivDatos Market Insights, the India Microgrid Market is expected to reach USD 17,647.91 Million in 2032 by growing at a CAGR of 26.3%. India is undergoing a significant transformation in its energy sector, with a strong focus on renewable energy and the urgent necessity to combat climate change. Microgrids play a crucial role in this shift, offering a groundbreaking solution that efficiently incorporates decentralized power generation and guarantees a stable energy source. The microgrid industry in India is on the brink of substantial growth, supported by government initiatives, policies, increasing investments, and cutting-edge technological advancements.
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Demand:
The Indian microgrid market is experiencing growth due to various significant factors. The rapid growth of the country's population and urbanization has resulted in a substantial increase in energy requirements, making implementing sustainable and efficient energy solutions necessary. Furthermore, India's susceptibility to natural disasters and extreme weather conditions has emphasized the significance of energy resilience, further accelerating the adoption of microgrids to ensure an uninterrupted power supply.
Furthermore, India's steadfast commitment to reducing carbon emissions and addressing the impacts of climate change has stimulated investments in renewable energy sources, facilitating the seamless integration of microgrids into the overall energy mix.
Applications:
Microgrids have a wide range of applications throughout India. In rural and distant regions, they present a dependable and economical option for bringing electricity, granting clean energy access to needy communities. Various sectors, including manufacturing, healthcare, and data centers, are progressively adopting microgrids to boost energy independence, cut down on expenses, and address the challenges linked to power interruptions.
Moreover, urban microgrids are becoming increasingly popular, facilitating the effective control of energy distribution, peak load management, and the smooth assimilation of distributed energy resources (DERs) such as rooftop solar panels and energy storage units.
Technological Advancements Driving Innovation
The Indian microgrid industry is rapidly transforming and is driven by continuous research and development efforts. State-of-the-art energy storage solutions, such as lithium-ion and flow batteries, enable the efficient storage and distribution of renewable energy, thereby improving the reliability and performance of microgrids. The integration of smart grid technologies, including advanced metering infrastructure (AMI) and energy management systems, allows for real-time monitoring, control, and optimization of microgrid operations, further enhancing their efficiency and resilience.
Prominent Players:
The Indian microgrid market is home to a diverse array of prominent players, ranging from established energy giants to innovative startups. Major companies like Schneider Electric, ABB, and Hitachi have leveraged their expertise and resources to develop cutting-edge microgrid solutions. At the same time, startups and research institutions drive innovation by exploring new technologies and business models. Notable developments in the Indian microgrid sector include commissioning India's largest solar and battery energy storage systems project by Tata Power Solar Systems Limited (TPSSL) in Rajnandgaon, Chhattisgarh. Some of the latest developments in the region are as follows:
· In March 2024, Tata Power Solar Systems Limited (TPSSL), a wholly owned subsidiary of Tata Power Renewable Energy Limited (TPREL), announced on March 13, 2023, that it has successfully commissioned India's largest solar battery energy storage systems project in Rajnandgaon, Chhattisgarh. The project comprises a 100 MW Solar PV unit and a 120 MWh Utility Scale Battery Energy Storage System (BESS). TPSSL had bagged this Rs 945-crore project on an EPC (Engineering, Procurement, and Construction) basis from the Solar Energy Corporation of India Ltd (SECI) in December 2021.
· India has huge ambitions in energy transition and plans to have 500 GW of non-fossil-based electricity installed capacity by 2030. Ministry of Power had constituted a high-level committee under the Chairperson, Central Electricity Authority, with representatives from Solar Energy Corporation of India, Central Transmission Utility of India Ltd, Power Grid Corporation of India Ltd, Grid-India, National Institute of Solar Energy, and National Institute of Wind Energy for planning the transmission system required for having 500 GW of non-fossil fuel based installed capacity by 2030. The Committee prepared a detailed Plan titled “Transmission System for Integration of over 500 GW RE Capacity by 2030.
· Two ongoing smart Grid / Smart metering projects, sanctioned under the National Smart Grid Mission (NSGM) for Rs. 116.01 Crores with Rs. 34.803 Cr. Govt. Budgetary Support (GBS), are nearing completion. Till November 2023, 1,69,330 smart meters were deployed under these projects, and Rs. 31.32 Cr. was released to the implementing utilities for progressive milestone achievements.
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Conclusion:
The Indian microgrid market is poised for substantial growth, driven by the country's ambitious renewable energy targets, the need for energy resilience, and the increasing adoption of decentralized energy systems. With favorable government policies, rising investments, and technological advancements, India is well-positioned to harness the full potential of microgrids, paving the way for a sustainable and resilient energy future.