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We need storage to store renewable energy into battery storage: Gadkari

During the forecast period, the EV battery market is expected to increase at a 30 percent CAGR during the same time period.

Statesman News Service | New Delhi |

Minister of Road Transport & Highway Nitin Gadkari on Tuesday said India needs to store renewable energy in battery, and encouraged 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, at the 8th edition of India Energy Storage Week (IESW) 2022, Pragati Maidan, New Delhi on Tuesday.

Speaking at the event, the Minister of Road Transport & Highway Nitin Gadkari said, “We need storage to store renewable energy into battery storage. Standardisation of batteries can accelerate EV adoption; we also need standardization for battery energy storage systems. Automobiles will be a vital industry in the coming years, and 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. India ESW is an excellent forum for all decision-makers to discuss India’s future potential.”

On the occasion, Rahul Walawalkar, MD, Customized Energy Solutions (CES) & president, IESA India, stated, “India has emerged as a global leader in the green hydrogen and e-mobility sectors in recent years, and substantial efforts have been made to raise adoption rates. Because 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. India Energy Storage Week is playing its part in bringing together stakeholders and policymakers from around the world on one platform to discuss all aspects of green hydrogen and e-mobility and strategies for the roadmap for India’s future. Lastly, I’d like to thank everyone who continued to support us every year and help make the event a success.”

Energy storage applications, the EV ecosystem, regulation and policy on electric transportation, manufacturing and R&D, stationary storage, and many more issues will be covered over the five-day flagship event.

The event will witness a global audience with 20 nations, 50 regulators and policymakers, 50 partners and exhibitors, and 1000 delegates. The event is supported by NITI Aayog, the Government of Norway as a national partner, the Ministry of Road Transport and Highways, the Ministry of Heavy Industries, the Department of Chemicals & Petro-Chemicals, and the Ministry of Power & Ministry of Power, Ministry of New & Renewable Energy.

With the growing renewable energy sector, demand for energy storage systems is expected to rise in the coming years.

Therefore, in order to improve the efficiency of the power industry, the new trend known as energy storage has seen rapid growth.

The energy storage industry is predicted to develop at a CAGR of around 24 percent. According to the India Energy Storage Alliance (IESA), the Indian EV industry would expand at a 36 percent compound annual growth rate (CAGR) percent till the year 2026. During the forecast period, the EV battery market is expected to increase at a 30 percent CAGR during the same time period.