New Delhi, 15th August 2022
Last year on Independence Day the Prime Minister of India, Narendra Modi announced:
"India has to take a pledge that it will be energy independent by the year we celebrate 100th year of Independence."
Interview with Dr Pankaj Agarwal, Founder and CEO at Panitek, about the drivers that will lead to energy independence of India.
I believe that the Indian energy markets are undergoing significant evolution driven by the need to address climate change, the political objective of energy security and the need of diversification of the global supply chain. These market drivers will have a major impact on three specific clean technology areas with significant markets sizes:
Energy storage: By 2032 India is forecast to require circa 1,000GWh of stationary energy storage and 1,400GWh of energy storage systems for the mobility sector. This equates to a Compound Annual Growth Rate (CAGR) of 16.5% for the stationary energy storage sector and 31.6% for the mobility sector.
Green hydrogen: By 2030, the Indian government targets to produce 5mn tonnes of green hydrogen annually. Currently green hydrogen is in an early-stage market, where the first pilot plants are being tendered.
Smart grid and smart cities: By 2030, a total of 200 GWh of daily balancing need in the grid is forecasted, putting the total market size at $5.2mn per day. In addition, by 2025, the Indian government targets 250mn smart meters to be installed. Along with suitable network node measurements this represents a huge potential for distribution grid digitalization in India. Furthermore, IoT (Internet of Things) based smart lighting solutions can be the backbone of the smart data network of future smart cities. By 2030 there will be 20mn LED streetlight sales, which represents a large market opportunity for smart lighting solutions.