The power solutions industry in India is experiencing a dynamic landscape marked by significant developments and transformations. With a growing emphasis on renewable energy, the sector is witnessing a shift towards sustainable practices. Solar and wind power projects are gaining traction, driven by government initiatives and increasing environmental consciousness.
Sharing his views on the industry landscape in 2024, Sushil Virmani, Managing Director, Best Power Equipments said, “In the dynamic landscape of power solutions in 2024, the Battery Energy Storage System (BESS) market is experiencing substantial growth, expected to surge from USD 5.4 Billion in 2023 to a projected USD 17.5 Billion by 2028. The rising demand for Uninterruptible Power Supply (UPS) systems and lithium-ion batteries is anticipated to drive a surge in battery demand, reaching 250 GWh in the next decade (FY33). The report indicates that, with a 75% average utilization, this surge will result in an additional capacity of around 330 GWh by FY33.”
Hospitals are recognized as highly energy-intensive facilities and contribute significantly to climate change due to continuous requirements for controlled ambient temperature, extensive indoor lighting, and the energy demands of health equipment. By leveraging its substantial power demand, the healthcare sector holds the potential to assist communities in mitigating the risks of climate change and its adverse impacts on human health.
As the industry evolves, digital platforms, data centers, and manufacturing take center stage in the quest for efficient energy storage. Lithium-ion batteries have transformed our daily lives, paving the way for a wireless, interconnected, and environmentally friendly society. Despite their significant impact, there is still untapped potential in their utilization.
This evolution aligns with the global push towards renewable energy, underscored by artificial intelligence's anticipated pivotal role, albeit with a potential growth deceleration. India's strategic move to incentivize green hydrogen fuel production, allocating 10 percent under a USD 2.4 billion scheme, further aligns with global environmental goals, emphasizing the shift towards cleaner energy sources. Additionally, UPS systems play a crucial role in ensuring uninterrupted power supply for critical applications in various sectors, contributing to the overall stability of power infrastructure,” he concluded.