Electric is the future of the auto industry, Nitin Gadkari said today at the 8th edition of India Energy Storage Week (IESW) 2022 in Delhi. The expo was inaugurated by Shri Nitin Gadkari, Ministry of Road Transport and Highways of India. 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, Gadkari stated at the event.
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%.
Shri Nitin Gadkari, Minister of Road Transport & Highway (MoRTH), GoI, remarked, “We need storage to store renewable energy into battery storage. Standardization of batteries can accelerate EV adoption; we also need standardization for battery energy storage systems.”
According to the India Energy Storage Alliance (IESA), the Indian EV industry would expand at a 36% compound annual growth rate (CAGR)% till the year 2026. During the forecast period, the EV battery market is expected to increase at a 30% CAGR during the same time period.
“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,” Gadkari told at the India Energy Storage Week 2022.
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, believes Dr. Rahul Walawalkar, MD, Customized Energy Solutions (CES) & President, IESA, India. “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,” added Walawalkar.
IESW 2022 is the flagship conference of IESA supported by NITI Aayog, Ministry of Road Transport and Highways, Ministry of Heavy Industries, Department of Chemicals & Petro-Chemicals, and Ministry of Power, Ministry of New & Renewable Energy. The event witnessed a global audience with 20+ nations, 50+ regulators and policymakers, 50+ partners and exhibitors, 1000+ delegates, and 10,000+ visits to the event, stated a media release.
The India Energy Storage Week will help to develop a roadmap 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.