While assessing the market worth for Lithium-ion batteries in India, Future Hi-tech Batteries provides a brief analysis into its active investment in research and development, while proving how crucial the commitment is to growth and overall company development.
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Lithium-ion batteries are an expensive component of the alternative or renewable energy segment. According to a market report by Global News Wire, the market for lithium-ion batteries in India is expected to grow at a CAGR of 12. 47% during the forecast period. However, this figure has been contested. The energy storage market will be driven by the increase in the adoption of EVs and an increase in the generation of renewable power – specifically for grid scale and solar rooftop applications. Gagan Kaur, Executive Director, Future Hi-Tech Batteries Limited, provides expert insight on the figures. She says: “We expect the figures to be higher for Lithium-ion battery packs. The statistic is less. As mentioned, the market is expected to grow at a CAGR of 12.47% but the Lithium-Ion market is comprised of more than just one major application, so we are expecting the figures to be higher or almost double by the year 2026.” Adding, she says that we are likely to see increased adoption in electric vehicle applications, and solar renewable energy.
On an Upward Trend
And true enough, India’s focus has been on the renewable energy segment, which is likely to influence energy security while addressing environmental concerns. As former Union Minister, Suresh Prabhu says: “The energy and environment are the two sides of the same coin. So how do you generate energy is going to be determining to what extent you are compromising, whether or not, with climate security, environmental concerns.” Also, recently, Pramod Sawant, Chief Minister of Goa, inaugurated a solar-based electrification programme for remote rural households in Goa – this suggests that the uptake for renewable applications is definitely present and ongoing.
But according to Kaur, from the Lithium-Ion battery manufacturer perspective, the thrust is also on rural electrification and smaller solar applications. Also, various schemes and departments are taking conscious effort to contribute. For instance – the Saubhagya Scheme, the Ajay Scheme, State Energy Development Agency under MNRE have been launching projects that collectively have been taking positive strides towards growth.
Future Shifts – What’s in store for India?
According to a recent report, India with a score of 66.2 has been ranked 3rd out of 40 countries in the 57th Renewable Energy Country Attractiveness Index (RECAI) – May 2021 – released by Ernst & Young Global Ltd (EY). The United States (US) topped the index, while China took the 2nd Rank. But from the country perspective, there are certain questions that need to be addressed. But in terms of dependence on raw materials, the country relies heavily on imports of important components such as Lithium cells, solar modules and electronics Every year, the industry ends up spending billions on imports and this value is increased by 3 times year on year.
Kaur points to a key requirement forecasted by NTPC, SECI, BSES projects for hybrid & other renewable energy storage projects, i.e. inverter & telecom tower market witnessed several renewable plus storage projects being floated. This, she says, will lead to an increase in demand for grid-scale and rooftop storages. Again, while drawing attention to policy and action, Kaur says that the indigenous supply chain is missing and that certain components required for end-to-end lithium-ion battery manufacturing are missing. The assessment brings us to a key question – Does India need a robust solar power policy to meet its renewable energy targets by 2030? Or do Indian manufacturers need to invest more time in research and development to enhance standardisation and bring about expertise in the field.
Future High-Tech Batteries Limited and work its work in Research and Development
Kaur highlights that Future High-Tech Batteries Limited prides in its expertise in research and development. She says: “The company’s growth and progress make us stronger and we attribute this to our R&D at cell Level.” The company prides itself in vast in-house manufacturing testing and R&D facilities to design, develop and produce lithium energy storage solutions.
To highlight a few solutions being provided by Future Hi-Tech Batteries Limited:
Future Hi-Tech has successfully ramped up the kind of innovation and technology being incorporated in its UPS inverter solutions. Today, power back-up is the need of the hour and has been increasing in market demand. As an Indian-first manufacturer, Future HI-Tech has developed its unique UPS and inverter solutions for energy storage. To name a few features, the product range is lithium-powered, portable, lightweight, easy to carry and is the best in its segment for urban and rural areas.
Additional product range of ESS lithium-ion batteries
Whether it maybe ESS modules and racks, Telecom Battery Modules, Powerhouse batteries, Future Hi-Tech has got you covered! The LFP based chemistry to the ranges of energy storage system is what makes it unique. With a modular design, the ESS modules and racks are designed to meet high energy storage capacities – 7 servers to even higher requirements.
Adding on Kaur points to a key differentiator when considering Future Hi-Tech Batteries and other manufacturers are that we do not copy paste technology, asserts Kaur. “We have had multiple successes and failures that we have learnt from, and that too we have worked our way from ground-up,” she adds. A key advantage to a robust investment into research and development is that we understand our highs and lows better and we are able to assess our field trials and this provides a very big advantage and is crucial to overall development.
To read more on each product segment, click here.
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