Nitin Gadkari stated today at the 8th edition of India Energy Storage Week (IESW) 2022 in Delhi that Electric Vehicles (EVs) are the future of transportation. Shri Nitin Gadkari, Minister of Road Transport and Highways of India (MoRTH) , opened the exhibition. Automobiles will be an important sector in the next years, and battery technology will be in high demand by 2030, supporting the Make in India effort. Gadkari claimed during the ceremony that all automobiles will be electrified within the next five years.
Demand for energy storage systems is likely to surge in the future years as the renewable energy sector expands. As a result, the new trend known as energy storage has witnessed tremendous expansion in order to increase the efficiency of the power sector. The energy storage sector is expected to grow at a The Compound Annual Growth Rate (CAGR) of roughly 24%.
We need storage to put renewable energy into battery storage, said Shri Nitin Gadkari, Minister of Road Transport and Highways (MoRTH), GoI. Battery standardization can hasten EV adoption; we also need standards for battery energy storage systems.
According to the India Energy Storage Alliance (IESA), the Indian EV market would develop at a compound annual growth rate (CAGR) of 36% till 2026. During the projected period, the EV battery market is estimated to grow at a 30% CAGR.
"I encourage everyone in the electric car industry to collaborate for the welfare of the country by finding creative solutions for a clean and green future. The India Energy Storage Week 2022 is a fantastic venue for all decision-makers to explore India's future potential," Gadkari said during the event.
In recent years, India has emerged as a worldwide leader in the green hydrogen and e-mobility industries, and significant efforts have been made to increase adoption rates, according to Dr. Rahul Walawalkar, Managing Director (MD), Customized Energy Solutions (CES) & President, India Electronics and Semiconductor Association (IESA), India. Because the future of e-mobility and its influence on the environment is a worldwide concern, there is a great need for suitable e-mobility standards and laws to enhance the ecosystem and make it a feasible alternative for people, Walawalkar noted.
IESW 2022 is IESA's flagship conference, which is supported by National Institution for Transforming India (NITI) Aayog, the Ministry of Road Transport and Highways, the Ministry of Heavy Industries, the Department of Chemicals and Petro-Chemicals, the Ministry of Power, and the Ministry of New and Renewable Energy.