Adoption of new technologies in the energy sector in India would help the country boost its economy and could reach out to 80-110 million more people by 2025 besides curbing 180 million to 220 million tons of carbon emissions, a research firm report said.
According to the December 2014 report from research firm McKinsey & Co, the adoption of smart metering and technologies for advanced energy storage for unconventional oil and gas and solar energy can generate a market valuation between $21 billion to $27 billion by 2025 with technologies in solar scaling up to four percent of total electricity supply in the country.
"The combined economic impact of the energy technologies that we size could be $50 billion to $95 billion per year in 2025, including $3 billion to $24 billion in annual value from avoided carbon emissions," the report said.
According to the report, the largest potential impact is smart metering, which is estimated to save the country $15 billion to $20 billion per year in 2025 in reduced transmission losses.
Additionally, it is estimated that there would be further savings from reduced load on the grid and shorter outages.
The next-largest contribution will come in from technologies which can increase the efficiency of energy generation and production.
"We estimate that India's energy intensity could be improved from 56 cents per kilogram of oil equivalent per dollar of GDP today to about 50 cents in 2025. Energy storage could create $5 billion to $10 billion of annual impact in 2025," the report said.
