was 5.5 million Giga watt hour up from 5.3 million Giga watt hour in 2014. Hence, this increasing
production of renewable energy has accelerated growth of the market, globally.
Lithium-ion battery segment held the dominant position in the global grid connected battery
storage market in 2017
Lithium-ion battery held the dominant position in the market in 2017 and is expected to retain
its dominance throughout the forecast period. Due to advantages of Lithium ion battery such as
high energy density, low self-discharge, low maintenance have accelerated the segment in the
market. Lithium ion battery are deployed in wide range of application such as from small scale
batteries used in residential systems to multi-megawatt batteries used for utility application. In
addition to this, due to advantage of high energy density and power density and declining cost
of lithium ion battery is a major factor for growth of the segment in the grid connected battery
market.
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Asia Pacific held the dominant position in the grid connected battery market in 2017
On the basis of geography, the grid connected battery market is segmented into North America,
Europe, Asia Pacific, Latin America, Middle East, and Africa. The grid connected battery market
in Asia Pacific region held the dominant position in the global market in 2017 and is projected
to retain its dominance throughout the forecast period. China, India, and Japan are growth
engines in the grid connected batteries market in Asia Pacific. Increasing investment in smart
city initiatives is one of the key driving factors for growth of the grid connected battery storage
market in the region. The integration of smart grid technology for the development of advanced
electric transmission and distribution infrastructure in smart cities have accelerated the market
in this region. For instance, according to the Indian government Union Budget 2018-19, the
government has selected 99 cities under the smart city mission and will provide a fund of US$
3.1 billion for the development of these cities. Moreover, increasing electricity production in
Asia Pacific countries have also accelerated demand for grid connected battery storage. For
instance, according to Coherent Market Insights, in 2017, India produced 1,156 terawatt hours
electricity up from 1,098 terawatt hours in 2016. In 2017, 16% of the total electricity produced
by renewable resources in India. Similarly, in 2017, China produced 6,529 terawatt hours up
from 6165 terawatt hours in 2016. Hence, this increasing production of electricity have
accelerated growth of the market of grid connected battery in this region. In addition to this,