Techno World Grid-Connected-Battery-Energy-Storage-Market | Page 2

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.
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, rising government initiative for
increasing production of renewable energy have also accelerated growth of the market in this
region. For instance, according to Indian Brand Equity Foundation, the Indian government
released its road map to achieve 175 GW capacity in renewable energy by 2022, in which 100
GW is for solar power and 60 GW is of wind power. Similarly, in 2017, the China government
announced plans to invest US$ 360 billion in renewable energy by 2020.