The global energy storage market is expected to balloon over the next 15 years, according to a report released by Lux Research.
“The energy storage industry is poised for a massive increase in annual revenue and deployment capacity as key innovative technologies, such as solid-state batteries and flow batteries, reach commercialization,” said analyst Chloe Holzinger, one of the report’s lead authors.
The Boston-based company forecasts a global market of $546 billion in annual revenue by 2035. That’s up from $59 billion last year. Capacity will grow even faster, with annual combined deployment level 3,046 GWh over the next 15 years, up from the current 164 GWh and compound growth of 20% per year.
Electric mobility applications, driven primarily by an expected boom in passenger EVs, will make up the lion’s share of this growth and constitute nearly three-quarters of the overall market by 2035, thanks to annual expansion just shy of 19%.
In terms of deployed battery power per year, the vehicle segment will play an even more dominant role, making up 91% of the market by 2035.
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