The energy storage market is expected to grow to $546 billion in annual revenue by 2035, according to a new report from Lux Research. Lux estimates that the three main drivers of energy storage—mobility applications (BEVs and FCEVs), electronic devices, and stationary storage—will reach an annual combined deployment level of 3,046 GWh over the next 15 years, up from the current 164 GWh, with mobility applications responsible for the bulk of the increase. 

The study predicts that the EV battery market will grow from its present $2 billion to more than $400 billion by 2035. The report also identifies five major technologies that are well-positioned to drive growth in energy storage markets: battery recycling, electric aviation, flow batteries, thin-film batteries and solid-state battery improvements.

Source: Lux Research