Energy storage is set to take an increasingly central role in the global economy, growing almost tenfold over the next decade and a half, new research suggests.
The total energy storage market is expected to grow to $546 billion in annual revenue by 2035, up from just $59 billion in 2019, according to a report released by Lux Research.
Electric vehicles will be the main long-term driver of annual revenue and demand in the sector, with a 2035 total market share of 74% by annual revenue and 91% by demand as regulations on petrol and diesel vehicles tighten and auto makers start to ramp up demand in response.
