Energy storage market to touch $546 billion by 2035, predicts Lux Research

Kolkata: The total energy storage market is expected to grow to $546 billion in annual revenue by 2035, according to a report released by Lux Research.

Lux Research estimates that the three main drivers of energy storage – mobility applications, 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 making up the lion’s share of the growth.

“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 from LuxNSE -1.56 % Research.