Energy storage systems set to undergo rapid development
The US research company Lux Research expects annual sales in the energy storage market to grow to over USD 500 billion by 2035, with mobility applications accounting for the lion’s share of the increase.28 Mar 2020 Barbara Rusch
The annual global energy storage demand is expected to rise from 164 to 3064 GWh by 2035. This is what Lux Research estimates in its Global Energy Storage Market 2019 report, forecasting annual sales of USD 546 billion in 2035. Its mobility applications account for most of this: according to the experts, the market for small mobile devices will grow to a volume of around USD 111 billion (EUR 99 billion) and 15.2 GWh; the volume was USD 9.1 billion (EUR 81 billion) in 2019. In contrast, Lux Research expects demand for electronic devices to stagnate, as the markets for laptops, mobile phones and tablets should already be saturated by then.
According to analyst Chloe Holzinger, the energy storage industry is “poised for a massive increase in annual revenues and deployment capacity as innovative key technologies such as solid-state and redox flow batteries are set to be commercialized.” The report states that five main technologies will drive the growth in energy storage systems: battery recycling, electric aircraft, redox flow and thin film batteries, as well as improvements in solid-state batteries.
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