Growth in revenue and deployment for the energy storage market over the next three years will be markedly different from the overall 2035 projections, with plug-in light-duty vehicles remaining the largest market with a predicted $24 billion increase in revenue by the end of 2022. Medium- and heavy-duty vehicles come in next, growing from $600 million a year in 2019 to a projected $3.6 billion per year in 2022, but have the highest combined annual growth rate (CAGR) of 80%. Residential storage has a CAGR of 76% and $8 billion revenue increase over the next three years, followed by personal mobility with a CAGR of $49% and $4.6 billion revenue increase.
Mobility applications remain the long-term growth and demand driver for energy storage through 2035, with personal mobility devices expected to increase to $43.7 billion from their current $2 billion in revenue. Stationary storage is expected to grow to $111.8 billion in revenue by 2035, marking a significant increase from its $9.1 billion revenue in 2019. Meanwhile, energy storage demand for electronic device applications is expected to remain flat over the next 15 years with a CAGR of only 1.9%, as the markets for laptops, cell phones, and tablets are already saturated, leaving growth pegged primarily to population increase.
The report 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.
