Consumer electronics have traditionally driven the demand for energy storage devices, but transportation and stationary applications will soon become the largest storage markets, according to Lux Research.
By 2025 the energy storage market will top $100 billion, with applications in transportation alone reaching $69 billion, Lux forecasts. The highest growth rate will be in stationary storage for electrical grid applications, which will reach $19 billion in 2025.
Transportation applications are already the largest source of energy storage demand – they are expected to reach 46 GWh in 2017, compared to 27 GWh for consumer electronics.
Within the transportation market, the applications that will drive the highest revenues are those using the largest battery packs: passenger EVs and electric buses. Passenger EVs will be worth $32 billion in 2025, according to Lux. Electric buses will see a faster rate of adoption, but with fewer total vehicles sold, will remain the second-largest market segment, growing to a $9.7-billion opportunity in 2025.
Lux expects plug-in vehicles to face volatile sales as global subsidies expire, while 48 V hybrids emerge as a winning technology for automakers. Eventually, the transportation and stationary sectors will converge as new opportunities emerge in vehicle-to-X (V2X) concepts.