A boom in the use of electric vehicles will help push the energy storage market to US$50 billion by 2020, a study by Lux Research has concluded.
Demand for storage technologies in transportation applications will grow faster than for consumer electronics, becoming a US$21 billion market by 2020, while solar integration will represent the largest slice of the 'stationary' storage market.
Electronics will remain the largest single market for storage in 2020, however, at US$27 billion, found the Lux report entitled ‘Finding Growth Opportunities in the $50 Billion Energy Storage Market’.
“The automotive market is well on its way to displacing consumer electronics as the biggest user of energy storage. As that happens, it will lead to further scale and a new round of cost reductions, which will impact stationary applications as well,” said Cosmin Laslau, Lux Research analyst and the lead author of the report.
A full version of this story can be found on PV Tech Storage.