Energy storage to grow to $546B by 2035: Lux Research

The global energy storage market is projected to grow to $546 billion by the year 2035, according to a new recent report by Florida-based Lux Research.

One of the largest markets with an expected 76% compound annual growth rate and an increase in revenues of $8 billion in the next three years is residential storage, Kallanish Energy has learned.

Residential storage and plug-in vehicles are expected to account for most of that global growth, Lux Research said.

Analyst and report author Chloe Holzinger said that the energy storage market as a whole is “poised for a massive increase in annual revenue and deployment capacity.

Innovative technologies reaching commercialization will drive that increase, the company said.

The report cited NeoVolta, Tesla, SolarEdge and Enphase Energy as being among the most active companies in the industry.

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