Driven by Plug-Ins, Transportation Applications Will Be Worth $21 billion, Closing the Gap on Electronics' $27 Billion Market, Lux Research Says
BOSTON, MA--(Marketwired - Jul 15, 2014) - Energy storage, driven largely by electronics and plug-in vehicles, will grow at a compound annual growth rate of 8% to $50 billion in 2020, with dramatic shifts coming from the transportation industry, according to Lux Research.
Transportation applications will outpace electronics growth -- attaining an 11% CAGR to become a $21 billion market by the end of the decade. Its faster growth will close the gap with electronics, which still will remain the single largest market valued at $27 billion. The market for stationary applications will be worth $2.8 billion, as it awaits cost breakthroughs.
Additionally, incremental evolutions like start-stop technology are leading to significant changes in the energy storage market. With global sales of 59 million, a 53% market share and $6.1 billion in annual revenue, micro-hybrids will, for the first time, overtake the conventional internal combustion engine and emerge the most popular drivetrain by 2020.
"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 titled, "Finding Growth Opportunities in the $50 Billion Energy Storage Market."
Lux Research analysts evaluated opportunities as the energy storage market exhibits tremendous growth and significant shifts. Among their findings:
The report, titled "Finding Growth Opportunities in the $50 Billion Energy Storage Market," is part of the Lux Research Energy Storage Intelligence service.
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Lux Research, Inc.
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