Energy storage is set to take an increasingly central role in the global economy, growing almost tenfold over the next decade and a half, new research suggests.

The total energy storage market is expected to grow to $546 billion in annual revenue by 2035, up from just $59 billion in 2019, according to a report released by Lux Research.

Electric vehicles will be the main long-term driver of annual revenue and demand in the sector, with a 2035 total market share of 74% by annual revenue and 91% by demand as regulations on petrol and diesel vehicles tighten and auto makers start to ramp up demand in response.

Meanwhile, the stationary storage market will surpass the electronic devices market as early as 2023, when it is projected to become a $30 billion industry of 52 GWh in installations. The sector is driven by the need to support the rapidly growing amounts of renewable energy being deployed around the world, to meet grid storage mandates and it is also tapping into new revenue streams through application stacking.

Read more: Forbes