Storage market to hit US$50 billion by 2020, study predicts
Release time:
2016-06-03
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.
Related News
On April 21, Serbia’s largest new-energy project currently under construction achieved a significant milestone: the first set of wind-turbine blades supplied by Shuangrui Composite Materials in collaboration with Dongfang Wind Power was successfully rolled off the production line. This not only lays a solid foundation for the project’s on-schedule delivery but also marks a phased success in the innovative practice of leveraging joint Party-building initiatives to overcome challenges in overseas collaboration under the Belt and Road Initiative.
2026-04-22
Recently, the General Office of the Ministry of Industry and Information Technology issued the "Notice on Promoting Typical Application Practices of 5G Factories," officially announcing the list of typical application practices for 5G factories in 2025. SunRui Composite Materials’ Jiangsu subsidiary successfully entered the typical application practice of 5G factories in the equipment industry, receiving national-level benchmark recognition.
2026-04-03
Recently, 15 models of wind turbine blades from Sunrui Composite Materials successfully obtained the Product Carbon Footprint Label Certification issued by the Beijing Jianheng Certification Center. This marks the first time that the company’s products have received this certification, signifying a milestone breakthrough for Sunrui Composite Materials on its journey toward green and low-carbon development and affixing a trustworthy, eco-friendly label to its blades.
2025-12-05
Recently, the Fujian Provincial Department of Industry and Information Technology released the list of 2025 projects for the integrated development of next-generation information technology and manufacturing. Sunrui Composite Materials was successfully recognized as a “Benchmark Enterprise for the Integrated Development of Next-Generation Information Technology and Manufacturing.”
2025-10-29
In the next five years, the global wind power industry will enter a new period of rapid development. Shuangrui Composite Materials will firmly implement the "Wind Energy Beijing Declaration 2.0" initiative, continue to uphold the service concept of "customer-centric", and work together in technology, production capacity, efficiency improvement and other dimensions to consolidate its core competitiveness.
2025-10-23
All rights reserved © Xiamen Sunrui Composite Materials Technology Co., Ltd. has supported ipv6