China’s advanced energy storage market will be worth $8.7 billion (£5.6bn) in 2025, according to a new study.
This figure is four times the current value of $1.7 billion (£1.1bn).
The rise is due to environmental problems, a growing auto industry and a big policy push, claims Lux Research.
The report shows total demand for energy storage will grow to 31GWh per year by 2025.
The share of transportation storage will increase to 29GWh and dominate the market with 7.4 billion (£4.78bn).
It adds stationary storage which will be driven by renewable energy, will rise to 2.3GWh and earn $1.3 billion (£0.84bn).
Overall, revenues will grow slower than volumes on account of continually falling battery and systems prices.
Lilia Xie, Lux Research Associate and lead author of the report said: “Besides understanding the market dynamics and producing cost-competitive products, most players in these markets will require strong partnerships to succeed.”