The global energy storage market is expected to grow to $546 billion (£424bn) in annual revenue by 2035, according to a report released by Lux Research.

The report estimates battery deployment across mobility applications, electronic devices and stationary storage will reach an annual level of 3,046GWh during the next 15 years, up from the current 164GWh.

It is expected plug-in light-duty vehicles will remain the largest market with a predicted $24 billion (£18.6bn) increase in revenue by the end of 2022 with medium- and heavy-duty vehicles following, growing from $600 million (£466m) a year in 2019 to a projected $3.6 billion (£2.7bn) per year in 2022.

Mobility applications will continue to drive the growth for energy storage through 2035 with personal mobility devices expected to increase to $43.7 billion (£33.9bn) from their current $2 billion (£1.5bn) in revenue.

Meanwhile, energy storage demand for electronic device applications is expected to remain the same as the markets for laptops, cell phones and tablets are already saturated.

Chloe Holzinger, one of the report’s lead authors, said: “The energy storage industry is poised for a massive increase as key innovative technologies, such as solid-state batteries and flow batteries, reach commercialisation.

“We expect electric mobility applications to be the principal driver of energy storage annual revenue and demand, with a total market share of 74% by annual revenue and 91% by annual deployed GWh by the year 2035.”