Energy storage technologies are poised for rapid growth, driven primarily by increased demand for electric vehicles (EVs) and grid storage. In this report, we update our market forecasts to predict demand for energy storage technologies through 2040 in both mobility and stationary storage applications. We find usage in EVs will drive the most growth — 92% of demand in 2040 — due to large pack sizes and a large addressable market. Stationary applications will capture dramatically less energy storage demand, but significantly higher system-level costs will capture nearly one-third of revenue in 2040. Though demand for energy storage is strong, the availability and costs of raw materials could limit the pace of this growth.
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