According to Lux Research, the energy storage market will grow from US$30 billion today to surpass US$100 billion by 2025.
The highest growth opportunity is in stationary energy storage where grid-scale utility storage is the largest opportunity. India and China are expected to be the largest long-term markets, although North America and Europe are the most pressing opportunities.
While, consumer electronics remain a large market in the short term with overall demand increases due mostly to increasing battery capacities used in devices, rather than increasing device sales. The opportunities for growth are limited.
Opportunities in transportation are the largest in volume, by way of strong EV sales. EVs are the biggest opportunity in all transportation applications, while personal mobility such as electric bikes and scooters turn to Li-ion instead of lead-acid and the popularity arises in Europe.
In 2016, Malaysia is the 11th top global exporter for batteries despite the country has high deficit (-USD129.4 million) in international trade where the country imports more batteries than what it can produced/exports.
Malaysia is exporting USD152 million worth of batteries product & contributing 2.1% of global total export value in 2016 where most of the products are exported to Germany (22%), US (29%) & Singapore (22%).