MANHASSET, NY The market for batteries, supercapacitors and fuel cells targeting transportation and smart grid applications will more than double from $21.4 billion in 2010 to $44.4 billion in 2015.
According to Lux Research, this growth is largely attributed to virtually every major automaker planning an electric vehicle launch, and governments worldwide funneling billions of dollars into smart grid technologies.
Lux Research analyzed the prospects for several technologies, including batteries, supercapacitors, fuel cells in transportation and storage, distributed generation, and transmission and distribution technologies on the power grid.
"Policy-makers, auto manufacturers and the media have locked their attention on battery technologies for plug-in and electric vehicles," said Jacob E. Grose, the report's lead author and a Lux Research analyst. "But in fact e-bikes and scooters will drive the biggest growth for these batteries in the next five years."
Lux Research conducted interviews with hundreds of companies developing technologies for transportation and the power grid and conculded the following:
Electric vehicle storage technology markets will nearly double from $7.7 billion in 2010 to $14.5 billion in 2015, a compound annual growth rate of 13.5 percent. Markets for electronic bike (e-bike) and scooter batteries will grow from $6.4 billion this year to $10.9 billion in 2015, a CAGR of 11 percent.
Lead-acid batteries will drive 93 percent of China's e-bikes in 2010, and dominate the micro-hybrid automotive market. Li-ion battery markets are growing almost three times faster than those for lead-acid, with a compound annual growth rate of 22 percent through 2015.
Markets for emerging technologies in the power grid will skyrocket from $13.7 billion in 2010 to $30 billion in 2015, a CAGR of 17 percent. Smart grids is the largest market, which will grow at a CAGR of 23 percent, from $5.4 billion this year to $15.8 billion in 2015.