Lux Research has found that EVs present the greatest energy storage opportunities as they will still use $6.3bn worth of market even though with modest sales of 440,000 units.
The research firm predicts that the US will initially lead EV sales for most of the decade peaking at 167,000 units in 2019 before China takes over as subsidies in America restrain.
The report, titled Finding Growth Opportunities in the $50 Billion Energy Storage Market, said that demand for storage technologies in transportation applications will grow faster than for consumer electronics, becoming a $21bn market by 2020.
Driven by solar integration, Lux said that residential represents the biggest opportunity in stationary energy storage applications, jumping from less than $0.1bn to $1.2bn in 2020.
Lux Research analyst and lead author of the report Cosmin Laslau said: "The automotive market is well on its way to displacing consumer electronics as the biggest user of energy storage.
"As that happens, it will lead to further scale and a new round of cost reductions, which will impact stationary applications as well."
Lux Research added that the faster growth of transportation applications will close the gap with electronics, which still will remain the single largest market valued at $27bn.
