The battery market is set to break half a trillion dollars by 2035. These are the top 6 industries that will fuel that eye-popping growth.

Reuters

The explosive growth in the battery market is driven largely by the electric vehicle industry, according to the research firm Lux Research. Here, Tesla's battery powered Cybertruck.

• The battery industry will reach $546 billion by 2035, up from just $59 billion in 2019, according to the tech research firm Lux Research.
• The rapid adoption of lightweight electric cars is behind much of that growth, as is the increasing popularity of residential batteries sold by companies including Tesla and Sunrun.
• Lithium-ion will remain the dominant battery chemistry for years to come, though new, more energy-dense versions are gaining market share.
• Business Insider compiled a list of the top 6 industries - from EVs to e-scooters - that are powering the battery market ahead.
• Click here for more BI Prime stories.

Batteries are the backbone of the global energy transition - storing power when the wind doesn't blow, electrifying cars and buses, and keeping homes lit when the grid goes down. So it's no surprise that the industry is set to soar.

In the next 15 years, revenue from the global battery industry expected to reach $546 billion, up from a mere $59 billion last year, according to the tech research firm Lux Research. That represents an increase of more than 900%.

Venture capital investment in batteries is also on the ascent, as Business Insider reported earlier this year.

Lithium-ion batteries are projected to drive much of that growth, though new versions of these batteries made with silicon anodes or sheets of lithium metal are expected to amass considerable market share leading up to 2035, Chloe Holzinger, a researcher at Lux, told Business Insider.

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Of that half-a-trillion-dollar market, most of the revenue will come from just one industry: Electric vehicles.

"Everybody is pursuing the electric vehicle market," Holzinger told Business Insider.

But there are other, lesser-known industries behind the market's growth - and they're shaping the future of energy.

Using data from Lux Research, Business Insider compiled a list of the top six battery industries, by projected growth in revenue over the next 15 years.

The numbers include electrochemical batteries, but not other forms of energy storage, such as hydro or mechanical.