New York, US, Feb. 20, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Lithium Iron Phosphate Batteries Market Research Report Information By Power Capacity, By Industry, By Voltage, By Application, And By Region – Market Forecast Till 2030”, The global lithium iron phosphate batteries market will touch USD 15.33 billion at a 4.97% CAGR by 2030, according to the current Market Research Future report.
Lithium Iron Phosphate Batteries Market Analysis
The main factor driving the industry's growth is the growing usage of lithium iron phosphate battery in EVs because of its special qualities, including improved energy efficiency, a long life cycle, high power, and energy density.
Prominent market players profiled in the lithium iron phosphate batteries market report includes,
- Victron Energy (Netherlands)
- Contemporary Amperex Technology (China)
- Lithium Werks (Netherlands)
- Bharat Power Solution (India) Power Sonic Corporation (US)
- RELiON Batteries (US)
- K2 Energy (US)
- A123 Systems (US)
- Electric Vehicle Power System Technology Co. Ltd. (China)
- BYD (China)
- Shenzhen Bak Technology (China)
- Greensun Solar Energy Tech Co. Limited (China).
- Among others.
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Strict government regulations put in place to limit rising pollutant concentrations have forced industries to employ lithium-ion batteries. The electricity industry is attempting to generate clean energy and store it for use later on. Additionally, because of their low cost, low discharge rate, and small deployment area, lithium-ion batteries are being used more and more in network and electricity storage systems. Due to its increased resilience to severe temperatures, the item is perfect for use in remote places and thermal management systems.
Lithium Iron Phosphate Batteries Market Restraints and Challenges
Concerns about Reliability to act as Market Restraint
Growing concerns about reliability and safety, high price of battery, and technical issues may act as market restraints over the forecast period.
|Market Size 2030||USD 15.33 billion|
|CAGR during 2022-2030||4.97% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Power Capacity, Industry, Voltage, Application, and Region|
|Key Market Opportunities||Rising Increasing demand for lithium iron phosphate batteries in electric and hybrid electric vehicles|
|Key Market Dynamics||Strict regulations government policies to curb pollution|
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Lithium Iron Phosphate Batteries Market Segmentation
The lithium iron phosphate batteries market has been bifurcated based on application, voltage, industry, and power capacity.
By power capacity, the 16,250-50,000 mAh will lead the market in the assessment period for its extensive use in the auto industry.
By industry, automotive will dominate the market over the forecast period as worldwide government bodies are laying emphasis to adopt EVs.
By voltage, the 12-20KV will spearhead the market over the forecast period.
By application, the portable segment will grab the lions share in the market in the assessment period for the increasing use of portable lithium ion phosphate batteries especially in the auto industry.
For a brief time, the COVID-19 outbreak possessed a detrimental effect on the global market expansion. The COVID 19 pandemic has possessed a negative impact on the world economy and weakened GDP in global economies, changing consumer spending patterns around the world. Some of the difficulties included the shutdown of original equipment manufacturers, a labor shortage, and a lack of raw materials, all of which had an immediate effect on the world's producers of lithium-iron phosphate batteries. Thus, it is anticipated that the aforementioned reasons will currently restrain the expansion of the global market.
Lithium Iron Phosphate Batteries Market Regional Analysis
APAC to Head Lithium Iron Phosphate Batteries Market
The market in the Asia-Pacific region had sales of USD 4.56 billion in 2021 and is anticipated to increase at a substantial CAGR throughout the research period. This is a result of electric vehicles becoming more and more popular. It's feasible that producers in Japan, Australia, China, and India will spend money on LFP cells. The increased demand for computers, cellphones, and other electrical devices throughout the Asia Pacific may present chances for such energy producers to expand. Additionally, the India market was expanding at the quickest rate in the Asia-Pacific region, while China's market for these batteries had the greatest market share.
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Due to the country's established automotive industry and growing demand for consumer electronics, the region is predicted to have significant growth over the projected period. Along with strict government controls, a growing need for consumer electronics especially from nations like China, India, and Japan will drive market expansion throughout the area. Due to the growing acceptance of electric vehicles, the market in the Asia-Pacific region is anticipated to grow. It's feasible that producers in Japan, Australia, China, and India will spend money on LFP cells. The increased demand for computers, cellphones, and other electrical devices across the Asia Pacific may present chances for such energy producers to expand.
Europe to Have Admirable Growth in Lithium Iron Phosphate Batteries Market
Due to the availability of cutting-edge technology demand and governmental regulations for meeting the zero emission objective prior to 2050, manufacturers increased their spending in Germany and the United Kingdom, where the market for lithium iron phosphate batteries in Europe holds the second-largest market share. Additionally, the UK lithium iron phosphate batteries market was expanding at the fastest rate in the European region, while the Germany market held the greatest market share. The growing use of electric vehicles, which is encouraged by regulations in every country, is one of the primary factors boosting development potential. In turn, this boosts the market for lithium iron phosphate batteries and creates expansion potential for all major battery producers in the region.
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February 2023- A novel lithium iron phosphate (LiFePO4) battery storage system has been created by Canadian energy storage expert Discover Battery for home backup power, residential off-grid solar, and microgrids. The nominal voltage and capacity of the Element system are 51.2 V and 100 Ah, respectively. A BMS-managed heat mat is an optional feature for the Element ESS battery module that enables use in cold areas.
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