Lithium Iron Phosphate Batteries - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Lithium Iron Phosphate Batteries Market is accounted for $7.90 billion in 2018 and is expected to reach $13.35 billion by 2027 growing at a CAGR of 6%. Increasing adoption of electric and hybrid electric vehicles and rising demand for energy storage applications are likely to boost the growth of the market. However, they require protection from being over charged and discharged too far is likely to hamper the profit boundaries.
Lithium Iron Phosphate (LiFePO4) is a Li-Iron rechargeable battery used for high power applications. Lithium iron phosphate batteries offer high efficiency and service life without the need to be fully charged. Some advantages offered by lithium iron phosphate batteries include wide operating temperature range, high cycling performance, low internal resistance, and high efficiency among others. Lithium iron phosphate batteries offer improved electrochemical performance with low resistance owing to nano-scale phosphate cathode material. These batteries offer advantages such high current rating and long cycle life, good thermal stability, enhanced safety and tolerance among others. Owing to their constant voltage and safe discharge, these batteries are used in cars, bicycles and solar devices.
Based on the application, battery segment is estimated to be the largest during the forecast period. The growth is attributed to the rising demand for renewable energy storage applications. It is the second-largest market in terms of demand for lithium iron phosphate batteries after automotive.
By geography, The Middle East & African market is projected to be the fastest-growing market during the forecast period owing to rising investments in renewable energy grid infrastructure development.
Some of the key players in the Lithium Iron Phosphate Batteries market include BYD, Victron Energy, Victory Batteries Technology, Shenzhen Bak Technology, Relion, Power Sonic, Pihsiang Energy Technology, Optimumnano Energy, Lithiumwerks, Energy, Electric Vehicle Power System Technology, Contemporary Amperex Technology, Bharat Power Solution, Bestgo, Benergy and A123 Systems
Product Types Covered:
• Lithium Cobalt Oxide
• Lithium Nickel Manganese Cobalt
• Lithium Manganese Oxide
• Lithium Iron Phosphate
• Other Product Types
Power Capacity's Covered:
• 0 to 16,250 mAh
• 16,251-50,000 mAh
• 50,001-100,000 mAh
• 100,001-540,000 mAh
• Standalone Software
• Other Components
• Up to 3.2 V
• Between 3.2V to 12 V
• Between 12V to 19 V
• Above 19V
• Glass & Ceramics
• Energy Storage
• Electric Vehicles
• Aluminum Smelting & Alloy
• Air Treatment
• Other Applications
End Users Covered:
• Consumer Electronics
• Other End Users
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2017, 2018, 2019, 2023 and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic analysis: Drivers and Constraints, Product/Technology Analysis, Porter’s five forces analysis, SWOT analysis etc.
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
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