BANGALORE, India, Sept. 15, 2021 /PRNewswire/ -- Lithium-iron Phosphate Batteries Market by Type (Portable and Stationary), Capacity (0–16,250 mAh, 16,251–50,000 mAh, 50,001–100,000 mAh, and 100,001–540,000 mAh), and Application (Automotive, Power Generation, Industrial, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030. It is published in Valuates Reports under the Electronics & Electrical Category.
The global lithium-iron phosphate batteries market size was valued at USD 5.6 billion in 2020, and the lithium-iron phosphate batteries market is forecast to reach USD 9.9 billion by 2030 at a CAGR of 5.9% from 2021 to 2030.
Major factors driving the growth of lithium ion batteries are:
The principal factor driving demand for the lithium-iron phosphate batteries market is the increasing demand from the automotive industry, particularly electric vehicles and creative breakthroughs in lightweight materials.
Furthermore, throughout the forecast period, growth in sales of electric vehicles and energy storage across the globe is likely to generate significant opportunities for the lithium-iron phosphate batteries market.
Lithium-iron phosphate batteries have various advantages over other types of battery materials, including lighter weight technology, faster charging, longer cycle life, and reduced energy waste, all of which are pushing the lithium-iron phosphate batteries market worldwide.
TRENDS INFLUENCING THE GROWTH OF LITHIUM-IRON PHOSPHATE BATTERIES MARKET
During the projected period, growth in sales of electric vehicles and energy storage is expected to generate significant opportunities for the lithium-iron phosphate batteries market players. Manufacturers are concentrating their efforts on better solutions for individual needs, as well as technological improvements, in order to lower operating costs and increase the productivity of lithium-iron phosphate batteries. These criteria have enhanced the lithium-iron phosphate batteries market prospects in a variety of end-use applications, including automotive, industrial, and power generation.
Growing awareness of global warming has fuelled the demand for environmentally friendly batteries. LiFePO4 batteries are safer for the environment than lead-acid batteries since their electrodes are constructed of non-toxic elements. They may also be recycled for the materials used in their electrodes, wires, and casings, which can then be reused in new lithium batteries. Furthermore, LiFePO4 batteries, in comparison to other lithium battery technologies, use more available and non-toxic ingredients that require less energy to manufacture. LiFePO4 batteries are also a better alternative for electricity storage in zero-emission renewable electricity, wind, and solar power systems due to their performance and safety.
In comparison to other batteries, the lithium-iron phosphate battery has a high energy density, allowing it to be manufactured into battery packs of any size. Weather monitoring devices, ocean buoys, paddleboards, transportation systems, robotics, and other consumer items have all made use of it. During the projected period, the increased use of the above products around the world will create lucrative chances for the lithium-iron phosphate batteries market to develop.
However, higher up-front costs of lithium-iron phosphate batteries compared to alternative batteries, low reserve capacity, and concerns about battery damage if over or under-charged are projected to stymie lithium-iron phosphate battery sales during the forecast period.
By region, the Asia-Pacific regional market is projected to grow at the highest CAGR in terms of revenue, during the forecast period. The North American market is also likely to play an important role in driving the demand for lithium iron phosphate batteries.
By type, the portable segment accounted for the largest lithium-iron phosphate batteries market share in 2020 and will create abundant opportunities for growth till 2030. This is due to increased demand for LiFePO4 batteries from the automobile industry, which is the primary demand generator. However, as demand for renewable energy storage projects grows, the stationary application segment will compete with the portable application segment in the coming years.
Based on application, the automobile segment is likely to rise significantly in the next few years. Automotive manufacturers are putting a lot of effort into developing unconventional energy storage battery systems that can improve vehicle efficiency and performance. Lithium iron phosphate batteries are expected to be the most popular alternative energy storage battery technology due to their high energy density and extended cycle duration. As a result, rising demand for automobiles in nations like China is expected to drive up demand for lithium iron phosphate batteries.
We have introduced a tailor-made subscription for our customers. Please leave a note in the Comment Section to know about our subscription plans.
SIMILAR REPORTS :
- Global Fixed Lithium Iron Phosphate Battery Sales Market Research Report contains Market Size, Market Share, Market Dynamics, Porter's 5 force Analysis, Segmentation, Regional and Competitor Analysis. Product: Fixed Lithium Iron Phosphate Battery, Product-Type: 0–16, 250 mAh, 16, 251–50, 000 mAh, 50, 001–100, 000 mAh, 100, 001–540, 000 mAh, Application: Automotive, Power, Industrial, Others.
- In 2020, the global Lithium Iron Phosphate market size was USD 1050.7 million and it is expected to reach USD 1743.8 million by the end of 2027, with a CAGR of 7.3% during 2021-2027.TE
- Global Lithium Iron Phosphate (LiFePO4) Material Sales Market Research Report contains Market Size, Market Share, Market Dynamics, Porter's 5 force Analysis, Segmentation, Regional and Competitor Analysis. Product-Type: Ethylene carbonate, Phosphorus trichloride, Phosphorus pentachloride, Graphite, Lithium Fluoride, Lithium iron phosphate, Polyvinylidene Fluoride, Others, Application: Consumer Electronics, Electric and Hybrid Electric Vehicles, Renewable Energy Generation, Others.
- The Lithium Iron Phosphate (LiFePO4) Materials and Battery market is analysed and market size information is provided by regions (countries). Segment by Application, the Lithium Iron Phosphate (LiFePO4) Materials and Battery market is segmented into North America, Europe, China, Japan, Southeast Asia, India and Other Regions.
- The global lithium-ion battery market was valued at USD 36.7 billion in 2019, and is projected to hit USD129.3 billion by 2027, at a CAGR of 18.0% from 2020 to 2027.
- The global graphene battery market size was valued at USD 48.8 million in 2019 and is projected to reach USD 398.6 million by 2027, to register a CAGR of 31.2% during the forecast period.
Valuates offers in-depth market insights into various industries. Our extensive report repository is constantly updated to meet your changing industry analysis needs.
Our team of market analysts can help you select the best report covering your industry. We understand your niche region-specific requirements and that's why we offer customization of reports. With our customization in place, you can request for any particular information from a report that meets your market analysis needs.
To achieve a consistent view of the market, data is gathered from various primary and secondary sources, at each step, data triangulation methodologies are applied to reduce deviance and find a consistent view of the market. Each sample we share contains a detailed research methodology employed to generate the report. Please also reach our sales team to get the complete list of our data sources.