Chicago, May 01, 2023 (GLOBE NEWSWIRE) -- Lithium Iron Phosphate Batteries Market size is projected to grow from USD 13.0 billion in 2022 to USD 24.6 billion by 2027, at a CAGR of 13.7% according to a new report by MarketsandMarkets™. The factors driving the growth for Lithium Iron Phosphate Batteries Market is the rise in demand for lithium iron phosphates from the automotive industry, especially the EV application. The rise in demand for lithium iron phosphates batteries from the automotive industry, especially the EV application, is the primary driver of market growth. On the contrary, the environmental concerns associated with the disposal of LFP batteries is expected to restrain the growth of the market.
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Scope of the Report
| Report Metric | Details |
| Lithium Iron Phosphate Batteries Market Size Values |
|
| Base Year | 2022 |
| Forecast Period | 2022–2027 |
| Forecast Unit | Value (USD Billion) |
| Segments Covered | Design, Capacity, Industry, Application, Voltage and region |
| Geographic Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa and South America |
| Companies Covered | BYD Company Ltd. (China), Contemporary Amperex Technology Co., Limited. (China), A123 Systems LLC (US), SHENZHEN TAICO TECHNOLOGY CO., LTD. (China), K2 Energy (US), Lithium Werks Inc. (China), BSLBATT (China), Electric Vehicle Power System Technology Co., Ltd (China), Benergy Tech Co. Ltd (Hong Kong), RELiON Batteries (US), Bharat Power Solutions (US), Victron Energy (Netherlands), KAYO Battery (Shenzhen) Company Limited (China), Karacus Energy Pvt. Ltd. (India), EverExceed Industrial Co., Ltd (China), OptimumNano Energy Co.,Ltd. (China), Ultralife India. (India), Epec, LLC. (US), Shenzhen Eastar Battery Co., Ltd (China) and Shenzhen Cyclen Technology Co.,Ltd (China) |
The Lithium Iron Phosphate Batteries Market, by design, is segmented into cells and battery packs. The battery packs segment is expected to be the largest segment for the Lithium Iron Phosphate Batteries Market, by design, during the forecast period. The high adoption rate of these type of batteries can be attributed to the increasing demand from EV manufacturers.
The Lithium Iron Phosphate Batteries Market, by capacity, is segmented into 0–16,250 mAh, 16,251–50,000 mAh, 50,001–100,000 mAh and 100,001–540,000 mAh. The 100,001–540,000 mAh segment is expected to hold the largest size of the market for Lithium Iron Phosphate Batteries Market. The high demand from the automotive industry and the rising demand from the power industry for energy storage systems is expected to reinforce the growth of the segment.
The Lithium Iron Phosphate Batteries Market, by voltage, is segmented, into low (below 12V), medium (12V–36V) and high (above 36V). The high (above 36V) segment is expected to hold the largest size of the market for lithium iron phosphate during the forecast period. The higher market share of the high (above 36V) segment can be attributed to its superior operational efficiency.
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The Asia Pacific region is estimated to hold the largest share of the global Lithium Iron Phosphate Batteries Market and is also projected to be the fastest-growing market during the forecast period. The presence of large number of manufacturers in China coupled with the increasing adoption of electrified transportation solution across the region is expected to drive the market in Asia Pacific.
Investments concerning LFP batteries by key global players
There has been a tremendous increase in the R&D initiatives undertaken by battery manufacturers for developing LFP batteries and enhancing their cell production capabilities. For instance, on the leading global LFP manufacturers Contemporary Amperex Technology Co. Limited (CATL), in 2021, is equipped with a cell production capacity of ~200 GWh and have planned to increase the capacity to over ~500 Gwh by 2025. Similarly, key global players of the LFP market are also witnessed to increase their R&D spendings and investment in enhancing the portfolio. Further, owing to the increase in the application of LFP batteries, market participants are also witnessed to expand and invest in the development of facilities to accommodate the potential growth in demand. For instance, American Battery Factory (ABF), a SME based out of the US, set up a network of LFP battery gigafactories across the U.S. Investments, capacity additions and various strategic expansion employed by these market players provide lucrative growth opportunity for the LFP battery market.
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Key Market Players
The Lithium Iron Phosphate Batteries Market is served by a mix of large international players with operational presence across the globe and local players commanding a strong supply network in the domestic market. The leading players in the global Lithium Iron Phosphate Batteries Market include BYD Company Ltd. (China), Contemporary Amperex Technology Co., Limited. (China), K2 Energy (US), A123 Systems (US) And Lithium Werks Inc. (China).
Recent Developments
- In August 2022, Lithium Werks Inc. inaugurated the largest North American based Cathode Powder and Electrode production facility for lithium batteries.
- In May 2022, Arun Plus Company Limited and Contemporary Amperex Technology Co., Limited have signed a strategic MOU to explore potential cooperation and development opportunities in battery-related business in ASEAN market.
- In April 2022, BYD Company Ltd. had planned the construction of a new production facility in Zhejiang, China.
- In December 2021, Byd Company Ltd. has released plans to increase battery production capacities in Jiangxi province, China.
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