Dublin, Sept. 14, 2022 (GLOBE NEWSWIRE) -- The "Lithium Iron Phosphate Battery Market, By Power Capacity, By Application, By Industry Vertical, and By Region Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global lithium iron phosphate battery market size is expected to reach USD 15.09 Billion in 2030 and register a revenue CAGR of 5.3% over the forecast period, according to latest report. The market is anticipated to be driven by the growth in demand for these batteries from various end-use industries, such as marine, automotive, and healthcare.
The batteries are used extensively in electric vehicles due to their durability and safety features. Additionally, firms are investing substantially in research and development activities related to batteries with a view to expand their product portfolios. The rising focus on research and development is expected to create growth opportunities for market players operating in the space.
High demand for lithium iron phosphate batteries in energy storage devices and electric vehicles is projected to propel the growth of the lithium iron phosphate battery market. The continuous research and development activities undertaken by key manufacturers to develop advanced batteries are also expected to fuel the demand for these batteries in the next few years.
In recent years, the adoption of electric vehicles has been on the rise globally as countries look to reduce their dependence on fossil fuels and curb emissions. This has resulted in increased demand for batteries, with lithium-ion batteries being the most popular type. Lithium iron phosphate (LFP) batteries are a type of lithium-ion batteries that have several advantages over other types, such as longer life span and higher safety.
The increase in global investments in renewable energy projects is one of the major factors driving the growth of the lithium iron phosphate battery market. The governments of various countries are promoting the use of renewable energy sources to reduce dependency on fossil fuels. This is expected to result in increased demand for lithium iron phosphate batteries from the renewable energy sector.
In 2020, Asia-Pacific accounted for the largest revenue share of approximately 45.2% in the global lithium iron phosphate battery market. The robust presence of manufacturing firms and the rise in demand from end-use industries are some of the major factors driving the market in the region. Additionally, the Asia-Pacific is anticipated to be the fastest-growing regional market over the forecast period owing to the expanding automotive industry and growing demand for electric vehicles in countries, such as China and India.
Market Dynamics
Market Drivers
- Rising Demand for Electric Vehicles
- High Demand for Lithium Iron Phosphate Batteries in Energy Storage Devices
- Increasing Environmental Concerns
- Rising Manufacturing Capacities for Lithium Iron Phosphate Batteries Worldwide
Market Restraints
- Lack of Investments
- Technological Drawbacks of Lithium Iron Phosphate Batteries
- Low Energy Density
- Rising Demand for Other Batteries
Market Segmentation
Power Capacity Outlook (Revenue, USD Billion; 2019-2030)
- Up to 16,250 mAh
- 16,251-50,000 mAh
- 50,001-100,000 mAh
- 100,001-540,000 mAh
Application Outlook (Revenue, USD Billion; 2019-2030)
- Portable
- Stationary
Industry Vertical Outlook (Revenue, USD Billion; 2019-2030)
- Automotive
- Power Generation
- Industrial
- Others
Regional Outlook (Revenue, USD Billion; 2019-2030)
Key Topics Covered:
Chapter 1. Market Synopsis
Chapter 2. Executive Summary
Chapter 3. Indicative Metrics
Chapter 4. Lithium Iron Phosphate Battery Market Segmentation & Impact Analysis
Chapter 5. Lithium Iron Phosphate Battery Market By Power Capacity Insights & Trends
Chapter 6. Lithium Iron Phosphate Battery Market By Application Insights & Trends
Chapter 7. Lithium Iron Phosphate Battery Market By Industry Vertical Insights & Trends
Chapter 8. Lithium Iron Phosphate Battery Market Regional Outlook
Chapter 9. Competitive Landscape
Chapter 10. Company Profiles
Companies Mentioned
- K2 Energy Solutions Inc.
- BYD Company Ltd.
- A123 Systems LLC
- Electric Vehicle Power System Technology Co. Ltd.
- RELiON Battery LLC
- OptimumNano Energy Co Ltd.
- LiFeBATT Inc.
- Lithium Werks B.V.
- Pihsiang Energy Technology Co. Ltd.
- Power-Sonic Corporation
- Contemporary Amperex Technology Co. Ltd
- Benergy Tech Co. Ltd.
- KAYO Battery (Shenzhen) Company Limited
- Bestgo Battery Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/if6l1r
