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New York, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Lithium Iron Phosphate Batteries Global Market Report 2022' -
Ltd., RELiON Batteries, Victron Energy B.V, China Sun Group, Valence Technology, Lithium Technology Corporation, Formosa Energy & Material Technology and Bharat Power Solutions.
The global lithium iron phosphate batteries market is expected to grow from $6.01 billion in 2021 to $6.68 billion in 2022 at a compound annual growth rate (CAGR) of 11.1%. The lithium iron phosphate batteries market is expected to grow to $11.13 billion in 2026 at a CAGR of 13.6%.
The lithium iron phosphate batteries market consists of sales of lithium iron phosphate batteries by entities (organizations, partnerships, sole traders) that refer to a type of lithium-ion battery, which uses lithium iron phosphate as the cathode material, and a graphitic carbon electrode with metallic support as the anode.Lithium iron phosphate is a chemical compound LiFePO4 or LFP, which has good electrochemical performance and low resistance.
The chemical cosmetic of LFP batteries gives them a high current rating, good thermal stability, and a long lifecycle.
The main lithium iron phosphate batteries power capacities include 0–16,250 mAh, 16,251–50,000 mAh, 50,001–100,000 mAh and 100,001–540,000 mAh.The 0–16,250 mAh batteries have a capacity of 0- 16,250 mAh and are used in lighter applications.
The different types of lithium iron phosphate batteries include portable and stationary for different industries including automotive, power, and industrial.
Asia Pacific was the largest region in the lithium iron phosphate batteries market in 2021. The regions covered in the lithium iron phosphate batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The lithium iron phosphate batteries market research report is one of a series of new reports that provides lithium iron phosphate batteries market statistics, including lithium iron phosphate batteries industry global market size, regional shares, competitors with a lithium iron phosphate batteries market share, detailed lithium iron phosphate batteries market segments, market trends and opportunities, and any further data you may need to thrive in the lithium iron phosphate batteries industry. This lithium iron phosphate batteries market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Increasing demand for electrical vehicles will propel the expansion of the lithium iron phosphate batteries market.Lithium iron phosphate (LFP) batteries are preferred in electric vehicles as they have a longer life and do not contain cobalt, reducing the cost of the battery, which allows manufacturers to lower the price of their electric vehicles.
According to World Resource Institute (WRI), EV sales grew from but 1% of the market share in 2010 to 54% of the market share in 2020.The global electric vehicle sales increased by 109% in 2021, over the previous year.
Hence, the increasing demand for electric vehicles is expected to drive the lithium iron phosphate batteries market in the forecast period.
Product innovation are shaping the lithium iron phosphate batteries market.Companies are creating new and innovative products to satisfy market needs.
For instance, in 2021, Chinese battery manufacturer, Guoxuan High-Tech Co Ltd., introduced a new high-energy-density lithium iron phosphate (LFP) lithium-ion battery cell rated at 210 Wh/kg, which is on par with NCM523 lithium-ion cells. The company used silicon anode materials and an in-house developed high-performance LFP cathode to enhance battery efficiency.
In March 2022, Reliance New Energy Limited, an Indian-based technology Company, acquired Lithium Werks, for $61 Million.The deal would help Reliance further strengthen its cell chemistry technology leadership and accelerate the setting up of multi-gigawatt-hour scale battery manufacturing in India.
Lithium Werks is a UK-based company that involved cobalt-free lithium battery technology.
The countries covered in the lithium iron phosphate batteries market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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