Global Lithium Iron Phosphate Batteries Market Report 2023: Rising Need for Energy Storage Systems Drives Growth
DUBLIN, May 8, 2023 /PRNewswire/ — The “Global Lithium Iron Phosphate Batteries Market Report and Forecast 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global lithium iron phosphate batteries market attained a value of USD 19655.43 million in 2022. Aided by the rapid adoption of electric vehicles and the growing need for energy storage systems, the market is expected to grow at a CAGR of 28.5% between 2023 and 2028 to reach a value of USD 90589.47 million by 2028.
Lithium iron phosphate (LiFePO4) is used as the cathode material in lithium-ion rechargeable batteries. These batteries offer numerous advantages, such as high thermal stability, improved safety, and a longer cycle life compared to other lithium-ion batteries. Their applications include electric vehicles (EVs), renewable energy storage systems, and portable electronics, among others.
The rapid adoption of electric vehicles globally has been a significant driver for the growth of the lithium iron phosphate batteries market. Governments worldwide have implemented stringent emission norms and regulations, compelling automobile manufacturers to shift towards the production of eco-friendly vehicles. This transition has led to an increase in the demand for LiFePO4 batteries, as they provide high energy density and a longer cycle life, making them suitable for electric vehicles.
Another key factor propelling the lithium iron phosphate batteries market growth is the increasing need for energy storage systems. There has been a surge in the adoption of renewable energy sources such as solar and wind power owing to the rising awareness of climate change. LiFePO4 batteries, with their long cycle life and high thermal stability, have emerged as a popular choice for these storage systems.
Moreover, the growing demand for portable electronics, such as smartphones, laptops, and power tools, has positively impacted the lithium iron phosphate batteries market demand. Consumers increasingly seek devices with longer battery life, and LiFePO4 batteries offer an ideal solution, providing a stable power supply and extended operational life.
The rising focus on sustainable energy and the need to reduce greenhouse gas emissions have further fuelled the lithium iron phosphate batteries market demand. Governments and regulatory bodies are investing heavily in research and development to improve the efficiency of these batteries and bring down production costs, making them more accessible to a wider range of applications.
The market can be divided based on voltage, capacity, industry, application, and region.
Market Breakup by Voltage
- Up to 12 V
- Above 12 V to 24 V
- Above 24 V to 36 V
- Above 36 V to 48 V
- Above 48 V
Market Breakup by Capacity
- 0-128 Wh
- 128 Wh – 640 Wh
- 640 Wh – 1280 Wh
- 1280 Wh and Above
Market Breakup by Industry
Market Breakup by Application
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global lithium iron phosphate batteries companies. Some of the major key players explored in the report are as follows:
- Bioenno Power
- K2 Energy Solutions, Inc
- AA Portable Power Corp
- Revolution Power Australia Pty Ltd
- Dometic Power & Control (Enerdrive) Pty Ltd
- Invicta Lithium Batteries
- Contemporary Amperex Technology Co, Limited
- Automotive Cells Company SE
- SVOLT Energy Technology (Europe) GmbH
- Enertec Batteries Pty Ltd
- Freedom Won (Pty) Ltd
- Sinetech (Pty) Ltd
For more information about this report visit https://www.researchandmarkets.com/r/9rs9nn
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