According to the report published by Allied Market Research, the global lithium iron phosphate batteries market was estimated at $5.6 billion in 2020 and is expected to hit $9.9 billion by 2030, registering a CAGR of 5.9% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Lithium-iron phosphate batteries possess high benefits than alternative battery types such as highly efficiency, high temperature operation, and light-weighted technology, making lithium-iron phosphate batteries to be the favorable batteries in several end-use application areas such as electric vehicles, power generation plants, and others.
In addition, lithium-iron phosphate batteries have a considerably greater energy density making them excellent choice for material handling equipment such as mobile robots, fork lifts, ground support equipment, and others. It also plays an important role as a backup energy power supply to data processing centers, precision manufacturing industries, and chemical material industries. Lithium-iron phosphate batteries are used in medium-power and heavy-duty traction application due to their high-power density property as well as they are designed in modular form to equip a few kilowatts hour for small industrial equipment to several mega-watt hour for heavy industrial equipment. The above-mentioned factors are expected to drive the growth of the lithium-iron phosphate batteries market during the forecast period.
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The global lithium iron phosphate batteries market is analyzed across type, capacity, application, and region. Based on type, the portable segment held the major share in 2020, garnering nearly two-thirds of the total market. However, the stationary segment would portray the fastest CAGR of 6.6% during the forecast period.
By application, the automotive segment accounted for more than two-fifths of the total market revenue in 2020, and is anticipated to retain its dominance by 2030. The power generation segment, on the other hand, would grow at the fastest CAGR of 6.3% from 2021 to 2030.
Based on region, the market across Asia-Pacific contributed to the major share in 2020, holding around one-third of the global lithium iron phosphate batteries market. The same region would also register the fastest CAGR by 7.0% from 2021 to 2030. Other provinces studied in the report include North America, LAMEA, and Europe.
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The major companies profiled in this report include BYD, A123 Systems, Electrical Vehicle Power System Technology, OptimumNano Energy, K2Energy, Pihsiang Energy Technology, Victory Battery Technology, Power Sonic, Lithium Werks, and Benergy Technology Company.
Attributed to rapidly increasing demand for lithium-iron phosphate batteries and increasing production volume of lithium-iron phosphate batteries, the key players are expanding their production capacities to meet relative market share across the globe. Additional growth strategies, such as new product developments and decreasing lithium-iron phosphate battery prices through mass production, are also adopted to attain key developments in the lithium-iron phosphate batteries market trends.
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Impact Of Covid-19 On The Lithium-iron Phosphate Batteries Market
- Emergence of COVID-19 had a negative impact on the global market growth for a short period.
- The COVID-19 pandemic has unfavorably affected the global economy and subsequent weakening of the GDP in global economies, thereby fluctuating consumer spending patterns across the globe.
- A few of the challenges were original equipment manufacturing shutdown, unavailability of labor, raw material shortage, which, in turn, directly impacted the global lithium-iron phosphate battery manufacturers.
- Thus, the abovementioned factors are expected to limit the global lithium-iron phosphate batteries market opportunities in current times.
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