Global lithium iron phosphate battery market to represent
Pune, India, 15 Feb. 2022 (GLOBE NEWSWIRE) — The global lithium iron phosphate battery market size was valued at approximately USD 8.37 billion in 2020. The market is expected to grow from USD 10.12 billion in 2021 to USD 49.96 billion in 2020. 2028 at a CAGR of 25.6% over the 2021-2028 valuation period. Fortune Business Insight™ mentioned these ideas in his latest research report, titled “Global lithium iron phosphate battery market, 2021-2028.”
According to the study, the high demand for LifePO4 batteries for passenger cars and electric vehicles will drive the growth of the industry. Lithium Iron Phosphate (LFP) batteries have grown in popularity for offering high voltage, power density, long cycle life, less heating, and increased safety. The growing demand for electric vehicles (EV) will drive the popularity of LFP battery components.
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Impact of COVID-19
End users are rethinking their strategies to prevail in the face of the COVID-19 pandemic
The consequences of the COVID-19 pandemic have had a decisive impact on the automotive industry. The supply chain for major components has been disrupted across Asia-Pacific, with China and India being the recipients, due to the lockdowns. Additionally, the closure or temporary halt of manufacturing plants did not bode well for the growth of the lithium iron phosphate battery market.
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Genre, Application, and Region are studied for the Market
In terms of type, the market is separated into stationary battery and portable battery.
Regarding application, the market is segmented into energy storage system, automotive, consumer electronics, industrial and others.
Based on geography, the report includes North America, Asia-Pacific, Europe, Latin America, and the Middle East & Africa.
The report is rigorously prepared using quantitative and qualitative analyses. The report also includes secondary sources, including SEC filings, annual reports, and studies published by leading organizations. Additionally, the use of primary sources, such as interviews with stakeholders and vendors, furthered the integrity of the report. The report also includes both top-down and bottom-up approaches to provide product mapping and augment estimates.
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Drivers and Restrictions
Rising power grid footfall and lower battery prices drive growth potential
As the need to reduce pollution increases, end users have shown strong interest in injecting funds into LFP batteries. In particular, manufacturers of grids and energy storage devices have shown an inclination towards battery for minimal installation space, low self-discharge rate and low cost solutions. Additionally, falling lithium-ion battery prices have led to the adoption of advanced technologies. Industry participants are likely to inject funds into components following the increase in demand from end-use applications.
Meanwhile, the increasing penetration of lead-acid batteries and lithium-air batteries in electric vehicles, consumer electronics and energy storage systems could tarnish business prospects. Moreover, the flywheel battery trend is also likely to challenge LFP battery manufacturers.
Asia-Pacific will see a flurry of investment following the growth of electric vehicles
The lithium iron phosphate battery market size in Asia-Pacific stood at USD 4.05 billion in 2020 and will grow on the growing penetration of electric vehicles. Automakers in China, India, Japan and Australia will likely pour funds into LFP batteries. Given the surge in demand for laptops, smartphones and other electronic devices, Asia-Pacific could offer promising growth opportunities for battery manufacturers.
Industry players see Europe as a happy hunting ground in the face of escalating environmental concerns. Lithium-ion battery suppliers have increased investment in France, Germany and the UK to meet the goal of zero emissions by 2050. Watchdogs, such as the European Battery Partnership Associations and the European Commission, are likely to deploy public-private partnerships to strengthen research activities in the region.
Stakeholders are likely to increase the lithium iron phosphate battery market share in North America amid the presence of prominent manufacturers. Notably, bullish government policies including incentives will bode well for regional growth. Rising electric vehicle sales are expected to boost LFP battery production.
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Industry participants will invest in product portfolio expansion to gain competitive advantage
The competitive scenario of the market indicates that major companies will emphasize both organic and inorganic strategies, including mergers and acquisitions, technological advancements, product launches, and R&D activities.
Key Industry Developments
- April 2021 – The International Center for Advanced Research in Powder Metallurgy and New Materials has developed a technology for the production of lithium iron phosphate cathode materials for lithium-ion batteries.
- October 2020 – Toyota and Panasonic have announced a joint venture to build lithium-ion batteries for hybrid cars in western Japan from 2022. They believe this could help them meet growing demand for electric vehicles.
The companies presented on the market are:
• BYD Company (China)
• A123 system (South Korea)
• Contemporary Amperex Technology Co. Ltd (CATL) (China)
• Bharat Power Solutions (India)
• Power-Sonic Corporation (USA)
• RELion batteries (USA)
• Electric Vehicle Power System Technology Co. Ltd. (China)
• K2 Energy (USA)
• Lithium Works (USA)
• Greensun Solar Energy Tech Co., Ltd (China)
• Britishvolt (United Kingdom)
• Morrow Batteries (Norway)
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