Lithium Iron Phosphate Battery Market Demand, Types, Applications, Future Scenario, Explosive Growth Opportunity, Prominent Players and Forecast to 2026
In lithium iron phosphate batteries, the cathode is made by using more cost-effective raw materials such as iron and phosphates. Less cost of raw materials makes it a most cost effective battery and the ideal choice of automotive and end-use industries.
Dallas, United States – April 23, 2021 /MarketersMedia/ —
The global lithium iron phosphate battery market is growing at an optimistic rate of above 20.0% to reach USD 24.31 Bn by 2025. The global lithium iron phosphate battery market is anticipated to grow owing to the number of factors such as rapidly growing population across the globe which resulted into huge depletion of fossil fuels. This factor has led in shifting focus on the number of regions which have enough renewable power generation. However, this is helping to grow the focus towards renewable energy to address several issues about the climate change, this is anticipated to add to the growth of the lithium iron phosphate battery market during the prediction period.
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Furthermore, there has been increasing focus towards the combination of number of renewable energy resources along with several power rigid networks that are boosting the growth of the global lithium iron phosphate battery market.
In addition to this, according to the trends of this market, the huge number of service providers of lithium iron phosphate batteries are majorly engaged in the research & development programs. Likewise, the global lithium iron phosphate battery market needs high investments as well as return. This factor has resulted into the providers to be hugely dependent on administrative funding to gain their market share. Moreover, the growing number of applications of the lithium iron batteries is one of the significant factors driving the growth of the global lithium iron phosphate battery market.
The global lithium iron battery market is segmented into application, manufacturing process, and geographical regions. In terms of manufacturing process, the global market is segregated into sol-gel method, high temperature solid phase synthesis, co-precipitation method, and others. On considering the application, the market is fragmented as consumer electronics, automotive, and others. In terms of geographical regions, the global lithium iron phosphate market is segregated into Europe, North America, Asia Pacific, Latin America, as well as the Middle East and Africa. The leading service providers operating in the global lithium iron battery market are A123, BYD, OptimumNano, Pihsiang Energy Technology & Victory Battery Technology, K2Energy, and many others.
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Lithium iron phosphate offers a life cycle of 20 times longer than a lead acid battery. Hence, this minimizes the cost of replacement and eventually diminishes the total ownership cost.
Application of lithium iron phosphate battery in consumer electronics accounted for dominating market revenue and volume share of more than 40% in the year 2018 and is expected to show similar trend over the forecast period
Lithium iron phosphate cells are superior to lithium cobalt oxide for use in electric vehicles and are commended for upcoming models
Some of the leading players of the market include Valence Technology, AESC, Aleees, Tianjin B&M,Tianjin STL Energy, BTR, RELiON Battery.
Key segments of the global lithium iron phosphate battery market
Manufacturing Process Overview, 2015-2025 (MWh) (USD Million)
High Temperature Solid Phase Synthesis
Sol-Gel Method
Co-precipitation Method
Others
Application Overview, 2015-2025 (MWh) (USD Million)
Automotive
Consumer Electronics
Others
Regional Overview, 2015-2025 (MWh) (USD Million)
North America
U.S.
Canada
Europe
Germany
UK
France
Asia Pacific
Japan
China
India
Latin America
Brazil
Middle East & Africa
Saudi Arabia
Major points from Table of Contents:
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. Market Overview, By Manufacturing Process
Chapter 5. Market Overview, By Application
Chapter 6. Market Overview, By Region
Chapter 7. Competitive Landscape
Chapter 8. Company Profiles
Continued…
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Adroit Market Research is an India-based business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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