Lithium-Iron Phosphate Batteries Market Revenue Growth, Key Factors, Major Companies, Forecast To 2030

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Lithium-Iron Phosphate Batteries Market Analysis 

Lithium Iron Phosphate Batteries Market to grow at 4.97% CAGR during the forecast period 2022-2030, due to high demand of Lithium Iron Phosphate Batteries in electric and hybrid electric vehicles.

A lithium-iron phosphate battery, simply put, is a rechargeable battery which uses LiFePO4 as its cathode. This battery can charge and discharge at a higher rate in comparison to other forms of batteries. Also known as lithium ferrophosphate batteries, they have wide applications in small medical equipment, electronic devices, power tools, portable instruments, and electric cars. 

Various factors are fuelling the global lithium-iron phosphate batteries market growth. As per the recent MRFR market estimates, such factors include the increasing demand in hybrid and electric vehicles, increasing need in energy storage devices, increasing use of renewable energy, and high demand for energy storage applications. 

On the contrary, the impact of the COVID-19 pandemic may limit the lithium-iron phosphate batteries market growth over the forecast period. 

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Market Segmentation 

The MRFR report throws light on an inclusive segmental analysis of the global lithium-iron phosphate batteries market based on application, voltage, industry, and power capacity. 

• By power capacity, the global lithium-iron phosphate batteries market is segmented into 100,001-540,000 mAh, 50,001- 100,000 mAh, 16,251-50,000 mAh, and up to 16,250 mAh. Of these, the 16,251-50,000 mAh segment will lead the market over the forecast period for the wide applications in different sectors like power generation, industrial, and automotive. 
• By industry, the global lithium-iron phosphate batteries market is segmented into industrial, power, automotive, and others. Of these, the automotive segment will dominate the market over the forecast period for the growing demand of such batteries in automated guided vehicles, e-bikes, plug-in electric vehicles, and hybrid electric vehicles. 
• By voltage, the global lithium-iron phosphate batteries market is segmented into above 20kv, 12-20kv, 3.2-12kv, and up to 3.2kv. Of these, the 12-20kv segment will spearhead the market over the forecast period for the rising implementation as energy storage for renewable energy sources, marine, communication base energy storage stations, and others. 
• By application, the global lithium-iron phosphate batteries market is segmented into stationary, portable, and others. Of these, the portable segment will have the lions share in the market over the forecast period for the rising adoption of portable lithium-iron phosphate batteries in the global market. 

Regional Analysis

By region, the global lithium-iron phosphate batteries market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America, South America, and the Middle East and Africa (MEA).

• The APAC region will dominate the market over the forecast period. Increasing focus on the adoption of electric cars in China and India, increasing demand for such batteries, and increasing need for Chinese electrical equipment globally are adding to the global lithium-iron phosphate batteries market growth in the region. 
• In North America, the lithium-iron phosphate batteries market is predicted to have healthy growth over the forecast period. The US holds the utmost market share for the growing demand for electric cars. 
• In Europe, the lithium-iron phosphate batteries market is predicted to have promising growth over the forecast period for the increasing demand for such batteries in the power generation sector and increasing focus to adopt electric cars. The UK and Norway will hold the utmost share in the market. 
• In the MEA, the lithium-iron phosphate batteries market is predicted to have notable growth over the forecast period for the need for energy storage for the growing adoption of electric vehicles. Saudi Arabia and the UAE will hold the utmost market share. 
• In South America, the lithium-iron phosphate batteries market is predicted to grow at a fast pace over the forecast period for the growing use of renewable energy for energy generation. Brazil will hold the utmost share in the market. 

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Key Players 

The notable players profiled in the lithium-iron phosphate batteries market report include Greensun Solar Energy Tech Co., Limited (China), BYD (China), Victron Energy (The Netherlands), K2 Energy (US), Electric Vehicle Power System Technology Co., Ltd. (China), A123 Systems (US), Contemporary Amperex Technology (China), RELiON Batteries (US), Power Sonic Corporation (US), Bharat Power Solution (India), Shenzhen Bak Technology (China), and Lithium Werks (Netherlands), among others. 

Industry Updates 

March 2021- Tesla is building a huge 100 MW battery secretly in Texas. The installation will utilize lithium-iron phosphate batteries which are likely to last to 10-20 years.