The lithium iron phosphate batteries market size will touch USD 11.11 billion at a 4.97% CAGR in the forecast period (2020 2027), states the latest Market Research Future (MRFR) report.
Lithium Iron Phosphate Batteries Market Drivers
Increasing Demand in Electric Vehicles to Boost Market Growth
Increasing need for lithium iron phosphate batteries in electric cars will boost the global lithium iron phosphate batteries market value over the forecast period. Increasing environmental concerns has encouraged consumers in switching over to battery electric vehicles and also the exponential growth in the prices of diesel and gasoline for the depleting fossil fuel reserves is adding to the growth of the segment.
Lithium Iron Phosphate Batteries Market Opportunities
Rapid Surge in Demand from Data Centers to offer Robust Opportunities
The rapid surge in demand for lithium-iron phosphate batteries from data centers is likely to pave the way for robust opportunities from the key players in the industry.
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Restraints and Challenges
High Price to act as Market Restraint
The high price of lithium-iron phosphate batteries will act as a market restraint over the forecast period.
The lithium iron phosphate batteries market is bifurcated based on application, voltage, industry, and power capacity.
By power capacity, the 16,251-50,000 mAh segment will lead the market over the forecast period at a high CAGR for the increasing applications in different sectors like power generation, industrial, and automotive.
By industry, the automotive segment will dominate the market over the forecast period for the growing demand for lithium iron phosphate batteries in automated guided vehicles, e-bikes, plug-in electric vehicles, and hybrid electric vehicles.
By voltage, the 12-20 KV segment will spearhead the market over the forecast period for the increasing adoption as the energy storage for the renewable energy sources, marine, communication base energy storage stations, and others.
By application, the portable segment will have lions share in the market over the forecast period for the widespread adoption of portable lithium iron phosphate batteries.
The global lithium-iron phosphate batteries have faced the brunt of the COVID-19 pandemic for the shutdown of manufacturing activities, dearth of raw materials, and scarcity of skilled labor force especially during the initial phase. All this is affecting the global lithium-iron phosphate batteries market growth. However, the worldwide situation is getting amended at a gradual pace, thus the market is likely to revive soon.
APAC to Dominate Lithium-Iron Phosphate Batteries Market
The APAC region will dominate the lithium iron phosphate batteries market over the forecast period. Increasing focus on the usage of electric vehicles in India and China, increasing demand for Chinese electrical equipment globally, the presence of an established automotive sector, growing need for consumer electronics across the region especially from China, India, and Japan, stringent government regulations, growing need for electric vehicles, and increasing use of such batteries in renewable energy storage systems are adding to the global lithium-iron phosphate batteries market share in the region.
Eminent players profiled in the global lithium-iron phosphate batteries industry report include Lithium Werks (Netherlands), Shenzhen Bak Technology (China), Bharat Power Solution (India) Power Sonic Corporation (US), RELiON Batteries (US), Contemporary Amperex Technology (China), A123 Systems (US), Electric Vehicle Power System Technology Co., Ltd. (China), K2 Energy (US), Victron Energy (The Netherlands), BYD (China), and Greensun Solar Energy Tech Co., Limited (China).
The global lithium-iron phosphate batteries market is both fragmented and also competitive for the presence of different international domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, new product launches and more.
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