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Lithium Iron Phosphate Battery Global Market Report 2022
Major players in the lithium iron phosphate battery market are BYD, A123 Systems, OptimumNano Energy, K2Energy, Victron Energy B. V, Electric Vehicle Power System Technology, Lithium Werks, Power Sonic, Benergy Technology Company.
New York, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Lithium Iron Phosphate Battery Global Market Report 2022" - https://www.reportlinker.com/p06317621/?utm_source=GNW
, Bharat Power Solutions, LiFeBATT, Inc., and RELiON Batteries.
The global lithium iron phosphate battery market is expected to grow from $6.90 billion in 2021 to $7.60 billion in 2022 at a compound annual growth rate (CAGR) of 10.12%. The lithium iron phosphate battery market is expected to reach $10.61 billion in 2026 at a CAGR of 8.70%.
The lithium iron phosphate battery market consists of sales are lithium iron phosphate batteries by entities (organizations, sole traders, and partnerships) that refers to rechargeable batteries based on lithium-ion technology that uses a lithium iron phosphate (LiFePO4) cathode. This battery is capable of discharging and charging at high speeds and offers less heating, a higher number of charge cycles, and increased safety over other existing battery technologies.
The main types of lithium iron phosphate batteries include stationary and portable lithium iron phosphate batteries.The portable lithium iron phosphate battery refers to the lithium iron phosphate battery pack, which is sealed and can be carried without any difficulty and the design of the battery changes with end-use requirements.
The power capacities of lithium iron phosphate batteries vary from 0-16,250 mAh, 16,350mAh-50,000 mAh, 50,0001 mAh-100,000 mAh, and 100,001 mAh-500,000 mAh. They are used in a wide range of applications ranging from automotive, power, and industrial applications.
Aisa Pacific was the largest region in the lithium iron phosphate battery market in 2021, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the lithium iron phosphate battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The lithium iron phosphate battery market research report is one of a series of new reports that provides lithium iron phosphate battery market statistics, including lithium iron phosphate battery industry global market size, regional shares, competitors with a lithium iron phosphate battery market share, detailed lithium iron phosphate battery market segments, market trends and opportunities, and any further data you may need to thrive in the lithium iron phosphate battery industry. This lithium iron phosphate battery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Increasing demand for electric vehicles is expected to propel the growth of the lithium iron phosphate battery market.The rapid growth in petrol and diesel prices, changes in customer preferences toward environmental-friendly transportation, and increasing government policies to boost the adoption of electric transportation have contributed to growth in sales of electric vehicles across the globe.
Furthermore, an increase in sales of electric vehicles is expected to boost demand for lithium iron phosphate batteries, as they are widely used as the main battery in electric vehicles over other batteries due to their exceptional operational and technical capabilities.For instance, In April 2021, in a report published by International Energy Agency (IEA), the global demand for electric vehicles has touched 10 million, indicating a 43 % increase over 2019.
Therefore, increasing demand for electric vehicles is expected to boost demand for lithium iron phosphate batteries during the forecast period.
An increase in the adoption of advanced technologies to increase battery capacity is a key trend gaining popularity in the lithium iron phosphate battery market.The key companies operating in lithium iron phosphate batteries are focusing on adopting new technologies to increase the safety of batteries, meet fast-growing consumer demands, and strengthen their business presence across the globe.
For instance, in January 2022, DC Battery Technologies, a UK-based battery distributor launched a new 4000-series LiFePO4 battery with triple safety protection and fast charge capabilities for long-life applications such as marine, electric vehicles, CCTV, and other applications.
In March 2022, Reliance New Energy Limited, India-based new energy and materials company, acquired Lithium Werks for $61 million.This acquisition will strengthen reliance’s cell chemistry technology leadership and accelerate the establishment of large-scale battery manufacturing in India.
Lithium Werks is a UK-based company involved in cobalt-free lithium battery technology and manufacturing.
The countries covered in the lithium iron phosphate battery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Read the full report: https://www.reportlinker.com/p06317621/?utm_source=GNW
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