The global Lithium Iron Phosphate Battery market
share is classified based on applications and geography. The lithium iron
phosphate battery is also known as LFP battery wherein "LFP" stands
for "lithium ferrophosphate", is a type of rechargeable battery,
specifically a lithium-ion battery, which uses LiFePO₄ as a cathode material
for high power applications. Lithium iron phosphate batteries have a number of
uses in electric vehicles, energy storage devices, power tools, and electric
bicycles among others. But the key use of Lithium Iron Phosphate battery is its
use power batteries for electric vehicles. Lithium Iron Phosphate has several
advantages such as long cycle life, non-explosive, high safety and high
temperature resistance.
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The factors that propel the
global market growth include continuously increasing population and the
depletion of fossil fuel reserves have shifted the focus of countries all over
the world towards renewable power generation. And so, as a consequence of
growing focus towards renewable energy to address the climate change and also
improving upon the energy conservation is projected to fuel the growth of the
market share.
Based on applications, the global
market is classified as EVs and HEVs (electric vehicles and hybrid electric
vehicle), Renewable power and Consumer electronics. Among the applications, EVs
and HEVs segment is projected to account a major share of the Lithium Iron
Phosphate Battery market.
Unconventional energy storage
systems that have the ability to boost the performance and vehicle efficacy are
a significant area of focus for the EV manufacturers. As a result of long cycle
time and high energy density, lithium iron phosphate batteries are estimated to
be the most ideal choice as far as substitute energy storage systems are
concerned. And so, the growth in the demand for EVs in countries such as China
is expected to uplift the demand for lithium iron phosphate battery (LFP)
batteries.
In addition, there has also been
a rising focus towards the incorporation of renewable energy resources with
power grid networks, which is boosting the growth of the market share. These
hybrid power systems and power grids use lithium iron phosphate batteries as a
backup.
Based on geography, the global
market share is classified as North America, Western Europe, Eastern Europe,
Asia Pacific, Middle East, Africa, and Latin America.
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The North American region
consists of the U.S. and Canada. Latin America region consists of Mexico,
Brazil, Peru, Chile, and others. The Western European region consists of
Germany, England, France, Spain, Italy, Nordic countries, Belgium, The
Netherlands, and Luxembourg. The Eastern European region consists of Poland and
Russia. Asia Pacific region consists of China, India, Japan, ASEAN, Australia,
and New Zealand. The Middle East and Africa region consists of GCC, Southern
Africa, and North Africa.
In case of geographical region,
Asia-Pacific is projected to account a major share of the Lithium Iron
Phosphate Battery market research report. The key factors that drive the growth
of this region is due to the increased focus on decreasing greenhouse gas (GHG)
emissions, the upsurge in the number of power outages, and the availability of
large producers that provide lithium iron phosphate batteries at comparatively
lower prices.
Some of the key players fuelling
the growth of the Lithium Iron Phosphate Battery market research report
includesA123 Systems, BYD, Electrical Vehicle Power System Technology, Hi Power
and OptimumNano Energy.The other prominent players that are operating in the
lithium Iron Phosphate Battery market include GAIA, K2Energy, LiFeBATT,
Phostech, Pihsiang Energy Technology, Pulead Technology Industry, and Victory
Battery Technology.
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