High demand for lithium iron phosphate (LFP) batteries in energy storage devices is one of the major drivers of market revenue growth
NEW YORK CITY, NEW YORK, USA, May 11, 2022 /EINPresswire.com/ — The Global lithium iron phosphate battery market The size is expected to reach USD 15.09 billion in 2030 and register a CAGR of 5.3% over the forecast period, according to the latest report from Reports and Data. Strong demand for lithium iron phosphate batteries in energy storage devices is expected to drive the market revenue growth over the forecast period.
The report provides a panoramic view of the global market competitive landscape to offer key insights into the major players and their business expansion plans. It also offers essential information on their financial condition, global position, product portfolio, revenue and gross profit margins, as well as technological and research developments. It also sheds light on mergers and acquisitions activity, collaborations, partnerships, deals, deals, and product launches, among others. The research study deploys advanced research methodologies such as SWOT analysis and Porter’s Five Forces analysis to offer deeper insights into key players.
The report has been formulated from extensive primary and secondary research and offers detailed insights into the Lithium Iron Phosphate Battery market. The report also analyzes the major market players as well as the distributors and the overall industry chain structure. The report also provides an assessment of the factors and parameters likely to influence market revenue growth.
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Key companies in the global market report include K2 Energy Solutions, Inc., BYD Company Ltd., A123 Systems, LLC, Electric Vehicle Power System Technology Co., Ltd., RELiON Battery, LLC, OptimumNano Energy Co, Ltd., LiFeBATT, Inc., Lithium Werks BV, Pihsiang Energy Technology Co., Ltd., Power-Sonic Corporation, Contemporary Amperex Technology Co., Limited, Benergy Tech Co. Ltd., KAYO Battery (Shenzhen) Company Limited and Bestgo Battery Co. , ltd.
Some key highlights of the report:
• 16,251–50,000 mAh segment is expected to grow at a steady CAGR during the forecast period owing to the growing demand for these batteries in various sectors such as power, industrial, automotive and others . The fast charging capability and low cost of these batteries are the major reasons behind this, which is expected to drive the revenue growth of the segment over the forecast period.
• The power generation segment is expected to grow at a significantly faster CAGR during the forecast period owing to the increasing adoption of lithium iron phosphate batteries in this segment. Most power generation devices use LFP batteries due to their high energy density, high voltage operation, high efficiency and longer life.
• Europe is expected to register a stable revenue CAGR during the forecast period due to increasing government initiatives on greenhouse gas emissions, which increases the demand for LFP batteries in this region . The governments of Germany, France and the UK, among others, have set their target of zero CO2 emissions by 2050, which is expected to increase the demand for LFP batteries and drive the market revenue growth in this region during the period. forecast.
• On February 18, 2022, BYD Co Ltd and Uzavtosanoat JSC signed a strategic Memorandum of Understanding to develop, manufacture and market New Energy Vehicles (NEVs) in Uzbekistan. BYD and UzAuto look forward to working together to develop and manufacture sustainable and practical new energy vehicle solutions that are environmentally friendly while excelling in safety, performance and efficiency. This Memorandum of Understanding is at the heart of a new era of sustainable transport, laying the foundations for a massive deployment of new energy vehicles, which will be supported by efficient sales channels and after-sales services.
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Market segmentation :
For this report, Reports and Data has segmented the global lithium iron phosphate battery market on the basis of power capacity, application, industry vertical, and region:
Energy Capacity Outlook (Revenue, USD Billion; 2019-2030)
• Up to 16,250mAh
• 16,251 to 50,000 mAh
• 50,001 to 100,000 mAh
• 100,001 to 540,000 mAh
Application Outlook (Revenue, USD Billion; 2019-2030)
Industry Vertical Outlook (Revenue, USD Billion; 2019-2030)
• Energy production
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According to the regional analysis, the market is segmented into key geographical regions including North America, Latin America, Europe, Asia-Pacific, Middle East & Africa. The report discusses in detail the production and consumption ratio, market size and market share, import and export, supply and demand ratio, consumer demand, progress technologies, R&D, infrastructure development, economic growth and the strong presence of market players in each region.
Regional Outlook (Revenue, USD Billion; 2019-2030)
• North America
• Asia Pacific
• Latin America
• Middle East and Africa
Key questions addressed in the report:
• What is the expected revenue growth rate that the global lithium iron phosphate battery market is expected to register during the forecast period?
• What are the key growth drivers of the lithium iron phosphate battery market?
• Who are the main market players?
• What are the main results of the SWOT analysis and Porter’s five forces analysis?
• Which region is expected to account for the largest market share in the global lithium iron phosphate battery market during the forecast period?
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