Portland, OR, Sept. 06, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global lithium iron phosphate batteries market was estimated at $5.6 billion in 2020 and is expected to hit $9.9 billion by 2030, registering a CAGR of 5.9% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Rising manufacturing capacities for lithium-iron phosphate batteries across the globe and strict government norms implemented to control increasing pollution drive the growth of the global lithium iron phosphate batteries market. On the other hand, high price of lithium-iron phosphate batteries restrains the growth to some extent. However, rapid surge in demand for lithium-iron phosphate batteries from data centers is expected to pave the way for lucrative opportunities from the key players in the industry.
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COVID-19 scenario-
- Scarcity of skilled labor force, dearth of raw materials, and shutdown of manufacturing activities across the world impacted the global lithium iron phosphate batteries market, especially during the initial phase.
- However, the global situation is getting amended at a gradual pace, and the market is expected to revive soon.
The global lithium iron phosphate batteries market is analyzed across type, capacity, application, and region. Based on type, the portable segment held the major share in 2020, garnering nearly two-thirds of the total market. However, the stationary segment would portray the fastest CAGR of 6.6% during the forecast period.
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By application, the automotive segment accounted for more than two-fifths of the total market revenue in 2020, and is anticipated to retain its dominance by 2030. The power generation segment, on the other hand, would grow at the fastest CAGR of 6.3% from 2021 to 2030.
Based on region, the market across Asia-Pacific contributed to the major share in 2020, holding around one-third of the global lithium iron phosphate batteries market. The same region would also register the fastest CAGR by 7.0% from 2021 to 2030. Other provinces studied in the report include North America, LAMEA, and Europe.
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The key market players analyzed in the global lithium iron phosphate batteries market report include A123 Systems, Electrical Vehicle Power System Technology, Power Sonic, OptimumNano Energy, K2Energy, Benergy Technology Company, Pihsiang Energy Technology, BYD, Victory Battery Technology, and Lithium Werks. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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