Dublin, Aug. 01, 2022 (GLOBE NEWSWIRE) -- The "Lithium Iron Phosphate Batteries Market by Design (Cells, Battery Packs), Capacity, Industry (Automotive, Power, Industrial, Aerospace, Marine), Application (Portable, Stationary), Voltage (Low, Medium, High) & Region - Global forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global lithium iron phosphate batteries market is projected to reach USD 24.6 billion by 2027 from an estimated market size of USD 13.0 billion in 2022, at a CAGR of 13.7% during the forecast period. The high growth rate of the market can be attributed to the rising adoption of LFP batteries in the automotive sector, especially for EV applications.
The portable segment dominates the global market.
The lithium iron phosphate batteries market, by application, is segmented into portable and stationary. The portable segment is estimated to be the largest segment of the lithium iron phosphate batteries market and is expected to retain its dominance throughout the forecast period. The characteristics such as ease of use and better operational efficiency has resulted in a higher adoption rate, thus the higher market share.
An automotive segment to lead the global lithium iron phosphate batteries market.
The lithium iron phosphate batteries market, by industry, is segmented into automotive, power, industrial, aerospace, marine and others. The automotive segment is expected to hold the largest size of the market for lithium iron phosphate batteries during the forecast period. The rise in the adoption of EVs, owing to sustainability concerns, is expected to boost the growth of the market.
The Asia Pacific dominates the global lithium iron phosphate batteries market in terms of market share and annual growth rate.
The Asia Pacific region is estimated to be the largest market for the lithium iron phosphate batteries market and is also witnessed to have the highest growth rate, during the forecast period. This dominance of the Asia Pacific region in the lithium iron phosphate batteries market can be attributed to the presence of large number of LFP manufacturers in China.
Market Dynamics
Drivers
- Increasing Adoption of Lithium Iron Phosphate Batteries by EV Manufacturers
- Growing Industrial Automation Space
Restraints
- Safety Issues and Disposal of Lithium-Based Batteries
Opportunities
- Evolving Energy Storage Applications
- Growing Investments in LFP Batteries by Key Global Players
Challenges
- Technological Drawbacks of LFP Batteries
Key Benefits of Buying the Report
1. The report identifies and addresses the key markets for lithium iron phosphates batteries, which would help lithium iron phosphates battery providers review the growth in demand.
2. The report helps service providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions"
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Lithium Iron Phosphate Batteries Market, by Design
7 Lithium Iron Phosphate Batteries Market, by Voltage
8 Lithium Iron Phosphate Batteries Market, by Capacity
9 Lithium Iron Phosphate Batteries Market, by Industry
10 Lithium Iron Phosphate Batteries Market, by Application
11 Lithium Iron Phosphate Batteries Market, by Region
12 Competitive Landscape
13 Company Profiles
14 Appendix
Companies Mentioned
- A123 Systems LLC
- Benergy Tech Co. Ltd
- Bharat Power Solutions
- Bslbatt
- BYD Company Ltd.
- Contemporary Amperex Technology Co., Limited.
- Electric Vehicle Power System Technology Co., Ltd
- Epec, LLC.
- Everexceed Industrial Co., Ltd
- K2 Energy
- Karacus Energy Pvt. Ltd
- Kayo Battery (Shenzhen) Company Limited
- Lithium Werks Inc.
- Optimumnano Energy Co., Ltd.
- Relion Batteries
- Shenzhen Cyclen Technology Co., Ltd
- Shenzhen Eastar Battery Co., Ltd
- Shenzhen Taico Technology Co., Ltd.
- Ultralife Batteries India Private Limited
- Victron Energy
For more information about this report visit https://www.researchandmarkets.com/r/6urzup
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