A recent market intelligence report that is published by Data Insights Partner on the global Lithium Iron Phosphate Batteries Market makes an offering of in-depth analysis of segments and sub-segments in the regional and international Lithium Iron Phosphate Batteries Market. The research also emphasizes on the impact of restraints, drivers, and macro indicators on the regional and global Lithium Iron Phosphate Batteries Market over the short as well as long period of time. A detailed presentation of forecast, trends, and dollar values of global Lithium Iron Phosphate Batteries Market is offered. In accordance with the report, the global Lithium Iron Phosphate Batteries Market is projected to expand by healthy CAGR over the period of forecast.
Market Insight, Drivers, Restraints, Opportunity & Trends of the Market:
Lithium Iron Phosphate Batteries (LFP Batteries) is a variant of lithium-ion batteries. These batteries use LiFePO4 as a cathode material in the positive side of the battery. In the negative side of the battery, graphitic carbon electrode in association with a metallic backing is used as an anode. LFP Batteries are lower energy density and lower operating voltage in comparison to lithium cobalt oxide batteries which has a cathode of LiCoO2. Long-term stability, high performance, lower levels of toxins and low cost are some of the basic positive sides of lithium iron phosphate batteries.
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Owing to the properties of lesser requirement of maintenance, lightweight, internal cell balancing, battery safety and high performance has led to the usage of lithium iron phosphate batteries in medical equipment of smaller sizes, laptops, cell phones, portable devices, power tolls and in electric vehicles. The booming automotive sector coupled with the shifting preference of consumers to use vehicles that are performed by batteries and are electrical in nature that is electrical vehicles are driving the growth of this market.
Growing environmental concerns and rapid population growth has a combined effect in augmenting the growth of this market. The growing focus on the renewable sources of energy and the shifting preference of consumers to adopt to the cleaner sources of energy generation is a determining factor. The pollutions generated by the usage of fossil fuels for the generation of electricity is bolstering this market.
The efficient and advanced techniques used in the production of lithium iron phosphate batteries has resulted in lowering the cost of production. The availability of LFP batteries at a lower cost is expanding the growth of the lithium iron phosphate batteries market.
Owing to the properties of being a storehouse of energy, LFP Batteries are used in smart grid systems. The advancement in the smart grid industry is empowering the growth of this market.
Cut-throat Competition from other variants of lithium batteries lithium cobalt oxide batteries due to its lower capacity voltage operation and energy density are straining the growth prospects of this market.
The lack of equilibrium in the demand and supply of raw materials used in the production of lithium-ion batteries and the consequent gap is hampering the growth of this market.
Stringent regulations and the safety concerns with regard to lithium iron phosphate batteries are stumbling blocks to this market.
The presences of the leading players of this market with varying distributional channel coupled with the neck-to-neck competition will improve the prospects of this market.
Widening base of research and development on behalf of the leading players to provide better products and improve the product portfolio is a good set of circumstances for this market.
Huge capital investment coupled with a long gestation period was taking a toll on the market. But the favorable government regulation that are undertaken in order to provide funding and sponsorships to the market players is a lucrative opportunity to kickstart in this market.
The Asia Pacific region is expected to show significant growth in the lithium iron phosphate market. This can be traced back to the presence of emerging industries, flourishing automotive sector, surging consumer demand for electronic goods from countries like India, China and Japan. Favorable government regulations are expected to propel the growth of this market in the said region in the forecast period. Europe is also projected to showcase significant growth owing to large scale adoption of electric vehicles and supportive norms of the government to expand the market for lithium iron phosphate batteries market. the presence of a large number of players across this region is also a determining factor. North America is estimated to show positive growth because of the adherence to the use of renewable sources of energy and the undertaking of a variety of projects in the renewable energy market.
This market intelligence report on the global Lithium Iron Phosphate Batteries Market encompasses market segments based on power capacity, industry, application and country.
By Power Capacity the global Lithium Iron Phosphate Batteries Market has been divided into:
q 0 – 16,250 mAh
q 16,251 – 15,000 mAh
q 15,001 – 100,000 mAh
q 100,001 – 540,000 mAh
By Industry the global Lithium Iron Phosphate Batteries Market has been divided into:
By Application the global Lithium Iron Phosphate Batteries Market has been divided into:
By country/region, the global Lithium Iron Phosphate Batteries Market has been divided into:
q North America (the U.S., Canada),
q Latin America (Brazil, Mexico, Argentina and other countries),
q Europe (Germany, France, the U.K., Spain, Italy, Russia, and other countries),
q Asia Pacific (India, Japan, China, Australia and New Zealand and other countries),
q Middle East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market Players:
This business intelligence report offers profiling of reputed companies that are operating in the market. Companies such as:
q RELiON Batteries
q Eugene Enerfarm
q A123 Systems
q K2 Energy
q Electric Vehicle Power System Technology
q OptimumNano Energy
q Contemporary Amperex Technology
q CENS Energy Tech Co. Ltd
q LIFeBATT Inc
others have been profiled into detail so as to offer a glimpse of the market leaders. Moreover, parameters such as Lithium Iron Phosphate Batteries Market related investment & spending and developments by major players of the market are tracked in this global report.
In-depth analysis of the micro and macro indicators, market trends, and forecasts of demand is offered by this business intelligence report. Furthermore, the report offers a vivid picture of the factors that are steering and restraining the growth of this market across all geographical segments. In addition to that, IGR-Growth Matrix analysis is also provided in the report so as to share insight of the investment areas that new or existing market players can take into consideration. Various analytical tools such as DRO analysis, Porter's five forces analysis has been used in this report to present a clear picture of the market. The study focuses on the present market trends and provides market forecast from the year 2020-2028. Emerging trends that would shape the market demand in the years to come have been highlighted in this report. A competitive analysis in each of the geographical segments gives an insight into market share of the global players.
Few Recent Developments
In January 2019, Insight Series, a series of next generation lithium iron phosphate batteries was launched by RELiON Batteries. Deep-cycle applications including RVs, floor machines, renewable energy system and marine were supported by the Insight Series.
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In February 2019, a next-generation, lithium iron phosphate battery was introduced by BYD. These advanced batteries were maintenance-free and cost-effective and provided assistance to warehouse equipment and forklifts.
Contemporary Amperex Technology
In May 2019, Contemporary Amperex Technology received a contract from Eugene Enerfarm on behalf of a project on energy storage system. According to the contract, lithium iron phosphate batteries were supplied by the former to support the energy storage system and ensure safety and longevity.
Ø This study offers comprehensive yet detailed analysis of the Lithium Iron Phosphate Batteries Market, size of the market (US$ Mn), and Compound Annual Growth Rate (CAGR (%)) for the period of forecast: 2020-2028, taking into account 2019 as the base year
Ø It explains upcoming revenue opportunities across various market segments and attractive matrix of investment proposition for the said market
Ø This market intelligence report also offers pivotal insights about various market opportunities, restraints, drivers, competitive market strategies of leading market players, emerging market trends, and regional outlook
Ø Profiling of key market players in the world Lithium Iron Phosphate Batteries Market is done by taking into account various parameters such as company strategies, distribution strategies, product portfolio, financial performance, key developments, geographical presence, and company overview
Ø The data of this report would allow management authorities and marketers of companies alike to take informed decision when it comes to launch of Type of models, government initiatives, marketing tactics and expansion, and technical up gradation
Ø The world market for Lithium Iron Phosphate Batteries caters to the needs of various stakeholders pertaining to this industry, namely suppliers, manufacturers, investors, and distributors for Lithium Iron Phosphate Batteries Market. The research also caters to the rising needs of consulting and research firms, financial analysts, and new market entrants
Ø Research methodologies that have been adopted for the purpose of this study have been clearly elaborated so as to facilitate better understanding of the reports
Ø Reports have been made based on the guidelines as mandated by General Data Protection Regulation
Ø Ample number of examples and case studies have been taken into consideration before coming to a conclusion
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v Identification of key factors driving investment opportunities in the Lithium Iron Phosphate Batteries Market
v Facilitate decision-making based on strong historic and forecast data
v Position yourself to gain the maximum advantage of the industry’s growth potential
v Develop strategies based on the latest regulatory events
v Identify key partners and business development avenues
v Respond to your competitors’ business structure, strategy and prospects
v Identify key strengths and weaknesses of important market participants
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