Lithium Iron Phosphate Battery Market to receive overwhelming hike in Revenues by 2024

The lithium iron phosphate battery (LFP) battery refers to rechargeable lithium-ion battery which uses LiFePO as a cathode material. The energy density in LiFePO batteries are lower as compared to that of have common LiCoO design available in consumer electronic. However, better power density and longer lifetimes and safety are some of the benefits associated with these batteries.. Lithium Iron Phosphate, also known as LFP has various features such as long cycle life, high safety and high temperature resistance. Lithium iron phosphate batteries find application in power tools, electric vehicles, energy storage devices and electric bicycles among others. But as of now, the main use of Lithium Iron Phosphate battery is its use power batteries for electric vehicles.

The Lithium Iron Phosphate Battery Market is expected to grow as a result of various factors such as the ever increasing population due to which there has been a significant depletion of fossil fuel reserves. This has led to a shift in the focus on the part of various countries towards have renewable power generation. Therefore, as a result of increasing focus towards renewable energy to address the serious concern of climate change and also improving upon the energy conservation is expected to contribute to the growth of the Lithium Iron Phosphate battery market during the forecast period. Moreover, there has also been a growing focus towards the integration of renewable energy resources with power grid networks which in turn is fuelling the growth of the market. These hybrid power systems and power grids use lithium iron phosphate batteries as a backup.

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As per trends it has been observed that the various manufacturers of Lithium Iron Phosphate batteries are continuously engaged in research and development activities. The market requires extensive investments and return on investment is a time taking process. This has resulted in the manufacturers to be heavily dependent on government funding in order to expand their their facilities. Moreover, as a result of favorable government policies in countries such as Japan, South Korea and China among others is helping the market to flourish. The government in these countries are in support of green and eco-friendly technologies, which is bound to result in many manufacturers to enter the market and develop their own manufacturing units. Currently, the Lithium Iron Phosphate battery market is highly competitive and product quality, brand recognition, durability, reliability, pricing and energy density are of prime importance for the manufacturers in order to stay afloat in the competition. Furthermore, manufacturers offering better quality products at a competitive price are expected to prefer.

The lithium iron phosphate battery (LFP) battery on the basis of application can be segmented into; EVs and HEVs (electric vehicles and hybrid electric vehicle), Renewable power and Consumer electronics. The EVs and HEVs is expected to dominate the market in terms of revenue. Unconventional energy storage systems that have the capability to enhance the performance and vehicle efficiency are an important area of focus for the EV manufacturers. As a result of long cycle time and high energy density, lithium iron phosphate batteries are expected to be the most preferred choice as far as alternative energy storage systems are concerned. Therefore, the growth in the demand for EVs in countries such as China is expected to fuel the demand for lithium iron phosphate battery (LFP) batteries.

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Geographically, the lithium iron phosphate battery (LFP) battery market can be segmented into five regions, namely, North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

Some of the key players operating in the lithium iron phosphate battery (LFP) battery market are BYD, A123, Electrical Vehicle Power System Technology, OptimumNano Energy, K2Energy, Pihsiang Energy Technology and Victory Battery Technology among others.

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