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Lithium Iron Phosphate Battery Market Growing at 20.5% CAGR to 2020
September 9, 2016 | PRNewswireEstimated reading time: 2 minutes
The global lithium iron phosphate battery market 2016-2020 report says a large portion of its consumption is attributed to China and the reason for this high demand is the significant increase in the usage of battery-operated vehicles in China. The growth in the usage of lithium iron phosphate batteries is due to the expected long-term developments in the EV and HEV sectors to reduce carbon emissions and support alternative fuel sources. Also, China accounts for nearly 40% of the global lithium iron phosphate battery market. The country has nearly 95% of the rare earth lithium metals that could increase the lithium iron phosphate production in the coming years. The increased demand from China is expected to be the major prevailing trend in the global lithium iron phosphate battery market during the forecast period.
The analysts forecast global lithium iron phosphate battery market to grow at a CAGR of 20.5% during the period 2016-2020. According to the lithium iron phosphate battery market report, strong focus on renewable power generation will be a key driver for market growth. The growing population and the depletion of fossil fuel reserves have raised concerns about and focus on renewable power generation. Also, the integration of renewable energy resources with power grid networks has increased worldwide. In micro grids and hybrid power systems, LFP batteries are used as a backup. For instance, San Nicolas Island wind-diesel micro grid in the US uses a 1,000-kWh LFP battery for backup.
The strong focus on renewable power generation has boosted the adoption of lithium iron phosphate batteries across the globe. Wind and solar power are the two widely used energy sources for renewable power generation. Because of its intermittent nature, the generated power is stored in the battery for later use. During 2015, the APAC region accounted for around 58% of the overall market revenue to become the dominant shareholder in the global lithium iron phosphate battery market. The thriving EV, HEV, and consumer electronics sectors in the region is expected fuel further growth of the market in this region during the forecast period.
Accounting for a total market share of about 62%, the EVs, and HEVs segment dominated the lithium iron phosphate battery market during 2015. EV manufacturers are constantly on the lookout for unconventional energy storage systems that offer increased vehicle efficiency and performance. Due to their high energy density and long cycle time, lithium iron phosphate batteries come as the most preferred choice of alternative energy storage systems.
Global Lithium Iron Phosphate Battery Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. To calculate the market size, the report presents the vendor landscape and a corresponding detailed analysis of the top five vendors operating in the market.
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