Lithium Iron Phosphate Battery Market Size, Share COVID-19 Impact Analysis
Lithium iron phosphate (LFP) battery is a lithium-ion rechargeable battery capable of charging and discharging at high speed compared to other types of batteries. LFP battery packs provide power density, high voltage, high energy density, long life cycle, low discharge rate, less heating, and increased safety; therefore, various batteries are adopted by multiple applications. The growth is mainly attributed to the improved demand for LifePO4 batteries in passenger cars, buses, low-speed- electric vehicles, and hybrid electric vehicles due to their safety and low cost.
Get more info: https://www.fortunebusinessinsights.com/lithium-ion-li-ion-phosphate-batteries-market-102152
The demand for Electric Vehicles (EV) and Hybrid Electric Vehicles (HEV) is increasing due to the rise in fuel prices and incentives rolled out by government bodies. The governments across various countries are encouraging the usage of e-mobility to cut down the dependency on crude oil and reduce vehicle pollutions. In 2020, Tesla Inc., an American electric vehicles company, announced that they would be using LifePO4 batteries, moving away from their traditional Nickel-based batteries.
Increased Adoption of Batteries in Power Grid and Energy Storage Systems to Play a Critical Role
Implementing strict government regulation to regulate rising pollution levels encourages the industries to use LFP batteries. Worldwide the power industry is working towards producing renewable energy and storing it for the future. Low cost, low-self discharge rate, and minimal installation space are critical factors driving the adoption of LFP batteries in grids and energy storage devices. Since these batteries are more resistant to high temperatures, they are ideal for use in remote areas and thermal control applications.
LIST OF KEY COMPANIES PROFILED:
- BYD Company (China)
- A123 System (South Korea)
- Contemporary Amperex Technology Co. Ltd (CATL) (China)
- Bharat Power Solutions (India)
- Power-Sonic Corporation (U.S.)
- RELion Batteries (U.S.)
- Electric Vehicle Power System Technology Co. Ltd. (China)
- K2 Energy (U.S.)
- Lithium Werks (U.S.)
- Greensun Solar Energy Tech Co., Ltd (China)
- Britishvolt (U.K.)
- Morrow batteries (Norway)
Along with this, the report provides an elaborative analysis of market dynamics, emerging trends, and competitive landscape. Key insights offered in the report are advancement in technology for LFP batteries by individual segments, recent industry developments such as partnerships, mergers acquisitions, consolidated SWOT analysis of key players, Porter’s five forces analysis, business strategies of leading market players, macro and micro-economic indicators, and key industry trends.
