USD 5.6 billion
Report ID: SQSG15B2013 | Region: Global | Published Date: December, 2022 | Pages: 157
Global Lithium-Iron Phosphate Batteries Market size was valued at USD 5.6 billion in 2021 and it is expected to reach USD 9.9 billion by 2028, at a CAGR of 5.9% during the forecast period (2022-2028).
Lithium-iron phosphate battery is a type of lithium-ion battery that uses lithium-iron phosphate (LiFePO4) as the cathode material, and a graphitic carbon electrode with a metallic backing at the anode.
If we compare with other types of battery materials, lithium-iron phosphate batteries possess several advantages such as lighter weight technology, fast charging, longer cycle life, and low energy wastage, thereby driving the growth of the lithium-iron phosphate batteries industry across the globe.
Increasing demand for lithium-iron phosphate batteries from the automotive industry, majorly electric vehicles, and innovative developments in lightweight materials is driving the demand for lithium-iron phosphate batteries during the forecast period.
Furthermore, growth in sales of electric vehicles and energy storage across the globe is expected to create high opportunities for the lithium-iron phosphate batteries market growth in coming years.
Manufacturers are strongly focusing on improved solutions for specific requirements along with technological advancements to reduce operation costs and enhance the productivity of lithium-iron phosphate batteries.
These requirements have increased the lithium-iron phosphate batteries market opportunities in several end-use applications such as automotive, industrial, and power generation.
Global Market Size
USD 5.6 billion
aerospace & defence
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Global Lithium-Iron Phosphate Batteries is segmented based on application, end-user, and region as well. By application, the market is segment into flexible display, flexible battery, flexible sensor, and flexible memory. By end-user, the market is categorized into consumer electronics, healthcare, automotive, aerospace & defence, and others. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Analysis by Application
By application, the portable application segment dominated the global market and accounted for 52.0% share in 2021. This is attributed to the augmented demand for LiFePO4 batteries from the automotive segment, which is the key demand generating segment.
However, in the coming years, the stationary application segment will compete with the portable application segment as the demand will increase for renewable energy storage projects.
The stationary application segment is expected to witness substantial growth in the years to come on account of the need to shift to renewable sources of energy, including wind and solar energy, for sustainable and clean energy.
The shift to renewable energy sources is expected to infuse significant investments from both the private and public sectors, which is expected to boost the demand for such batteries.
Analysis by End-User
By Analysis, the others end-use segment dominated the market and accounted for a 33.7% share in 2021. The segment is projected to witness the highest growth over the forecast period.
The automotive segment is expected to witness significant growth in the years to come owing to an increase in the demand from the Asia Pacific market. Unconventional energy storage battery systems that can augment the vehicle efficiency and performance are a significant area of focus for the automotive manufacturers.
Because of high energy density and long cycle time, lithium iron phosphate batteries are projected to be the most favoured choice as an alternative energy storage battery system.
Therefore, growth in the demand for automobiles across countries, such as China, is projected to fuel the demand for lithium iron phosphate batteries.
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Globally, Asia Pacific led the market and accounted for 32.8% share in 2021. The region is expected to witness significant growth over the forecast period owing to the established automotive sector and rising demand for consumer electronics across the region.
The growing demand for consumer electronics from countries, such as Japan, India, and China, along with stringent government regulations, will also propel the market growth across the region.
Europe is expected to register a CAGR of 14.7% from 2022 to 2028. The European Union dominated the automotive segment in 2019. The growing adoption of electric vehicles is one of the major factors creating growth prospects, where each country has a supportive policy for the EVs.
Hence, it further drives the demand for lithium iron phosphate batteries and creates growth prospects for all key battery manufacturers across the region.
In North America, the U.S. is one of the largest markets with a large number of renewable energy battery storage projects, which are commissioned every year. Thus boosting sales of lithium-iron phosphate batteries in this region.
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Implementing strict government policies to regulate rising pollution levels encourages industries to use LFP batteries. Worldwide the power industry is working towards producing renewable energy and storing it for the future.
Low cost, 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.
The primary factors restraining the adoption of lithium-ion batteries since 1990 were their prices lithium-ion batteries contain many components, and the main element of any lithium iron phosphate battery is its cell, which accounts for 50% of its cost.
However, recent developments by lithium-ion manufacturing companies have helped in the declined prices of batteries, which will further reduce the costs of components and the adoption of lithium-ion batteries.
The increasing demand for other batteries, such as lead-acid batteries, sodium-nickel chloride, flow batteries, and lithium-air batteries in consumer electronics, electric vehicles, and energy storage systems is expected to hinder the growth of LFP batteries.
The introduction of new energy devices, such as flywheel batteries, is also restraining the market growth.
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The market studied is moderately consolidated, with a few companies currently dominating the market globally. Some of the major market players have acquired the maximum share.
The players are focusing on developing innovative products to increase their market shares along with strategic alliances to expand their product portfolios.
Top Players Company Profiles
Investing in R&D Activities will stay Pivotal for Players in the Market
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, global Lithium-Iron Phosphate Batteries market is witnessing significant growth during the forecast period owing to increased technology, rising popularity, consumer preferences towards flexible devices, and high expenditure on the advancement of devices.
Government initiatives to attract major players in the market to establish their manufacturing units in their prospective region are expected to contribute positively to the growth of Lithium-Iron Phosphate Batteries market.
The high initial cost for the development projects and advancement of technology is likely to challenge players in the market.
|Market size value in 2021||USD 5.6 billion|
|Market size value in 2028||USD 9.9 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
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For the Global Lithium-Iron Phosphate Batteries Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Lithium-Iron Phosphate Batteries Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQSG15B2013