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According to a new report by EMR titled, ‘Global Lithium Iron Phosphate Batteries Market Report and Forecast 2021-2026’, the global market for lithium iron phosphate batteries is expected to grow at a CAGR of 14.8% between 2021 and 2026 to attain USD 19.98 billion by 2026.
Lithium iron phosphate batteries provide a high life cycle with excellent performance over a wide operating temperature. Currently, these batteries are the safest lithium battery type available in the market. They provide advantages like longer life, no maintenance, and faster charging over lead-acid batteries, thus, becoming a preferred choice of use among consumers. The easy availability of lithium iron phosphate batteries through various e-commerce platforms like Amazon.com, Inc. (NASDAQ: AMZN) and Alibaba Group Holding Ltd (NYSE: BABA) is expected to significantly contribute to the industry growth over the forecast period.
The rapid technological advancements and the growing investments to develop innovative energy storage solutions are further contributing to the industry growth. For instance, Power Sonic Corporation, one of the leading players in the industry, provides lighter weight and higher capacity lithium iron phosphate batteries for a wide range of applications, with advanced features like battery management systems (BMS), Bluetooth communication, and active, intelligent monitoring technology. Further, RELiON Batteries, LLC, another key player in the industry, provides tailor-made batteries for RV, marine, golf, and renewable energy to the customers looking for lithium batteries. The growing demand for tailor-made solutions is expected to further aid the industry growth in the coming years.
Market Breakup by Voltage, Industry, Application, and Region:
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The major players in the global lithium iron phosphate batteries market are Victron Energy B.V., Lithium Werks, A123 Systems, LLC, K2 Energy Solutions, Inc., RELiON Batteries, LLC, and Power Sonic Corporation, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
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