The lithium iron phosphate battery market is in its nascent phase and it is anticipated to witness robust growth in the near future on account of its expanding application.
The development of battery technologies has triggered a paradigm shift in power sector, which has resulted in widespread deployment of energy storage systems.
The increasing focus on the reduction of pollution has resulted in the shifting of focus from conventional vehicles to electric vehicles. The increasing penetration of electric vehicles is likely to promulgate the lithium iron battery market.
Apart from that the development of renewable energy, infrastructure is a big boost for lithium iron battery market. The integration of renewable energy resources with power grid networks requires usage of lithium iron phosphate batteries as a backup.
The industrial growth, globally, has triggered increased demand of energy, which has to be met in the most efficient and economical way.
The favorable government policies in countries, such as China, Japan and South Korea are helping the lithium iron phosphate battery market flourish. Moreover, the governments across the globe are focused on the development of green and eco-friendly technologies, which would drive the lithium iron phosphate market position during 2018-2023 (henceforth referred to as the forecast period).
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Focus on Renewable Energy Integration – Accelerates Market Growth
Globally, the renewable energy integration with electricity grid network is providing impetus to the lithium iron battery market. The deployment of renewable energy in the energy mix is envisaged to reduce green-house gases emissions from the power sector.
The major hurdle in the development of renewable energy infrastructure is the intermittency associated with power generation from renewable energy sources. The technological advancements in area of battery storage technology has improved the likeliness of eliminating intermittency from renewable power sources.
The lithium iron phosphate batteries’ various features, such as long cycle life, high safety and high temperature resistance, which make them sought after for energy storage purposes. Therefore, the surging penetration of renewable energy sources is expected to drive the lithium iron phosphate battery market during the forecast period.
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Automobile Sector - Major Market
The automobile sector is the major application segment of lithium iron phosphate batteries on account of its fitment of use. The adoption of electric vehicles is likely to increase on account of policy level support from the governments across the globe, which would drive the market for lithium iron battery in the near future.
Asia-Pacific to Dominate the Market Growth
Asia-Pacific is expected to dominate the market owing to increasing industrialization and massive deployment of electric vehicles in the countries such as China and Japan. The green-energy initiatives in Asia-Pacific countries is very important in the backdrop of carbon dioxide emissions in the region, which accounts for 48.2% of global emissions.
Therefore, the green-energy initiatives in Asia-Pacific would provide a big boost to lithium iron phosphate battery market during the forecast period.
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Key Developments in the Market
- January 2018: Chinese battery maker, Narada, won a contract of worth around USD 40 million to supply a lithium iron phosphate (LFP) battery system to a telecom operator in Bangladesh.
- January 2018: France based storage and microgrid developer, Electro Power Systems (EPS) was acquired by utility ENGIE.
MAJOR PLAYERS: A123 SYSTEMS Inc., BENERGY TECH Co. Ltd, BHARAT POWER SOLUTIONS BYD Co.
Ltd, CONTEMPORARY AMPEREX TECHNOLOGIES Ltd, ELECTRIC VEHICLE POWER SYSTEM TECHNOLOGY Co. Ltd (EVPST), HEFEI GUOXUAN HI-TECH POWER ENERGY Co.
Ltd, amongst others.
This report helps to
- Identify the drivers, restraints, and opportunity possessed by the global lithium iron phosphate battery market with in-depth analysis.
- Analyze the various perspectives of the market with the help of Porter’s five forces analysis.
- Identify the largest, fastest growing, and significant regions during the forecast period.
- Identify the latest developments, market shares and strategies employed by the major market players.
- 3 months analyst support, along with the Market Estimate sheet (in excel).
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