New York, July 12, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Lithium Iron Phosphate Batteries Market by Industry, Application, Voltage, Capacity, Design & Region – Global forecast to 2028” – https://www.reportlinker.com/p05826023/?utm_source=GNWBased on industry, the lithium iron phosphate batteries market has been split into seven types: automotive, power, industrial, consumer electronics, aerospace, marine and Others.Automotive holds the largest share of the lithium iron phosphate market.By application, the lithium iron phosphate batteries market has been segmented into portable and stationary.This portable segment covers industries such as automotive, construction, and mining.Based on capacity, the lithium iron phosphate batteries market is segmented into 0–16,250 mAh; 16,251–50,000 mAh; 50,001–100,000 mAh; and 100,001–540,000 mAh.The 100,001–540,000 mAh is expected to be the largest segment during the forecast period.Europe is expected to be the second largest lithium iron phosphate batteries market during the forecast period.The region has been segmented, by country, into the UK, Germany, the Netherlands, Norway, and the Rest of Europe.In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
• By Designation: C-Level- 30%, Director Levels- 25%, and Others- 45%Note: Others include product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 millionThe report defines, describes, and forecasts the global lithium iron phosphate batteries market, by type, end-user industry, application, and region.It also offers a detailed qualitative and quantitative analysis of the market.• Growing demand for battery-operated material-handling equipment in various industries and growing rising industrial automation is the main factors driving the lithium iron phosphate batteries market. Factors such as risk related to the proper disposal of used lithium-based batteries still restrain the market. Transition from conventional power generation to renewable generation and growing investments in LFP batteries by key global players provide opportunities for the lithium iron phosphate batteries market to grow. Even though technological drawbacks of LFP batteries is the major challenge faced by countries under LFP development.
• Product Development/ Innovation: The lithium iron phosphate batteries market is witnessing significant product development and innovation, driven by the growing demand for EVs. Companies are investing in the development of advanced lithium iron phosphate batteries that are specifically designed for the unique requirements of industry.
• Market Development: As offshore renewable energy becomes more prominent in the power generation landscape, there is a growing need for specialized vessels to support the development, installation, and maintenance of offshore renewable energy projects. This presents a significant market opportunity for lithium iron phosphate batteries providers to cater to the increasing demand for services in the expanding renewable energy sector.
• Market Diversification: Contemporary Amperex Technology Co., Ltd. (CATL) and the Agricultural Bank of China (ABC) signed a agreement in Beijing, China. This deal is expected to allow CATL and ABC to enhance their strategic cooperation in a variety of areas, including battery swapping and renewable energy storage both at their facilities and overseas.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like include BYD Company Ltd. (China), Contemporary Amperex Technology Co., Limited. (China), Gotion, Inc. (US), CALB (China), and A123 Systems LLC (US) among others in the lithium iron phosphate batteries market.
Read the full report: https://www.reportlinker.com/p05826023/?utm_source=GNWReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.
(GlobeNewsWire)