January 25, 2024 09:14 ET | Source: Emergen Research Emergen Research
Vancouver, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The global lithium-iron phosphate battery market size was USD 13.00 Billion in 2022 and is expected to register a rapid revenue CAGR of 5.7% during the forecast period. There is a rising demand for Lithium-iron Phosphate (LFP) over other batteries owing to its superior characteristics, which is driving the market revenue growth. Safety remains a top priority for Electric Vehicle (EV) manufacturers. However, Li-ion batteries hold advanced technological potential, they still suffer from certain drawbacks, particularly in terms of safety. One notable issue is their tendency to overheat and sustain damage under high voltage conditions. In some instances, this overheating can result in thermal runaway and combustion. Several shipping companies decline to transport batteries in bulk via air transportation due to these risks. Residential Battery
To transport, Li-ion batteries require installation of safety devices to manage voltage and internal pressures to reduce possible risks. These safety mechanisms, however, can add to the weight of the battery and, in certain cases, reduce its overall performance. Whereas lithium-iron phosphate battery demonstrates remarkable capabilities in this regard. In comparison to nickel and cobalt-based and lithium-ion-based alternatives, lithium-iron phosphate exhibits inherent stability, reduced susceptibility to thermal runaway, improved thermal stability, prolonged lifespan, increased power density, environmental friendliness, and a diminished risk of fire or explosion during charging or discharging processes which are causing rising demand for these batteries.
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Rising popularity of Lithium Iron Phosphate batteries (LiFePO4 or LFP) can be attributed to multiple factors, including long cycle life and high-power density are driving revenue growth of the market. Compared to other battery types, Lithium Iron Phosphate (LFP) batteries have a longer lifespan. While deep-cycle lead acid batteries typically experience a performance decline after 100-200 cycles, dropping to 70-80% capacity, and lead-acid batteries generally last around 500 cycles, lithium-ion batteries can endure around 1,000 cycles. In contrast, lithium-iron phosphate batteries can maintain their performance for over 3,000 cycles before dropping to 80% of their original capacity. These remarkable characteristics have resulted in the widespread utilization of LiFePO4 batteries in applications such as solar generators, backup energy systems, and Electric Vehicles (EVs).
However, costs associated with material preparation and battery manufacturing for Lithium Iron Phosphate (LFP) batteries are relatively high, resulting in a low battery yield rate and poor consistency, which is expected to restrain revenue growth of the market. lithium-iron phosphates are more expensive at their initial phase than lead-acid and less advanced lithium-ion batteries. Lithium, phosphate, and other components used in LiFePO4 batteries are often costlier than those in lead-acid batteries. LiFePO4 battery production can be more difficult and complicated, requiring specific tools and knowledge. Cost of production rises because of sophisticated manufacturing, which is a major factor restraining the market revenue growth.
Based on type, the global lithium-iron phosphate battery market is segmented into portable battery and stationary battery. The portable battery segment is expected to account for largest revenue share in the global lithium-iron phosphate battery market over the forecast period owing to its longer lifespan. In contrast to conventional batteries that typically have a lifespan of two years, portable LifePO4 batteries offer extended lifespan due to their composition of lithium, enabling them to last 2 to 3 times longer. When used appropriately, lithium iron phosphate batteries can endure approximately 3,000 to 5,000 charging cycles without experiencing any degradation in performance. The design of lithium batteries incorporates protective circuits that contribute to their longevity.
Based on application mode, the global lithium-iron phosphate battery market is segmented into electric vehicles, energy storage systems, renewable energy systems, consumer devices, and others. The electric vehicles segment is expected to register a significantly fast revenue growth rate in the global lithium-iron phosphate battery market over the forecast period. This segment is further sub-segmented into passenger cars, commercial vehicles, and two-wheelers. When compared to other kinds of lithium-ion batteries, Lithium Iron Phosphate (LFP) batteries have a lower cost of production due to the components utilized in their manufacture.
In contrast to other battery materials, the main cathode components used in LFP batteries, particularly iron, and phosphate, are widely accessible. Thus, there is a rising demand for LFP batteries by various automotive manufacturers for a variety of energy storage applications owing to its cost-effective advantage which is driving revenue growth of this segment.
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The North America market is expected to account for largest revenue share in the global lithium-iron phosphate battery market during the forecast period. This is attributed to increasing activities by key market players in countries in this region to develop various infrastructures to develop lithium-iron phosphate battery products.
For instance, on 19 October 2022, ICL, a prominent international specialty minerals company, has announced its intentions to construct a Lithium Iron Phosphate (LFP) Cathode Active Material (CAM) manufacturing facility in St. Louis with a projected cost of USD 400 million. This facility is set to become the inaugural large-scale LFP material manufacturing plant in the United States. Furthermore, ICL has been granted USD 197 million as part of the funding allocated through the Bipartisan Infrastructure Law.
The Europe market is expected to account for a significantly large revenue share in the global lithium-iron phosphate battery market over the forecast period attributed to rising initiatives by various organizations.
For instance, on 19 May 2023, Energy SpA, an Italian energy storage firm, has announced a strategic partnership with Pylon Technologies, a Chinese manufacturer of lithium cells, to establish battery production facilities in Europe. Operating under the joint venture named Pylon LiFeEU, the manufacturing operations will be located at Energy's existing facility in northern Italy. The focus of this collaboration will be on producing cobalt-free lithium-iron-phosphate batteries specifically designed for storage of renewable energy. Through this partnership, the companies aim to meet rising demand for sustainable energy storage solutions in Europe while promoting utilization of renewable energy sources.
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Major Companies and Competitive Landscape
The global lithium-iron phosphate battery market is fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective database security. Some major players included in the global lithium-iron phosphate battery market report are:
On 15 February 2022, RELiON Battery, LLC, which is a global provider of lithium batteries, announced a partnership with Hyster-Yale Group, Inc. According to the agreement, RELiON lithium deep cycle batteries will be sold through authorized dealers Hyster and Yale. The Hyster-Yale Group will offer RELiON's InSight Series lithium battery line to their dealers. RELiON engineers designed the batteries to meet energy requirements of material handling equipment. RELiON will provide a custom battery designed specifically to meet size and power requirements of their equipment, in addition to the standard GC2 size battery.
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For the purpose of this report, Emergen Research has segmented the global lithium-iron phosphate battery market on the basis of type, capacity, application mode, industry, voltage, and region:
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