Lithium Iron Phosphate Battery Market Key Players, Applications and Growth Rate Forecast to 2021
The factors that propel the global market growth include continuously increasing population and the depletion of fossil fuel reserves have shifted the focus of countries all over the world towards renewable power generation.
The factors that propel the global market growth include continuously increasing population and the depletion of fossil fuel reserves have shifted the focus of countries all over the world towards renewable power generation.
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The fac<strong>to</strong>rs that propel the global market growth include continuously increasing population <strong>and</strong> the<br />
depletion of fossil fuel reserves have shifted the focus of countries all over the world <strong>to</strong>wards<br />
renewable power generation. And so, as a consequence of growing focus <strong>to</strong>wards renewable energy<br />
<strong>to</strong> address the climate change <strong>and</strong> also improving upon the energy conservation is projected <strong>to</strong> fuel<br />
the growth of the market share.<br />
In addition, there has also been a rising focus <strong>to</strong>wards the incorporation of renewable energy<br />
resources with power grid networks, which is boosting the growth of the market share. These hybrid<br />
power systems <strong>and</strong> power grids use lithium iron phosphate batteries as a backup.<br />
Based on applications, the global market is classified as EVs <strong>and</strong> HEVs (electric vehicles <strong>and</strong> hybrid<br />
electric vehicle), Renewable power <strong>and</strong> Consumer electronics. Among the applications, EVs <strong>and</strong> HEVs<br />
segment is projected <strong>to</strong> account a major share of the <strong>Lithium</strong> <strong>Iron</strong> <strong>Phosphate</strong> <strong>Battery</strong> market.<br />
Unconventional energy s<strong>to</strong>rage systems that have the ability <strong>to</strong> boost the performance <strong>and</strong> vehicle<br />
efficacy are a significant area of focus for the EV manufacturers. As a result of long cycle time <strong>and</strong><br />
high energy density, lithium iron phosphate batteries are estimated <strong>to</strong> be the most ideal choice as far<br />
as substitute energy s<strong>to</strong>rage systems are concerned. And so, the growth in the dem<strong>and</strong> for EVs in<br />
countries such as China is expected <strong>to</strong> uplift the dem<strong>and</strong> for lithium iron phosphate battery (LFP)<br />
batteries.<br />
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Based on geography, the global market share is classified as North America, Western Europe, Eastern<br />
Europe, Asia Pacific, Middle East <strong>and</strong> Africa <strong>and</strong> Latin America.<br />
The North American region consists of the U.S. <strong>and</strong> Canada. Latin America region consists of Mexico,<br />
Brazil, Peru, Chile, <strong>and</strong> others. The Western European region consists of Germany, Engl<strong>and</strong>, France,<br />
Spain, Italy, Nordic countries, Belgium, The Netherl<strong>and</strong>s, <strong>and</strong> Luxembourg. The Eastern European<br />
region consists of Pol<strong>and</strong> <strong>and</strong> Russia. Asia Pacific region consists of China, India, Japan, ASEAN,<br />
Australia, <strong>and</strong> New Zeal<strong>and</strong>. The Middle East <strong>and</strong> Africa region consists of GCC, Southern Africa, <strong>and</strong><br />
North Africa.<br />
In case of geographical region, Asia-Pacific is projected <strong>to</strong> account a major share of the <strong>Lithium</strong> <strong>Iron</strong><br />
<strong>Phosphate</strong> <strong>Battery</strong> market research report. The key fac<strong>to</strong>rs that drive the growth of this region is due
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