The lithium iron phosphate (LFP) battery refers to rechargeable lithium-ion battery which uses LiFePO as a cathode material. The energy density in LiFePO batteries are lower as compared to that of have common LiCoO design available in consumer electronic. However, better power density and longer lifetimes and safety are some of the benefits associated with these batteries.. Lithium Iron Phosphate, also known as LFP has various features such as long cycle life, high safety and high temperature resistance. Lithium iron phosphate batteries find application in power tools, electric vehicles, energy storage devices and electric bicycles among others. But as of now, the main use of Lithium Iron Phosphate battery is its use power batteries for electric vehicles.
The Lithium Iron Phosphate battery market is expected to grow as a result of various factors such as the ever increasing population due to which there has been a significant depletion of fossil fuel reserves. This has led to a shift in the focus on the part of various countries towards have renewable power generation. Therefore, as a result of increasing focus towards renewable energy to address the serious concern of climate change and also improving upon the energy conservation is expected to contribute to the growth of the Lithium Iron Phosphate battery market during the forecast period. Moreover, there has also been a growing focus towards the integration of renewable energy resources with power grid networks which in turn is fuelling the growth of the market. These hybrid power systems and power grids use lithium iron phosphate batteries as a backup.
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Geographically, the lithium iron phosphate (LFP) battery market can be segmented into five regions, namely, North America, Europe, Asia Pacific, Middle East and Africa and Latin America.
Some of the key players operating in the lithium iron phosphate (LFP) battery market are BYD, A123, Electrical Vehicle Power System Technology, OptimumNano Energy, K2Energy, Pihsiang Energy Technology and Victory Battery Technology among others.
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