LiFePO4 battery will keep an annual growth rate of 20.5% before 2020
Sandler’s research and the Indian research company predict that the global market for lithium iron phosphate lithium batteries will grow from 2016 to 2020 at an average compound growth rate of 20.5%.
According to reports, more than half of lithium ions are consumed from China. The reason for such a huge market demand is the significant growth of electric vehicles in China.
In order to reduce greenhouse gas emissions and import alternative fuels, the market for electric vehicles will continue to grow in China for a long time. And lithium-ion rechargeable batteries for electric cars.
Sandler’s research report said that China accounts for 40% of the global league market, and in addition, about 95% of lithium lithium ion production of rare metals comes from China.
The company said that intermittent renewable energy sources such as solar photovoltaic and wind power are key factors leading to the growth of the league market. Due to population growth and the depletion of fossil fuels, the import of renewable energy power generation equipment has gradually become the focus.
In addition, renewable energy and grid interconnection are increasing in the global world. Use backup equipment in microgrids and hybrid systems, custom lithium-ion batteries. For example, the island’s St. Nicholas microgrid uses 1,000 kWh of lithium as backup equipment.
The increase in renewable energy generation has greatly promoted the introduction of LFP. And the Asia-Pacific region accounted for about 58% of the world’s LFP as a whole. In 2015, market transactions played a major role in LFP’s markets around the world.
LFP has been an increasingly popular theme through its high energy density and long cycle life. Sandler research lists some of the key companies in the global market for LFP, such as A123 systems, BYD electric vehicle power system technology, power and OptimumNano energy.