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By 2020 LiFePo4 battery will maintain an annual growth rate of 20.5%

Author: Source: Datetime: 2016-10-06 14:07:25

Indian research firm Sandler Research forecasts that the global market for lithium-ion batteries (LFP) will grow at an average compound annual growth rate (CAGR) of 20.5% between 2016 and 2020. The LiFePo4 battery pack will also grow accordingly.

According to reports, LFP consumption of more than half from China, the reason why there is such a big demand, one of the reasons is that China's electric vehicle growth significantly.

LiFePo4 Growth

In China, in order to reduce greenhouse gas emissions and the introduction of alternative fuels, is expected to pure electric vehicles (EV) and plug-in hybrids (PHEV) and other electric car market will remain long-term trend of development, using the battery is LFP.

Sandler Research reports that China accounts for about 40% of the global LFP market. In addition, LFP used rare metal lithium, the total output of about 95% from China.

Intermittent renewable such as photovoltaic and wind power are also key to LFP market growth, the company said. Population growth and fossil fuel depletion and other increasingly concerned about the introduction of renewable energy power generation equipment has gradually become the focus, such as the solar powered portable generator.

In addition, renewable energy resources and grid integration in the global increase. In the micro-grid and hybrid power systems, standby use on the use of LFP positioning type battery. For example, the San Nicolas island of the micro-grid using a 1000kWh LFP as a backup device.

The increase in the generation of renewable energy has contributed to the rapid introduction of LFP globally. Among them, the Asia-Pacific region in 2015 the world's overall LFP market transactions accounted for about 58% in the global LFP market has played a leading role.

As a result of high energy density and long cycle life characteristics, LFP as a substitute for energy storage battery is the most popular choice, it is also can be used in portable solar power generator.

As a key player in the global LFP market, Sandler Research has listed A123 Systems, BYD, Electrical Vehicle Power System Technology, Hi Power and OptimumNano Energy.

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