The global lithium iron phosphate battery market size was valued at USD 4.91 billion in 2019 and is expected to grow at a CAGR of 15% from 2021 to 2027. Growing demand for hybrid electric vehicles and electric vehicles with growing environment Concerns and high demands for lithium iron phosphate (LiFePO4) batteries in battery energy storage systems are driving the market. Therefore, increasing interest in energy storage technology is a major factor driving the market growth. The market is expected to witness significant growth over the next few years as a result of several factors, including an ever-growing population due to significant depletion of fossil fuel reserves. This, in turn, has changed the focus of many countries on renewable development.
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Lithium Iron Phosphate Battery Market Segmentation
By Power Capacity
• 0–16,250 mAh
• 16,251–50,000 mAh
• 50,001–100,000 mAh
• 100,001–540,000 mAh
By Industry
• Automotive
• Power
• Industrial
• Others
By Application
• Portable
• Stationary
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